WTO waives IP Obligations At a session of the 159-nation World Trade Organisation’s TRIPS (trade-related aspects of intellectual property rights) Council, the world’s poorest 34 nations have been granted an 8 year extension of a waiver on intellectual property rules. The waiver will now run until 1 July 2021 for a list of least developed countries identified by the UN, which includes Bangladesh, Cambodia, Lao People’s Democratic Republic, Myanmar, Nepal, Samoa, Solomon Islands, Vanuatu. The TRIPS agreement has been in force since 1995 and requires WTO member states to legislate and enforce minimum standards for the protection of intellectual property in order to boost confidence in global commerce. However, it has been recognized that the rules are difficult to implement and enforce in the world’s least developed nations, whose failure to comply could hamper their development if they are shut out from trade sectors.
Posted on: Thu, 13 Jun 2013 02:12:32 +0000
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