Agreement on Trade Related Intellectual Property Rights (TRIPs):
1. Intellectual Property Rights include copy right, trade marks, patents, geographical indications, trade secrets, industrial designs, etc.
2. TRIPS Agreement provides for granting product patents instead of process patents.
3. The period of protection will be 20 years for patents, 50 years for copy rights, 7 years for trade marks and 10 years for layout designs.
4. As a result of TRIPS, the dependence of LDCs on advanced countries for seeds, drugs, fertilizers and pesticides has increased.
5. Farmers are depending on the industrial firm for their seeds.