Intellectual Property Rights (IPRs) and Economic Development

Intellectual property rights (IPRs) refer to the legal ownership by a person or business of an invention/discovery attached to a particular product or process which protects the owner against unauthorized copying or imitation. With the emergence of the knowledge society and virtual products, the issue of safeguarding the investment in the information-based products has certainly gained high importance. Globalization and the rapid proliferation of technology have elevated the significance of intellectual property protection. The importance of IPRs has increased in recent years in the wake of rapid advancements and proliferation of technology. Intellectual property protection is a key factor for economic growth and advancement in the high technology sector. IPRs are good for business, benefit the public at large and act as catalysts for technical progress. The intangible nature of intellectual property and the worldwide inconsistency of standard practices create challenges for those wishing to protect their inventions, brands, and business methods in foreign markets. The three most common vehicles for protecting intellectual property are patents, trademarks, and copyrights. The Agreement establishing the World Trade Organization (WTO) contains, inter alia, an Agreement on Trade-related Aspects of Intellectual Property Rights (TRIPS). TRIPS Agreement, which came into effect on January 1, 1995, is presently the most comprehensive multilateral agreement on intellectual property. It provides for norms and standards in respect of various areas of intellectual property. This book contains 13 research papers, authored by experts in the field, which explain and examine various aspects of the TRIPS Agreement and the corresponding Indian laws for its implementation.