**1.2 What is intellectual property?**

Intellectual property is a type of property generated/created by the human minds based on their intelligence. Novelty or originality of this intellectual property diverges from one system to the others, which has a finite life span [1].

According to intellectual property, ideas are a representation of the creator's identity or self, which need to be protected.

## *1.2.1 Intellectual property rights*

Different rights such as Patents, trademarks, copyrights, protection of undisclosed information, traditional knowledge, geographical indicators, industrial designs, and integrated circuits as layout designs are examples of intellectual property rights, which are recognized by the Trade Related Intellectual Property Rights Agreement (TRIPS) and governed by the World Trade Organization (WTO) (World Trading Organization).

Intellectual property rights are the rights granted to individuals over their mental inventions, and they grant an exclusive right to the inventor to utilize their product for a set length of time. This exclusive right to the inventor for their invention can encourage the technical process by


#### *1.2.2 International intellectual property regime*

Various Congresses in Vienna and the rest of Europe laid the groundwork for International Intellectual Property Protection in the nineteenth century. In 1883, the Paris Convention established the protection of industrial property. In this Paris Convention patents, trademarks and industrial design properties were accorded protection.

The Paris Convention established the first international trademark legislation and the concept of a well-known mark. For countries that are members of the Paris Convention, special unions and arrangements have been formed. Also in this Paris Convention, fundamental principles of Madrid agreement were outlined and represented. This Madrid Agreement is a unique agreement that was established to standardize trademarks [3–5].

Protection of literary and artistic works was framed in Berne Convention during 1886, and subsequently, International Copyright Act was passed [6].

The General Agreement on Tariffs and Trade (GATT) was negotiated on Trade and Employment Conference held in the United Nations even after negotiating governments failed to establish the International Trade Organization (ITO). The GATT was established in 1949 and lasted until 1993, when it was succeeded by the World Trade Organization, which was established in 1995 [7, 8].

The World Intellectual Property Organization (WIPO) was created in 1960, which governs both the Paris and Berne Conventions. These conventions led to establish the World Intellectual Property Organization (WIPO) in 1967 [9].

The United Nations Conference on Trade and Development (UNCTAD) was founded in 1964 to provide a venue to discuss issues concerning their economic development for developing countries. The organization's goals are to help developing countries to maximize their trade, investment, and development prospects. In addition, the organization assists the developing countries for their efforts to integrate into the global economy fairly [10].

In 1960, global trade expanded substantially, and various National Governments realized the necessity of setting norms and rules worldwide to integrate the disparate National and regional regulations that had previously controlled. In 1966, the United Nations General Assembly established the United Nations Commission on International Trade Law (UNCITRAL) to promote the progressive harmonization and unification of international trade law [11].

World Trade Organization (WTO) was established in the year 1995 and it has become an international organization for understanding the various IPR [12].

*Introductory Chapter: Acquisition of Intellectual Property Rights in International Markets... DOI: http://dx.doi.org/10.5772/intechopen.101694*

Several corporate organizations to ensure their continued growth, higher profits, and leadership in market premeditated their project management system for


In the future, the developing prospect will look for effective linkages between increasing societal rivalry on the one hand and establishing legal ownership of innovations on the other hand.

Knowledge, technology management, and process are incorporated in the intertwined societal, moral, and ethical challenges as the influencing approached for the several international trade.
