Exhaustion of Intellectual Property Rights and Fair Competition

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The idea of enforcing a uniform regime with minimum standards of Intellectual Property Rights (IPRs) was to...
The idea of enforcing a uniform regime with minimum standards of Intellectual Property Rights (IPRs) was to ensure that such rights do not act as a hurdle in the furtherance of international trade. It is for this reason that when the World Trade Organization (WTO) was formed and the Trade-Related Intellectual Property Rights (TRIPS) Agreement came into force, all the signatory countries were to adhere to the Preamble of the TRIPS Agreement, which states that it is an attempt to decrease distortions and impediments in international trade that shall be achieved by promoting effective and adequate protection of IPRs. To achieve the said objective, it also enumerates that States shall ensure that enforcement of IPRs does not itself become a barrier to international trade. Therefore, the relation between IPRs and competition is very direct and evident.
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