7 wto trade policies have made intellectual property

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7 WTO trade policies have made intellectual property and trade in goods and services as issues. The 1994 TRIPS Agreement introduced intellectual property rules as a primer due to the concerns of developed nations and MNCs; it is primarily designed to protect intellectual property rights such as patents, trademarks, copyrights, and other legally binding issues related to it. 8 Besides TRIPS, WTO deemed TRIMS essential due to the fact it can liberalize global investment flows. 9 The TRIP agreement also provided a “minimum twenty-year period of patent protection for pharmaceutical products,” and the example of this was the case of South Africa wanting to import generic antiretroviral agents that can suppress HIV and AIDS, but thirty-nine pharmaceutical firms took legal action to stop South Africa importing such drugs. 10 This section addresses the organizational structure of WTO. The WTO is different from the IMF and the World Bank that it operates by consensus. 11 There is no independence in WTO, such that when a country violates WTO rules or refuses to comply with the rulings, the victimized country can take actions by asking for compensation; WTO can provide the solution to such problems, but “carried out bilaterally.” 12 Due to WTO being a young 6 Thomas D. Zweifel, “The World Trade Organization,” International Organizations and Democracy: Accountability, Politics, and Power , (Boulder: Lynne Rienner, 2006). P. 116.
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