TRIPS - Full Form and Overview
TRIPS stands for Trade-Related Aspects of Intellectual Property Rights. It is an international legal agreement between all member nations of the World Trade Organization (WTO).
Full Form: Trade-Related Aspects of Intellectual Property Rights
Key facts about TRIPS:
Negotiated during the 1986-94 Uruguay Round of the General Agreement on Tariffs and Trade (GATT) and established in 1995.
Part of the WTO Agreement that sets minimum standards for regulation of intellectual property across WTO member countries.
Covers copyright, trademarks, patents, industrial designs, geographical indications, trade secrets, and more.
Seeks to provide protection and enforcement of intellectual property rights.
Aims to promote innovation and creativity by guaranteeing creators exclusive rights over their innovations for a limited time period.
Provides a legal framework for preventing unauthorized commercial use of intellectual properties.
Allows governments to provide exceptions like fair use for educational, personal or research purposes.
Has in-built flexibilities that nations can use to increase access to intellectual property protected products.
Has been amended to ease access to affordable medicines for developing countries that face public health crises.
In summary, the TRIPS agreement governs international standards on intellectual property and provides creators legal protections and rights to reap benefits from their creations and innovations. It aims to promote innovation while allowing nations to serve public interest needs.
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