The Annex 1C Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) was established in 1995, as a part of the World Trade Organization (WTO) agreement. The main objective of this agreement is to promote and protect intellectual property (IP) rights on a global scale.

TRIPS provides for the minimum standards of protection and enforcement of different forms of IP such as patents, trademarks, copyrights, and trade secrets. It also includes provisions for the protection of traditional knowledge, geographical indications, and plant varieties.

The agreement aims to encourage innovation and creativity by providing incentives to inventors and creators to invest in the development of new products and services. This helps to create a level playing field for businesses and ensures that these intellectual property rights are respected across different countries and regions.

One of the main benefits of the TRIPS agreement is that it provides a framework for resolving disputes related to IP rights. This can be particularly useful for businesses operating across borders as it creates a predictable and consistent legal environment. It also ensures that the IP rights of businesses are protected, even in countries where the laws may be less developed.

Another important aspect of TRIPS is that it provides a mechanism for developing countries to access affordable medicines. This is achieved through the use of compulsory licensing, which allows governments to grant licenses to companies to manufacture and sell generic versions of patented drugs. This can help to make drugs more affordable in developing countries, where access to healthcare can be a challenge.

The TRIPS agreement has also been subject to criticism for being too restrictive and for limiting access to basic goods and services. Some critics argue that the agreement prioritizes the interests of developed countries over those of developing countries. Others argue that it can negatively impact public health by limiting access to affordable medicines.

Overall, the TRIPS agreement plays an important role in promoting and protecting intellectual property rights globally. While there are areas for improvement, it is important for businesses to understand the key provisions of the agreement and to ensure that their IP rights are protected both locally and globally.