The World Trade Organization (WTO) Agreement on Trade-Related Aspects of Intellectual Property (TRIPS) sets out a framework for the protection and enforcement of intellectual property rights (IPRs) among member countries. The agreement came into effect on January 1, 1995, and has since been a fundamental pillar of the global intellectual property regime.

TRIPS requires member countries to provide minimum standards for the protection and enforcement of patents, trademarks, copyright, and other forms of IPRs. The agreement also sets out specific obligations that member countries must adhere to when it comes to the protection and enforcement of IPRs.

One of the primary objectives of TRIPS is to promote innovation and creativity by providing an incentive for creators and inventors to invest time and resources into the development and production of new products and services. This is accomplished by allowing creators and inventors to benefit from their creations through IPRs, which give them exclusive rights to control the use of their creations.

The agreement also recognizes the importance of balancing the interests of IPRs holders with the public interest. TRIPS allows for certain exceptions, limitations, and flexibilities that enable member countries to ensure that access to essential medicines, educational materials, and other vital goods and services is not unduly restricted by IPRs.

In addition to setting out minimum standards for the protection and enforcement of IPRs, TRIPS also establishes a dispute settlement mechanism that allows member countries to resolve disputes relating to the implementation and interpretation of the agreement. This mechanism has been used to resolve numerous intellectual property disputes between member countries over the years.

Overall, the WTO Agreement on Trade-Related Aspects of Intellectual Property is a critical component of the global intellectual property regime. It has helped to promote innovation and creativity while balancing the interests of IPRs holders with the public interest. As the world continues to rely more heavily on intellectual property, TRIPS will undoubtedly play an increasingly important role in shaping the global economy.