Globalization causes new threat to IP laws
August 7th, 2008
Globalization’s optimism of merging world economies also threatens patent protection for inventors. However, the World Trade Organization (WTO) developed an agreement in 1994 aimed at protecting inventor’s rights worldwide. The Agreement on Trade Related Aspects of Intellectual Property Rights (TRIPS) outlines requirements by nations’ concerning copyright protection for performers, producers of sound recordings, broadcast companies, patents, trademarks, and confidential information. Other rights related to intellectual property are also covered. Additionally, TRIPS includes remedies, dispute resolution and enforcement procedures. To date, this is the most comprehensive international agreement on intellectual property law that is part of the international trading system. Under TRIPS, there are strict exceptions to patent law and patents must be granted for all fields of technology and be enforceable for 20 years.
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