IP concerns remain at the centre of the US’s ongoing trade dispute with China, but the recently signed preliminary trade deal has the potential to set an example and help strengthen IP regulations around the world, according to a US Chamber of Commerce Global Innovation Policy Center (GIPC) report.
“The recent US-China Phase One agreement—if fully and faithfully implemented—promises to restore stability and improve the treatment of intellectual property in China,” said Neil Bradley, executive vice president and chief policy officer, US Chamber of Commerce.
“This agreement will help protect consumers across the globe by strengthening protection and enforcement and help address unfair practices, such as coerced technology transfer,” he added.
David Hirschmann, president and CEO of the GIPC, an affiliate of the Chamber of Commerce and the report’s developer, said that IP "continues to be a massive economic driver for jobs and investment. In the US alone, IP supports more than $6 trillion in GDP, across 81 industries, and more than 45 million jobs.”
“To drive similar success at home, we encourage policymakers around the world to use this research as a roadmap to drive investment in cutting-edge sectors, as well as to access the world’s innovation and creative content,” he added in the report, “Art of the Possible”, which evaluates how 53 global economies approach IP issues, from patent and copyright policies to commercialisation of assets and ratification of international treaties.
The Phase One trade deal, signed in January 2020, includes reforms to better protect against trade secrets theft, pharmaceutical-related IP and patent infringement, and bad faith trademarks.
The agreement also includes provisions to strengthen judicial enforcement of IP and commitments to combat counterfeiting and piracy. The Phase Two agreement is expected to focus on IP reforms.
Source: World IP Review
