What is WIPO? an international intellectual property system.

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From WIPO

The World Intellectual Property Organization (WIPO) was established in 1970... The Organization became a specialized agency of the United Nations in 1974... Based in Geneva, with an international staff of some 1,300 employees, WIPO counts 184 Member States – more than 90 percent of the world’s countries. WIPO is dedicated to developing a balanced and accessible international intellectual property (IP) system, which rewards creativity, stimulates innovation and contributes to economic development while safeguarding the public interest.

What is intellectual property?

Intellectual property refers to creations of the mind. It is divided into two categories:
•Industrial property includes patents for inventions, trademarks, industrial designs, integrated circuits and geographical indications.
•Copyright and related rights cover literary and artistic expressions (e.g. novels, poems, plays, films, music, artistic works and architecture), and the rights of performing artists in their performances, producers of phonograms in their recordings, and broadcasters in their radio and television broadcasts.

What are intellectual property rights?

Intellectual property rights allow the creators – or owners of patents, trademarks or copyrighted works – to benefit from their own work or investment in a creation. These rights are outlined in Article 27 of the Universal Declaration of Human Rights, which provides for the right to benefit from the protection of moral and material interests resulting from authorship of any scientific, literary or artistic work.

Why does intellectual property need to be promoted and protected?

There are several compelling reasons. First, the progress and well-being of humanity rest on its capacity to create and invent new works in the areas of technology and culture. Second, the legal protection of these new creations encourages the expenditure of additional resources, leading to further innovation. Third, the promotion and protection of intellectual property spurs economic growth, creates new jobs and industries, and enhances the quality and enjoyment of life.