International Classification of Goods and Services also known as the Nice Classification was established by the Nice Agreement (1957), is a system of classifying goods and services for the purpose of registering trademarks. It is updated every five years and its latest 11th version of the system groups products into 45 classes (classes 1-34 include goods and classes 35-45 embrace services), and allows users seeking to trademark a good or service to choose from these classes as appropriate. Since the system is recognized in numerous countries, this makes applying for trademarks internationally a more streamlined process. The classification system is specified by the World Intellectual Property Organization (WIPO).