WORLD TRADE ORGANIZATION Flashcards
Why did the WTO introduce intellectual law property rights?
There has been an increasing significance of knowledge resources in global trade.
Furthermore, knowledge and innovative ideas have become valuable assets.
How are the intellectual property regulations enforced?
Membership in the WTO entails a compulsory agreement to adhere to this intellectual property framework.
What is the aim of the IP regulations?
To ensure a level playing field in international trade and promote fair competition while safeguarding the rights of creators and inventors.
How do these regulations help the society?
They strike a balance between rewarding innovators for their efforts and allowing society to benefit from new knowledge and advancements.
What is TRIPs?
Trade Related Aspects of Intellectual Property.
What was the idea behind the TRIPs agreement?
It mandates member countries to provide patent protection for inventions, regardless of whether they are products or processes, in all areas of technology.
What is the TRIPs standard test for patents?
a. Novelty
b. Inventiveness
c. Industrial applicability
What is the aim/primary goal TRIPs?
To create a more balanced global intellectual property framework and bridge the gap between economically disadvantaged and wealthier countries.
What are the key takeaways from TRIPs?
a. Encourages innovation through enabling innovators to safeguard the fruits of their labor and access benefits from their innovations. This is done through ensuring some expressions cannot be easily replicated or exploited by others.
b. Balance the interests between the producer and consumer - counterbalance between monopoly and societal needs.
c. Technology transfer - through the patent protection of technology innovations, there is an increase in transfer of technology innovations from developed nations to developing nations.
