Intellectual Property Under the Trade-Related Aspects of Intellectual
Property Rights (TRIPS) Agreement
Introduction
Intellectual Property (IP) refers to creations of the mind, such as
inventions, literary and artistic works, designs, and symbols used in
commerce. Protecting intellectual property is crucial for fostering
innovation and economic growth. The Trade-Related Aspects of
Intellectual Property Rights (TRIPS) Agreement, established under the
World Trade Organization (WTO), provides a comprehensive legal
framework for global IP protection and enforcement. This essay
explores the key aspects of intellectual property under the TRIPS
Agreement, its significance, and its impact on global trade and
innovation.
Understanding TRIPS and Its Importance
The TRIPS Agreement was adopted in 1994 as part of the Uruguay
Round of WTO negotiations and came into effect in 1995. It sets
minimum standards for IP protection that all WTO members must
adhere to, ensuring a more consistent and harmonized global IP
regime. TRIPS covers various forms of intellectual property, including:
