Intellectual Property Rights : An Analytical Study Essay

998 Words4 Pages
Intellectual property rights are the rights given to persons over the creations of their minds. These rights make the creator/ inventor as the owner of the product/work. IP protection is intended to stimulate the creativity of the human mind for the benefit of all by ensuring that the advantages derived from exploiting a creation benefit the creator. This will encourage creative activity and allow investors in research and development a fair return on their investment. The World Trade Organization (WTO) Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS Agreement) which came into force in 1995, brought with it a new era in the multilateral protection and enforcement of IP rights. It lays down minimum standards for protection and enforcement of intellectual property rights in member countries which are required to promote effective and adequate protection of intellectual property rights with a view to reducing distortions and impediments to international trade. As per the agreement, all member countries including India are to abide by the mutually negotiated norms and standards within the stipulated timeframe. Accordingly, India has set up an Intellectual Property Right (IPR) regime and is well established at all levels whether statutory, administrative or judicial. In this context this paper focussed on the conceptual analysis of Intellectual Property Rights in the
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