Agreement on Trade – Related Aspects of Intellectual Property Rights (TRIPS)
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What Is TRIPS?
TRIPS is an international agreement administered by World Trade Organization that sets down minimum standards for many forms of Intellectual Property regulation as applied to nationals of other World Trade Organization members. It was negotiated at the end of the Uruguay Round of the General Agreement on Tariffs and Trade [GATT] in 1994.
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What are Intellectual Property Rights?
Creators are given the rights to prevent others from using their invention designs or other creation and to use those rights to negotiate payment in return for others using them. These are called Intellectual Property rights.
When did it come into effect?
The TRIPS Agreement which came into effect on 1st January, 1995. It the most comprehensive multilateral agreement on intellectual property.
Which areas of intellectual properties fall under TRIPS?
The areas of intellectual property that it covers are copyright and related rights [i.e. the rights of performers, producers of sound recordings and broadcasting organization] trademarks including service marks geographical indication including appellation of origin, industrial designs patents layout designs and undisclosed information.
Which issues are covered under TRIPS?
The agreement covers 5 broad issues:
- Application of basic principles of the trading system and other international Intellectual Property agreements.
- Providing adequate protection to Intellectual Property rights.
- Enforcement of these rights adequately in their own territories for countries.
- Settlement disputes on Intellectual Property between members of World Trade Organization.
- Special transitional agreements during the period when the new system is being introduced.