TRIPs stands for Trade-Related Aspects of Intellectual Property Rights, while WTO refers to the World Trade Organization. These two terms are closely related as TRIPs is an agreement under the auspices of the WTO.
TRIPs is an international agreement that sets out minimum standards for the protection and enforcement of various forms of intellectual property (IP) rights, including patents, copyrights, trademarks, and trade secrets. It was negotiated during the Uruguay Round of the General Agreement on Tariffs and Trade (GATT) and came into effect in 1995.
The main objective of TRIPs is to strike a balance between promoting innovation and creativity through IP protection and ensuring that such protection does not hinder the flow of goods and services across borders. It aims to provide a level playing field for all WTO member countries by establishing common rules and standards for IP protection.
The World Trade Organization (WTO) is an international organization that deals with the global rules of trade between nations. It was established in 1995 as a successor to GATT and currently has 164 member countries. The WTO's primary goal is to promote free and fair trade by reducing barriers to trade and resolving trade disputes among its members.
As part of its mandate, the WTO oversees the implementation and enforcement of various trade agreements, including TRIPs. It provides a forum for member countries to negotiate and discuss trade-related issues, and it also has a dispute settlement mechanism to resolve trade disputes between member countries.
In summary, TRIPs is an agreement that sets out minimum standards for the protection of intellectual property rights, while the WTO is an international organization that oversees global trade rules and enforces various trade agreements, including TRIPs.