The Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) is an international agreement that sets out the minimum standards for intellectual property rights for World Trade Organization (WTO) member countries. The agreement came into force in 1995 and is considered a landmark agreement that significantly changed the global intellectual property system.

The TRIPS Agreement covers various forms of intellectual property, including trademarks, patents, copyrights, and trade secrets, and aims to provide a level playing field for all WTO member countries. The agreement also seeks to promote technological innovation, transfer, and dissemination of technology, and to ensure that intellectual property rights are not misused to stifle legitimate competition.

One of the significant features of the TRIPS Agreement is that it requires all WTO member countries to provide a minimum level of protection for intellectual property rights, regardless of their level of development. This means that developing countries are required to provide the same level of protection as developed countries, which can be challenging given the differences in economic and technological development.

The TRIPS Agreement also includes provisions for the protection of patents, which are particularly important for the pharmaceutical industry. The agreement requires WTO member countries to grant patents for inventions that are new, involve an inventive step, and are capable of industrial application. This has led to some controversy, as it has made it more difficult for developing countries to access affordable medicines, as patented drugs can be prohibitively expensive.

Another important aspect of the TRIPS Agreement is the provision for enforcement. The agreement requires WTO member countries to have effective enforcement mechanisms in place to prevent the infringement of intellectual property rights. This includes allowing for injunctions, damages, and criminal penalties for intellectual property infringement.

Overall, the TRIPS Agreement has been instrumental in shaping the global intellectual property system. While it has been criticized for favoring the interests of developed countries and large corporations, it has also provided a framework for protecting intellectual property rights and promoting innovation. As the global economy continues to evolve, it is likely that the TRIPS Agreement will continue to play a critical role in shaping intellectual property policies and regulations.