The Patent Cooperation Treaty (PCT) is an international agreement that simplifies the process of filing patents in multiple countries. It allows inventors to submit a single patent application, which can then be recognized in over 150 member countries. This helps streamline the patenting process and reduces costs for applicants seeking protection in various jurisdictions. By using the PCT system, applicants can delay the need to file separate national applications for up to 30 months. This gives them more time to assess the commercial viability of their invention and seek funding, while still securing their patent rights in member countries.