Effect of TRIPs Agreement and Measures to Improve Intellectual Property Rights in South Korea for Promotion of International Trade

One can say that intellectual property rights facilitate invention and new development to improve standard of human life. On the other hand, intellectual property rights1) can be mere instrument to maximize profits. The advanced countries probably supports the former opinion to protect their advanced intellectual property while South Korea may prefer to the latter one. The rise of the information age, driven by a knowledge-based society, and globalization of the marketplace has necessitated the need for IPRs. Without intellectual property protection, incentives to engage in certain types of creative endeavors would be weakened. Currently, South Korea is the United States’ one of the largest partners with international trade, and intellectual property protection has been the most important issue between South Korea and the U.S. because a recent main concern for companies doing business with South Korea is the protection of IPRs. With the trade conflict with advanced countries including the United States, South Korea’s concern for intellectual property policy has been stimulated while increase in international economic activities and demand for domestic industry protection has created an encouraging environment for protection of intellectual property rights in South Korea. Although South Korea has tried to promote IPR protection, South Korea still suffers from international criticism on its lack of commitment to international IPR standards Under the American influence, the World Trade Organization Agreement on Trade Related Aspects of Intellectual Property Rights established basic standards of intellectual property protection.2) The TRIPs Agreement has been and continues to impact on IPR not only in international arena, but also in SouthKorea. This article reviews the effect of TRIPs Agreement and IP protection problems in South Korea, and proposes possible solutions to solve those problems. In detail, chapter II overviews WTO’s TRIPs Agreement. Chapter III explores intellectual property law in South Korea, and then addresses primary problems of IP protection in South Korea. Chapter IV suggested possible solutions in order for intellectual property to be beneficial for economic development of South Korea. Lastly, chapter V concludes based on the above discussion.