Question

Write short note on TRIPs and TRIMs.

Answer 1

1. TRIPs – Trade-Related Aspects of Intellectual Property Rights – is an international legal agreement between all the member nations of the World Trade Organisation (WTO). It sets down minimum standards for the regulation by national Governments of many fonts of intellectual property as applied to nationals of other WTO member nations. TRIPs were negotiated at the end of the Uruguay Round of the General Agreement on Tariffs and Trade (GATT) between 1989 and 1990 and is administered by the WTO.
2. TRIMS – Trade Related Investment Measures – The Uruguay Round Agreement on TRIMs refers to certain conditions or restrictions imposed by a Government in respect of foreign investment in the country in order to give adequate provisions for the home industries to develop