Describe intellectual property rights. What agreements have been reached regarding their protection? What are the benefits and the costs of protecting intellectual property rights?

What will be an ideal response?

Intellectual property rights included copyright and related rights for literary and artistic work as well as industrial property rights such as trademarks and patents. TRIPS is an international agreement specifying the rules for respecting intellectual property rights as they relate to trade and was reached as part of the Uruguay Round. If intellectual property rights are not protected, it restricts trade flows. Exporters are reluctant to sell into a market if they know their ideas or brand will be stolen or copied by local firms. Research and innovation are more likely because protecting intellectual property gives financial incentives to firms and individuals to do research and continue to innovate. But protecting intellectual property rights means that high costs for enforcement are imposed on developing countries; it is not well established empirically that the benefits of innovation outweigh the costs of access, especially for developing countries that find access to new technology curtailed by having to pay royalties and fees.