By A Staff Reporter
Kathmandu, July 2: 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) till 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.