TRIPS Agreement (Trade-Related Aspects of Intellectual Property Rights)

The TRIPS Agreement, established by the World Trade Organization (WTO) in 1994, sets international standards for protecting intellectual property rights, including patents, copyrights, and trademarks. It aims to balance the interests of creators and the public by ensuring that innovations are protected for a certain period, promoting trade and economic growth while also allowing access to knowledge and technology. Countries must adhere to these standards, but they can tailor specific laws to fit their needs, ensuring that both creativity and public welfare are considered in the global marketplace.