TRIPS is the most important international law governing intellectual property rights.  All members of the WTO are bound to domestically implement its provisions and enforce them.  Failure to do so can result in trade sanctions.  It is a remarkable feat that a small group of American CEOs were able to create intellectual property law for the whole world.

TRIPS includes the provisions of the 1886 Berne Convention on copyright norms, and adds additional copyright protection for computer software, databases, and sound recordings.  It extends patent rights to almost all subject matter for 20 years, covering such diverse products as pharmaceuticals, chemicals, pesticides, and genetically modified organisms (GMOs).

The nature and history of the TRIPS agreement underscores the core philosophical debate raging in the modern world:  Should markets and companies have unfettered control over the economy, or should governments protect their populations with regulatory measures, maintaining some form of intellectual commons?  The worldwide collapse of the banking industry in recent months makes this dilemma more relevant than ever.  Governments have chosen to swing back to a Keynesian model.