Intellectual property rights can be defined as the rights given to peopleover the creation of their minds. Economic growth on the other handhas become more dependent on human creativity under a global knowledge based economy regime. In today's dynamic and competitive business environment, Intellectual property rights are key elements needed to maintain a competitive edge in the market. Intellectual property is a business asset, an integral part of the business process. The development of the multilateral trade organization, known as the World Trade Organisation (WTO) today and in doing so a special emphasis has been laid on the predominance of the developing countries in such an organization. In this paper I have discussed on the following heads; The WTO and other multilateral trade organizations: A historical perspective, IPR and sustainable economic development, Implementing TRIPs in developing countries, Technology transfer, Innovation, researchand development. Compulsory licensing and parallel importing, Foreign direct investment, Piracy.
Technological change and Information Technology Revolution creates new opportunities for the developing countries. WTO Agreements including the TRIPs Agreement with its pro-developed country bias is the most powerful international instrument in the post-world war scenario. All the developing countries are going through a crucial phase. The planners and Policy-makers of the developing countries should carefully evaluate the potential economic and social repercussions of the IPR Policy. TRIPs Agreements have motivated the member-countries to formulate more or less uniform IPR laws and the emergence of Modern IPR Law is a crucial phenomenon in the present day world order. In this crucial phase of history, the co-operation and interaction amongst the developing countries are preconditions for the healthy emergence of a new horizon in this area of Jurisprudence.
