This thesis focuses on the importance of intellectual property rights and its protection in the international arena. Coming from a developing country - India, I have always been fascinated with the area of international intellectual property rights protection because of its severe ramification on the economy and the social structure of developing countries. The impact of heightened protection of intellectual property rights has been a controversial issue between developed and developing countries for many years. In this paper, I have examined intellectual property rights, need for its protection, conventions, treaties and agreements present for the protection of intellectual property including the Trade-Related aspects of Intellectual Property Rights (TRIPS) agreement that was introduced in 1995 and administered by the World Trade Organization It also discusses some of the areas that have been significantly affected by TRIPS in the past five years and analyzes the impact of TRIPS on a specific industry - the recording industry.