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When the TRIPS AGREEMENT came into force in 1995, all WTO member states were required to notify the World Trade Organization within 90 days (until 1 April 1995) of all non-compliant trade-related investment measures. A transition period has been granted to countries that have submitted a transition period in accordance with the notification in order to eliminate their non-compliant policies. Industrialised countries (such as the United States and European Union countries) have benefited from a two-year transitional period. Developing and least developed countries benefited from a transitional period of five and seven years respectively. The Trade-Related Investment Measures Agreement (TRIMS) recognizes that certain investment measures can limit and distort trade. It says that WTO members should not apply measures that discriminate against foreign products or that result in quantitative restrictions, both of which are contrary to the fundamental principles of the WTO. A list of banned TRIMS, for example. B local content requirements, is part of the agreement. The TRIMS committee oversees the implementation and implementation of the agreement and gives members the opportunity to work together on all relevant issues.
Among the objectives of the agreement, as defined in its preamble, are the gradual expansion and liberalization of world trade and the facilitation of investment across international borders in order to increase the economic growth of all trading partners, particularly developing countries, while ensuring free competition. Under the World Trade Organization (WTO) Trade-Related Investment Measures Agreement, commonly known as the TRIM Agreement, WTO members agreed not to implement certain trade-related investment measures in goods that limit or distort trade. 5. Notwithstanding Article 2, in order not to penalize established firms subject to a REPORTED TRIM in accordance with paragraph 1, a member may apply the same TRIM to a new investment during the transitional period, (i) when the proceeds of that investment are likened to those of existing firms, and (ii) if necessary, in order to avoid distorting the competitive conditions between the new investment and the existing ones. The trim applicable to a new investment is communicated to the Council for Trade in Goods.