Write short notes on TRIPs and TRIMs.
TRIPs:
The full form of TRIPs is – Trade Related Intellectual Property Rights. The invention of something using the brain is called intellectual property. Intellectual property is an expression of creativity. Intellectual property can take many forms. Notable among them are Patent rights. According to this law, the inventor of a new invention can acquire patent rights over that invention. As a result, no one other than the inventor or discoverer can produce or manufacture the product. The patent holder of the product has the sole right to manufacture or sell that product. The term of the patent shall be twenty years from the date of grant of the patent. Any person who manufactures or sells the product must prove that the patentee’s rights have not been infringed. Intellectual property rights apply to both life-saving pharmaceuticals and agriculture.
TRIMs:
The full form of TRIMs is – Trade Related Investment Measures. The countries that have signed the Dunkel Accord Agreement are directed to promote domestic industries through reservations and to remove controls and restrictions on foreign products. Investors in this system have the opportunity to invest their capital in any economic activity anywhere in the world. However, if a country has a deficit in the balance of payment, it is exempted from this rule.
Liked our post?
We are available with lots and lots of commerce-related content.
[…] TRIPs and TRIMs | Short Note […]