BANKING AFFAIRS

Detailed explanation-1: -TRIPS-Trade-Related Aspects of Intellectual Property Rights. The WTO Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) is the most comprehensive multilateral agreement on intellectual property (IP).

Detailed explanation-2: -The Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) came into force in 1995, as part of the Agreement Establishing the World Trade Organization (WTO).

Detailed explanation-3: -TRIPS establishes minimum standards for the availability, scope, and use of seven forms of intellectual property namely, trademarks, copyrights, geographical indications, patents, industrial designs, layout designs for integrated circuits, and undisclosed information or trade secrets.

Detailed explanation-4: -TRIPs provide minimum standards in the form of common set of rules for the protection of intellectual property globally under WTO system. The TRIPs agreement gives set of provisions deals with domestic procedures and remedies for the enforcement of intellectual property rights.

Detailed explanation-5: -Important trade related aspects of intellectual property rights (TRIPs) are as follows: (i) Copyright (ii) Trademarks (iii) Geographical Indications (iv) Industrial Designs (v) Patents (vi) Integrated Circuits (vii) Trade Secrets.