Trade-related Intellectual Property Rights (TRIPS)

Trade-Related Aspects of Intellectual Property Rights (TRIPS) is an international agreement established by the World Trade Organization (WTO) that sets common standards for protecting intellectual property (IP) rights, such as patents, copyrights, and trademarks, among member countries. Its goal is to encourage innovation and creativity while ensuring that creators, inventors, and companies can benefit commercially from their work. TRIPS balances protecting IP rights with public interests, like access to medicines and technology. It provides a framework for resolving disputes and promotes fair competition by harmonizing IP laws across different nations.