Since the establishment of the WTO on 1 January 1995, India has ratified and ratified the WTO. The agreement recognizes a free economy and includes intellectual property rights as part of the WTO agreement. After India's independence, the Indian Patent Act was enacted in 1970 after a thorough study of patent issues through the Tekchand Committee in 1948, the Iyengar Committee in 1957, and the Joint Parliamentary Committee in 1965 and 1967. New patent law was enacted in 2005 to amend that 1970 law, which has been in force since May 5, 2006.