Storm Clouds Gather For Innovators And Creators As Intellectual Property Rights Face Policy Headwinds, New Report Warns The report covers everything from patent and copyright laws to the ability to monetize IP assets and the ratification of international agreements

By Teena Jose

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The U.S. Chamber of Commerce's latest International IP Index report shows a torrent of proposals – both domestic and international – are threatening to erode intellectual property (IP) rights. The annual International IP Index (Index) evaluates the protection of IP rights in 55 of the world's leading economies, together representing approximately 90% of global GDP. The report covers everything from patent and copyright laws to the ability to monetize IP assets and the ratification of international agreements.

"As India's size and economic influence grows on the world stage, India is ripe to become a leader for emerging markets seeking to transform their economy through IP-driven innovation," said Patrick Kilbride, senior vice-president of the U.S, Chamber of Commerce Global Innovation Policy Center who publishes the annual report. 

As per the report, in 2022, economies across Asia, Europe, Latin America, and North America made progress towards enhancing copyright protection and shutting down access to copyright and trademark-infringing content online. It added that not only did IP-intensive technologies like 5G keep the world connected throughout the pandemic, but they also pack a powerful economic punch, producing a significant and positive economic impact.

"India has taken steps to improve enforcement against copyright-infringing content and provides a best-in-class framework to promote better understanding and utilization of IP assets. However, addressing long-standing gaps in its IP framework will be critical to India's ability to create a new model for the region and India's continued economic growth," Kilbride said.

By analyzing the IP landscape in global markets, the Index aims to help nations navigate toward a brighter economic future marked by greater innovation, creativity, and competitiveness. Following a decade of steady, incremental, improvement in IP systems worldwide, a deluge of proposals under consideration by U.S. and international policy leaders, including at multilateral organizations, threatens to compromise hard-won economic gains.

Furthermore, the key findings in the index noted that twenty-eight economies' scores remained unchanged, illustrating that progress to improve global IP protection may be stagnating. Also, it stated that the future of IP-driven innovation hangs in the balance as negotiations to preemptively weaken IP rights continue at the World Trade Organization, World Health Organization, and in world capitals, with the ominous possibility of a substantial erosion of the global IP framework.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.

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