Kathmandu, July 1
Members of the World Trade Organisation (WTO) have agreed to extend
the deadline for the WTO's Agreement on Trade-Related Aspects of Intellectual
Property Rights (TRIPS) for the Least Developed Countries (LDCs) until July 1,
2034.
Members reached consensus on the
13-year extension of the current transition period, which was set to expire on July
1, 2021, at a formal meeting of the TRIPS Council on June 29, WTO said in a
statement.
LDCs favoured extending the
transition period for as long as the member remains categorized as an LDC, and
for an additional period of 12 years from the date of graduation of a member
from the LDC category.
This means Nepal would be
benefitted by the extension of agreement for the full term. The United Nations
had recommended for Nepal's graduation from the LDC to a developing Nation in
February this year with a preparatory period of five years. The graduation will
be effective from 2026.
The TRIPS is the multilateral agreement on intellectual
property. According to the WTO, it plays a central role in facilitating trade
in knowledge and creativity, in resolving trade disputes over intellectual
property, and in assuring WTO members the latitude to achieve their domestic
policy objectives.
Since the inception of the TRIPS
Agreement, LDCs have benefitted from an extended transition period to apply
provisions of the TRIPS Agreement, in recognition of their special
requirements, their economic, financial and administrative constraints, and
their need for flexibility in order to create a viable technological base, said
the WTO.
The transition period for LDC
members had been extended twice before -- in 2005 and 2013.
Under the agreed decision, LDC
country members shall not be required to apply the provisions of the TRIPS
Agreement, other than Articles 3, 4 and 5, until July 1, 2034, or until the
date when they cease to be a least developed country, whichever date is earlier.
“This important decision proves
that finding consensus is still within reach for members of this organization,”
said the Chair of the TRIPS Council, Ambassador Dagfinn Sørli of Norway.
Published in The Rising Nepal daily on 2 July 2021.
No comments:
Post a Comment