Question

TRIPS, associated with WTO stands for :

• A. Tariff-Related Aspects of Intellectual Property Rights
• B. Trade-Related Aspects of International Property Rights
• C. Trade-Related Aspects of Intellectual Property Rights
• D. Tourism-Related Intellectual Property Rights

Hint:

Be careful with similar-sounding terms: TRIPS focuses on "Trade-Related" (not Tariff-Related) and "Intellectual Property" (not International Property) rights.

Answer 1

The Correct Option is C

Step 1: Understanding the Concept:
The World Trade Organization (WTO) regulates international trade between nations.
The WTO administers several multilateral agreements designed to standardize trade rules, protect intellectual property, and reduce trade barriers.

Step 2: Detailed Explanation:
TRIPS stands for the Agreement on Trade-Related Aspects of Intellectual Property Rights.
This international legal agreement was negotiated at the end of the Uruguay Round of the General Agreement on Tariffs and Trade (GATT) in 1994, and is administered by the WTO.
The TRIPS Agreement introduced intellectual property rules into the multilateral trading system for the first time.
It sets minimum standards for protecting and enforcing various forms of intellectual property rights (IPR) across WTO member nations, including:
- Patents (such as those for new pharmaceutical drugs or aquaculture technologies).
- Copyrights and related rights.
- Trademarks and geographical indications (GIs).
- Industrial designs and trade secrets.
The agreement is designed to balance the promotion of technological innovation with the transfer and dissemination of technology for the mutual advantage of producers and users.

Step 4: Final Answer:
TRIPS stands for Trade-Related Aspects of Intellectual Property Rights, which corresponds to Option (C).