Discuss the role of TRIPS in protecting intellectual rights.

TRIPS deals with the protection of rights of people and organisations that have developed specific knowledge that could be exploited commercially. It is one of the WTO's Agreements that is named Trade-Related Aspects of Intellectual Property Rights (TRIPS) and is the most comprehensive multilateral agreement on intellectual property (IP). It plays a central role in facilitating trade in knowledge and creativity, in resolving trade disputes over IP, and in assuring WTO members the latitude to achieve their domestic policy objectives. It frames the IP system in terms of innovation, technology transfer and social welfare. The Agreement is a legal recognition of the significance of links between IP and trade and the need for a balanced IP system. All the WTO member nations had signed it and it came into effect on 1 January 1995. The members have agreed to rectify their IPR laws in matter that is consistent with TRIPs so that the process of filing an award of IPR protect is uniform globally. It has far reaching impacts on food health, education, Culture and social activities. Ideas and knowledge are becoming increasingly enhancing our everyday life. Most of the medicine, high technology, Products are the outcomes of innovations, invention, R&D and testing. Creators are given exclusive marketing rights to protect their inventions, designs and other creations and may negotiate with others before they use them. TRIPS agreement protects patents, Copyrights, trade secrets, test data, trademarks, geographical indicators industrial designs and integrated circuits.