Objectives of TRIPS - Assignment

Added on -2020-02-19

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Running head: TRIPSTRIPS Student NameUniversity nameAuthor Name
TRIPSThe contemporary business and legal world have been experiencing an emergence ofvarious intellectual property rights. The World Trade Organization’s Trade related Aspects ofIntellectual Property Rights is one of the radical intellectual property rights (Hoekman andMavroidis 2015). There are two different opinions about the implementation and effect of TRIPSon the business services. The General Agreement on Tariffs and had developed the TRIPSagreement in 1994. The agreement came into action on 1st of January of 1995 (McGovern 2016).The agreement was to ensure intellectual property rights’ minimum substantive standard. TRIPSobjectives were to reduce the distortions in international trade and implement procedures thatwould ensure enforcement of intellectual property rights in order to make the trade effective.WTO members ensure that the various aspects of intellectual property rights like trademarks,integrated circuits, industrial designs, trademarks, and trade secrets are protected through TRIPS. The supporters believe that the TRIPS will help to enhance foreign direct investments,trade and global innovation. However others do not share the same view by arguing that TRIPSwill hinder the business development. The agreement has a controversial effect on the healthsector. By following this property right the pharmaceuticals, patients and health sector will sufferin the developing countries. This property right demands patents from all pharmaceuticals as indeveloping countries the practice of using less expensive versions of medicines are taken bythousands of patients. Therefore in the developing countries TRIPS will face various challenges,like from failing the agreement to be enforced to ignoring the requirements to follow theagreement. Many researchers have examined its applicability in the developing countries, as theybelieve that if the law pressurize the developing countries to follow the same rule the countrieswill resist the agreement to get materialized and the objectives will entirely fail in those regions(Cimoli et al. 2014). The developing countries claim that the TRIPS agreement is biased and
TRIPSfavors the developed countries (Yu 2015). On the one hand it determines benefit for thetransnational corporations and ignores the concerns of the developing countries and it is potentialto cause harm for them. Various costs have been imposed on the developing countries especiallyon agricultural inputs, foreign technologies and expensive drugs. Above that the rights fail toensure any gain in the longer run in investment or trades. However the developed countries onthe other hand argue that by the agreement there will be and increased opportunity for thedeveloping countries to attract more investments. TRIPS will also ensure the concerns ofcreativity and innovation of local talents and businesses. The commission built by the UK government conducted a detailed research named“Integrating intellectual property rights and development policy” on the impact of intellectualproperty rights on the developing countries (Armstrong and Schonwetter 2016). It coveredvarious aspects of the IPRs in the developing countries like agriculture, health, genetic resource,copyright, internet and patents. The result demonstrated that the present form of the intellectualproperty rights fail to meet the needs of the poor countries. It highlighted that TRIPS actuallyimposes high cost on most developing countries. Oxfam, Third World Network or ‘Medecins Sans Frontieres’ works as interest groupsworking to protect the public rights (Scherer 2013). They have accused TRIPS of enhancing thepublic health and agricultural issues in the developing countries. These public groups and thegovernment of most developing countries are working on establishing a strong demand for theagreement to be revised. The developing countries have been approaching the WTO forimplementing few changes in the agreement.

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