TRIPS Agreement

Trade Related Aspect of intellectual property rights :

Ideas and knowledge are an increasingly important part of trade. Most of the value of new medicines and other high technology products lies in the amount of invention, innovation, research, design and testing involved. Films, music recordings, books, computer software and on-line services are bought and sold because of the information and creativity they contain, not usually because of the plastic, metal or paper used to make them. Many products that used to be traded as low-technology goods or commodities now contain a higher proportion of invention and design in their value.

Creators can be given the right to prevent others from using their inventions, designs or other creations - and to use that right to negotiate payment in return for others using them. These are "intellectual property rights". They take a number of forms. For example books, paintings and films come under copyright; inventions can be patented; brandnames and product logos can be registered as trademarks; and so on. Governments and parliaments have given creators these rights as an incentive to produce ideas that will benefit society as a whole.

The extent of protection and enforcement of these rights varied widely around the world; and as intellectual property became more important in trade, these differences became a source of tension in international economic relations. New internationally-agreed trade rules for intellectual property rights were seen as a way to introduce more order and predictability, and for disputes to be settled more systematically.

TRIPS Agreement is an attempt to narrow the gaps in the way these rights are protected around the world, and to bring them under common international rules. It establishes minimum levels of protection that each government has to give to the intellectual property of fellow WTO members. In doing so, it strikes a balance between the long term benefits and possible short term costs to society.

The TRIPS agreement covers five broad issues:

• How basic principles of the trading system and other international intellectual property agreements should be applied
• How to give adequate protection to intellectual property rights
• How countries should enforce those rights adequately in their own territories
• How to settle disputes on intellectual property between members of the WTO
• Special transitional arrangements during the period when the new system is being introduced.

India is a signatory to TRIPS agreement. The treaty was signed by India 1st of January 1995.
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