An intangible kind of property that cannot be seen, touched, or felt is intellectual property.

Here are some common examples: In essence, human intellect is connected to copyrights,
patents, and trademarks. It also includes rights pertaining to publicity, morals, trade secrets,
and protection against unfair competition, among other areas. In addition to some
discoveries, inventions, words, phrases, symbols, and designs, intellectual property can also
encompass creative works such as music and literature.
Intellectual property rights are a kind of ownership, just like any other. They make it possible
for persons who develop or own patents, trademarks, or works protected by copyright to
make money off of their own labour or investment in a product that confers the right to profit
from the protection of moral and tangible rights deriving from the development of scientific,
literary, or creative works.

An important resource for the owner:

Being able to temporarily transform immaterial assets into exclusive property rights makes it
a valuable asset for the owner. It gives the owner the ability to fully utilise and exercise
control over its intangible assets. In short, intellectual property protection makes intangible
things slightly more tangible by transforming them into valuable, unique assets that are often
traded in the market. Due to their growing awareness of this reality, investors, stock market
traders, and financial advisers have begun to place a high value on intellectual property
assets.
Technology and intellectual property audits are now routinely carried out by business
owners. Numerous times, businesses have found that the value of their intellectual property
assets exceeds that of their physical assets. This is a common scenario for companies
operating in highly innovative and knowledge-intensive industries, as well as well-known
brand names. Intellectual property is crucial for new businesses to have a competitive
advantage in the market, as has been shown time and time again. Intellectual property is
definitely more significant in the technology sector, as new products and services are
created on a regular basis. The company's commitment to its business may be reassured to
investors, clients, and other stakeholders by the knowledge that its intellectual property is
secure. In addition to providing investors and clients with peace of mind over the business's
professional dedication, intellectual property protection also benefits other stakeholders.

Rights to intellectual property are respected and safeguarded.

Trade secrets, integrated circuit layout designs, drawings, inventions, and trademarks are
only a few types of intellectual property that are especially entitled to legal protection. The
volume of intellectual property-related trade in products and services has expanded rapidly
in recent years, which has greatly raised the importance of intellectual property protection for
the world economy. If intellectual property is not properly or sufficiently safeguarded, free
commerce may be warped.
Poor countries often have inadequate intellectual property rights protection. Many
international accords have already provided a uniform legal framework for the protection of
intellectual property. The following elements emphasise the significance of the TRIPS
agreement, which establishes crucial standards for the trade-related facets of intellectual
property protection:

It encompasses all of the intellectual property protections offered.

It aligns the levels of protection with those of the present accords.
It outlines strong legal safeguards.