The World Intellectual Property Organization (WIPO) is a specialized agency of the United Nations dedicated in developing a balanced and effective intellectual property (IP) systems to foster creativity and innovation in order to help advance the economic, cultural a social development of all countries around the world.
The WIPO Convention was signed in 1967, although the organization did not begin functioning until 1970. It was established by WIPO Convention with reference from its Member States. The main objective of WIPO was to enhance the protection of IP around the globe. This is carried out by cooperation amongst all member states as well as other international organizations. In 1974, it became a part of the United Nations.In 1996, it entered into an agreement with the World Trade Organisation, thereby expanding its trade role.