Business Environment by Pearson

392 | Business Environment

TRIPS—What Does it Cover?

 e agreement covers  ve broad areas as follows:

1. How basic principles of the trading system and other international, intellectual property

agreements should be applied,

2. How to give adequate protection to intellectual property rights,

3. How countries should enforce those rights,

4. How to settle disputes on intellectual property among members of the WTO, and

5. Special transitional arrangements during the period when the new system is being intro-

duced.

Need for Balance. In this process, it is important to recognise that there are various inter-

ests involved. When an inv ...