📘 Trade Concepts and Terminology

A. GATS → Extends multilateral rules and disciplines to services
📌 GATS (General Agreement on Trade in Services) was created under the WTO to bring services (like banking, telecom, etc.) under multilateral trade rules.

B. TRIPS → The agreement requires compliance with the provisions of Bern Convention of 1886 to which India is a signatory
📌 TRIPS (Trade-Related Aspects of Intellectual Property Rights) sets minimum standards for IP protection and aligns with the Bern Convention for the Protection of Literary and Artistic Works.

C. TRIMS → Refers to certain conditions imposed by a government in respect of foreign investment in the country
📌 TRIMS (Trade-Related Investment Measures) regulates investment-related trade practices, such as local content requirements, which can distort trade.

D. MFN → Prevents countries from discriminating among foreign suppliers of services
📌 MFN (Most Favoured Nation) clause in WTO ensures non-discrimination by requiring equal treatment to all trading partners.