Definition of Trade Secret

This entry in the online Global Dictionary of Competition Law defines the term trade secret: information that has commercial value to an organization due to its secrecy, is not known outside of the organization, and the continuing secrecy of which the organization has taken reasonable measures to protect. The entry discusses the history of trade secret protection in the United States and Europe, including the U.S. Uniform Trade Secrets Act (UTSA) adopted in all but one U.S. state, the U.S. federal Economic Espionage Act (EEA) (1996) and Defending Trade Secrets Act (DTSA) (2016), Article 39 of the WTO’s Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) and the European Union Trade Secrecy Directive (2016/943)