The correct answer is option 'B': Intellectual property protection.

Explanation:
The TRIPS Agreement stands for Trade-Related Aspects of Intellectual Property Rights. It is an international treaty administered by the World Trade Organization (WTO) that sets out the minimum standards for the protection of various forms of intellectual property (IP) rights, including patents, copyrights, trademarks, geographical indications, industrial designs, and trade secrets.

The TRIPS Agreement was established in 1994 as part of the Uruguay Round of multilateral trade negotiations. It was developed with the aim of harmonizing and strengthening intellectual property protection across countries, thereby promoting innovation, creativity, and economic development.

Key Points:
1. Scope of the TRIPS Agreement: The TRIPS Agreement covers a wide range of IP rights and lays down the basic principles and standards that member countries must adhere to in order to protect and enforce these rights.

2. Minimum Standards: The TRIPS Agreement establishes minimum standards of IP protection that all WTO member countries must meet. These standards include the minimum duration of copyright protection, the criteria for patentability, the rights of trademark owners, and the enforcement of IP rights.

3. National Treatment: The TRIPS Agreement requires member countries to provide foreign IP rights holders with the same level of protection and enforcement as their own nationals. This principle ensures that foreign investors and creators are not discriminated against in terms of IP protection.

4. Enforcement: The TRIPS Agreement also includes provisions for the enforcement of IP rights, including civil and criminal remedies, border measures, and the establishment of specialized IP courts or tribunals. These measures aim to deter and punish IP infringements.

5. Flexibilities and Exceptions: The TRIPS Agreement recognizes that member countries may need to adopt certain measures to protect public health, promote access to medicines, or address other public policy concerns. It allows for certain flexibilities and exceptions to IP rights, such as compulsory licensing or parallel imports.

Overall, the TRIPS Agreement plays a crucial role in promoting and protecting intellectual property rights on a global scale. It provides a framework for countries to establish effective IP systems, encourages innovation and creativity, and facilitates the cross-border flow of goods and services that rely on IP.