The World Trade Organization (WTO) has emerged as the international trade facilitator body by the means of multilateral and plurilateral trade agreements with the objective to promotion of technological innovation and to the transfer and dissemination of technology, to the mutual advantage of producers and users of technological knowledge and in a manner conductive to social and economic welfare, and to the balance of rights and obligations. The uniqueness of WTO Regime exists in its Disputes Settlement Body by the instrument of which WTO can force enforcement of the rights-obligations equations created through the Agreements. One of such agreement is Trade Related Aspects of Intellectual Property Rights (TRIPS).

TRIPS is perhaps the most talked about multilateral agreement. This agreement has forced all the WTO member countries to harmonize their IP Laws. The impact of the TRIPS was so forceful that India amended almost all her IP laws and made three amendments in the Patent Act. TRIPS provided transitional period for developing countries to amend the IP laws as per provided in this agreement which ended on December 31st, 2004. Post transition era has brought parity among the developed and the developing countries as per provided in the TRIPS. Prior to the third amendment to the Patent Act, there was no provision in India for product patent for chemicals, pharmaceuticals and food items related inventions. This harmonization process ignited by the TRIPS along with the other provisions of the WTO has created the requirement for the business and industry to seek legal advice.