The World Trade Organization (WTO) manages the Trade-Related Aspects of Intellectual Property Rights (TRIPS) international agreement. It was created to govern and standardize intellectual property (IP) protection among WTO members. TRIPS seeks to achieve a balance between encouraging innovation and providing universal access to knowledge and technology.

The following are some significant elements of the TRIPS agreement:

TRIPS protects numerous types of intellectual property, such as patents, copyrights, trademarks, industrial designs, and trade secrets. It establishes basic requirements for the protection and enforcement of human rights, while allowing governments to provide stronger safeguards if they so desire.

TRIPS requires member nations to grant patent protection to inventions in all fields of technology that meet specified requirements, such as being innovative, non-obvious, and having industrial applicability. Patents normally have a lifespan of 20 years.

TRIPS establishes minimal requirements for copyright protection, including the rights to reproduce, distribute, and publicly perform literary, artistic, and other creative works. Copyright terms typically continue for the author's lifetime plus 50 years.

TRIPS requires trademark protection for goods and services, guaranteeing that brands and signs differentiating items or services are protected from unlawful use.

TRIPS mandates member nations to set up adequate systems for enforcing intellectual property rights, such as civil and criminal procedures, as well as border measures to combat counterfeiting.

TRIPS establishes baseline requirements, but it also allows for some flexibility to protect public health and address other public policy problems. In times of health crisis, for example, countries can issue mandatory licenses to ensure access to affordable medicines.

TRIPS intends to facilitate technology transfer between developed and developing nations in order to help development and capacity-building activities.

Dispute Resolution: The WTO's dispute settlement system resolves any disagreements between member countries about TRIPS implementation, ensuring that the agreement is followed.

TRIPS has been the subject of discussion and criticism. Some claim that its robust intellectual property protection laws will impede developing countries' access to crucial medicines, technology, and expertise. TRIPS supporters argue that it encourages innovation and promotes economic growth and investment.

There have been debates throughout the years regarding prospective TRIPS amendments to find a better balance between intellectual property protection and the larger public interest. Such debates are frequently held during WTO Ministerial Conferences and continuing member-country negotiations.