Initiative to waive TRIPS protection for COVID-19 vaccines

Initiative to waive TRIPS protection for COVID-19 vaccines

Part of: GS Prelims And GS-II – International Relations; Health 

In news

• USA will support an initiative at the World Trade Organisation (WTO) to waive Trade Related Intellectual Property Rights (TRIPS) protection for COVID-19 vaccines.

Important value additions

The Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) 

• It is an international legal agreement between all the member nations of the World Trade Organization (WTO).
• It establishes minimum standards for the regulation by national governments of different forms of intellectual property (IP) as applied to nationals of other WTO member nations.
• TRIPS was negotiated at the end of the Uruguay Round of the General Agreement on Tariffs and Trade (GATT) between 1989 and 1990 and is administered by the WTO.