Trade Related Intellectual Property Rights: - Essay Example

To date, TRIPS is considered to be the best and comprehensive most of the agreements related to intellectual property. The agreement was brought in place to save any and every intellectual property from misuse and to give its own and creator the due consideration. The developing nation however were concerned about the scope of TRIPS which was later on cleared by the Doha Declaration which said that intellectual property rights are to be promoted in the light of medicine for all concept (Archibugi and Filippetti, 2010).

To be a bit specific, TRIPS requires that nations’ laws must be in accordance with the minimum acceptable standard as per the agreement supervised by WTO. Copyrights, sound recordings, designs of software or of industrial nature, remedies, recipes and any other in house procedure that needs protection from unwanted users without giving due consideration to the creator, are to be protected by TRIPS. Intellectual property rights must be protected while keeping the major objective in view. The major objective is to promote technological advancement and innovation for mutual benefit of users and producers.

The rights must be protected in the way which is beneficial for the further improvement of social and economic life. TRIPS is an agreement which focuses on providing balance in rights (Henry and Stiglitz, 2010). However, while studying the Legal and Political impact of TRIPS, there are some other factors which should be given all due importance. Innovative products are a result of research and development. In theory it looks like that the TRIPS are on the right and balanced track. In some cases they are not.

For example, in case these laws are not clarified and are implemented without understanding the true nature of these protection rights, it can result in creation of monopoly. Anti competitive acts in any open market are not appreciated by the economists as they can lead to economic stagnancy (Henry and Stiglitz, 2010). The anti-competitive acts must not be allowed to take roots in any economic society. Such anti-competitiveness might lead to deprivation of a clear majority of people from the benefit of such intellectual property.

This is especially true in the case of developing countries and also in the under developed countries. Also, the intellectual property of a person belonging to any nation also belongs to the government of that nation as this creativity is the nation’s pride. The governments thus are highly interested in such intellectual properties. Another reason for the governments to be interested in intellectual property rights of any intellectual property owned by their citizens is the fact that the governments are interesting in securing the trade secret so that it can be used in an economically beneficial ways.

Protecting a formula or a design becomes important so that the competitor nations can be left behind in competition (Finger, 2000). Confidentiality is important to the governments from financial point of view, but it is not only the financial benefit the governments are after. The governments are interested in the fact that such creativity is a nation’s pride. A new motorcar engine design which can use solar energy as efficiently as other fuels like gas or petrol for example, can be a source of a lot of manufacturing and related jobs.

This national pride and the financial gain is what makes the government interested in protecting intellectual prop