What is Trade Related Aspects of Intellectual Property Rights (TRIPS)?  Discuss its impact on Indian economy/industries.

The Trade-Related Aspects of Intellectual Property Rights (TRIPS) agreement is an international legal framework established under the World Trade Organization (WTO) in 1995. It sets down minimum standards for various forms of intellectual property (IP) regulations, including patents, copyrights, trademarks, geographical indications, industrial designs, trade secrets, and layout designs of integrated circuits. TRIPS aims to harmonize IP laws globally, ensuring that intellectual property rights (IPR) are protected in a way that fosters innovation, trade, and economic development.  

### Key Provisions of TRIPS  
1. Minimum Standards for IP Protection – TRIPS mandates all WTO member countries to adhere to certain IP protection standards, including patent protection for at least 20 years.  
2. National Treatment & Most-Favored-Nation (MFN) Clause – It ensures that domestic and foreign companies receive equal treatment regarding IPR.  
3. Enforcement Measures – Member countries must establish legal mechanisms to prevent IP violations and provide remedies, including civil and criminal penalties.  
4. Compulsory Licensing – In exceptional cases, such as public health emergencies, governments can issue licenses to third parties to manufacture patented products without the patent holder's consent, provided fair compensation is given.  
5. Dispute Resolution Mechanism – TRIPS allows countries to seek WTO dispute settlement in case of non-compliance by any member state.  

### Impact of TRIPS on Indian Economy and Industries  

#### 1. Pharmaceutical Industry  
Before TRIPS, India followed a process patent regime, allowing domestic companies to manufacture drugs using alternative processes without infringing on product patents. This made India a global leader in affordable generic medicines. However, post-TRIPS (from 2005), India had to implement a product patent regime, which extended stronger protection to patented drugs, limiting domestic firms' ___ ______ ________ ___ ____ _________ _____ ___ ____.
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