INTERNATIONAL
ORGANISATIONS
An International Organization has been defined as a forum of co-operation of Sovereign States based on multilateral international agreement and comprising a relatively stable range of participants.
BRETTON WOODS CONFERENCE
The Bretton Woods Conference, officially known as the United Nations Monetary and Financial Conference, was a gathering of delegates from 44 nations that met from 1st to 22nd July, 1944, in Bretton Woods, New Hampshire, to agree upon a series of new rules for the post World War II International Monetary System.
The two major accomplishments of the conference were the creation of the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD) also known as World Bank.
WORLD BANK
Since its inception in 1944, the World Bank has expanded from a single institution to a closely associated group of five development institutions. On 1st July, 2012, Jim Young Kim became the 12th President of the World Bank Group. He has been appointed as a head of World Bank in 2016 for a second-term.
The world bank is a vital source of financial and technical assistance to developing countries around the world. It aims to end extreme poverty and at the same time promote shared prosperity.
INTERNATIONAL MONETARY FUND (IMF)
The IMF came into formal existence in December, 1945, when its first 29 member countries signed its Article of Agreement. It began operations on 1st March, 1947. At present, 189 nations are Members of the IMF.
India is a founder Member of the IMF. Finance Minister of India is the ex-officio Governor on the Board of Governors of the IMF, which is the highest decision making body of the IMF. The RBI Governor is the alternate Governor at the IMF. The IMF’s primary purpose is to ensure the stability of the International Monetary System- the system of exchange rates and international payments that enables countries (and their citizens) to transact with one another.
WORLD TRADE ORGANISATION (WTO)
The WTO commenced under the Marrakesh Agreement in 1995 and replaced GATT. It deals with the global rules of trade between nations, helps producers of goods and services, exporters and importers conduct their business. The WTO’s agreement on Trade Related Aspects of Intellectual Property Right (TRIPS), was negotiated in 1986-94 Uruguay round. Rules related to trade, tariff, patent and intellectual property rights are framed by the WTO. The members of the World Trade Organization (WTO) agree to accord MFN status to each other.
TRIPS (TRADE RELATED ASPECTS OF INTELLECTUAL PROPERTY RIGHTS)
The 1995 TRIPS Agreement provided for both product patents and process patents. Product patents are meant to protect the individual product, while process patents protect the process patent protecting the process used to create the product.
The agreement gave developing countries 10 years to enact laws to protect intellectual property. Thus, India enacted its Patents (Amendment) Act in 2005 to confirm the agreement.
Developed countries on the other hand had to enact laws in 1995 itself. Under the agreement, protection to patents had to be provided for 20 years. The TRIPS agreement is administered by the WTO.
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