Extension Of Trips Transition Period For The Least Developed Countries (LDSC): New Opportunities, New Challenges

This article examines the new opportunities and challenges emanating from the second extension of Trade Related Aspects of Intellectual Property Rights (TRIPS) transitional period for the Least Developed Countries (LDCs). TRIPS has been adopted in 1994 for the protection of Intellectual Property (IP). TRIPS agreement is based on the principles of Most Favoured Nation’ (MFN) and ‘Nationality Treatment’. However, given the socio-economic conditions of the least developed countries TRIPS has included the provision for the period of transition and flexibilities for its effective implementations in those countries. The transitional period of TRIPS has so far extended for two times. The last extension was adopted in 2013 for the LDCS to implement the TRIPS agreement by 2021. This article attempts to explore the politico-economic context for providing transitional extension to LDCs, the basic issues of TRIPS flexibilities, major new opportunities emanating from TRIPS extensions to the LDC countries. The paper also discusses about the new challenges that LDCs will face after the adoption of second extension. And finally, the paper presents some recommendations about how to best utilize the second TRIPS extension period with regard to the implementation of TRIPS provisions in the Least Developed Countries (LDCs).