2.6   Fair Trade Practices and · Part 2

- . • Seventh in Tokyo (Japan) in – • Eighth and final round at Punta del Este (Uruguay) in – , known as ‘Uruguay Round’. World Trade Organization (WTO) The signing of the Final Act of the Uruguay Round by member nations of GATT in April paved the way for setting up of the WTO. An agreement to this effect was signed by members. The WTO Agreement came into force from January , . World Trade Organization (WTO) Objectives of W.T.O „ To set and enforce rules for international trade. „ To provide a forum for negotiating and monitoring further trade liberalization. „ To resolve trade disputes. „ Introduction at the sustainable development and environment can go together. „ To ensure that developing countries, secure a better share of growth in world Trade. „ To increase the transparency of decision making processes. „ To ensure full employment and broad increase in effective demand. Trade-Related Aspects of Intellectual Property Rights (TRIPs) Intellectual Property Rights may be defined as “Information with a commercial Value” Under TRIPs Patent shall be available for any invention whether product or process in all fields of industrial technologies. TRIPS agreement covers seven areas of intellectual’s property rights.