Step 1: Understanding the Concept:
Intellectual Property Rights encompass formal statutory registered legal rights protecting industrial, artistic, and intellectual creations.
Step 2: Detailed Explanation:
Patents (inventions), Geographical Indications (GI, terroir-linked products), and Copyrights (literary/artistic works) are formal, registered statutory intellectual property rights governed by specific acts.
Trade secrets are un-registered confidential business information protected through common law and non-disclosure contracts rather than formal statutory registered IPR monopolies.
Step 3: Final Answer:
Therefore, Trade secret is distinct from formal statutory IPR.