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Agreement on Trade-Related Aspects of Intellectual Property Rights
The World Trade Organisation's Agreement on Trade-related Aspects of Intellectual Property Rights (TRIPs) came into effect with the establishment of the WTO in 1995. It requires all member countries to amend their legislation to meet the minimum standards in the protection of intellectual property rights.
The agreement covers a number of areas, including:
1. A standardised 20-year patent for "newly invented products" and their manufacturing processes;
2. The inclusion of biotechnological and pharmaceutical intellectual property rights as items under the area of protection, which covers life-saving medicines and life resources, such as seeds;
3. Starting from 1995, a five-year transition period for developing countries and 10-year transition period for the poorest ones (Source: World Trade Organisation, 2002).
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