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Intellectual Property Delivers Jobs and Economic Growth Says G-8

Intellectual Property Delivers Jobs and Economic Growth Says G-8

Over the weekend, the leaders of the Group of Eight (G8) major economies released a statement following their two day meeting at Camp David acknowledging the inherent importance intellectual property (IP) plays in global economic growth and recovery.

More specifically, the leaders of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States said that “we affirm the significance of high standards for IPR protection and enforcement, including through international legal instruments and mutual assistance agreements, as well as through government procurement processes, private-sector voluntary codes of best practices, and enhanced customs cooperation, while promoting the free flow of information.”

In the U.S. alone, IP has proven to be a harbinger for economic development. According to recent research from the Department of Commerce, IP-intensive industries provide our economy alone with 40 million high-paying jobs, $5 trillion in output, and account for 60% of our exports.

The GIPC is pleased that the importance of protecting IP has risen to one of the top issues for these governments and we are hopeful that this is a signal of ongoing commitment to negotiate and ratify international agreements which enhance IP rights.

In particular, we hope that this statement is a sign that the governments of the G8 are moving forward with the ratification of the Anti-Counterfeiting Trade Agreement (ACTA), a modest set of best practices for effective IP enforcement.

We also applaud the commitment of the G8 to promote public health and safety by cracking down on rogue internet pharmacy sites and combating counterfeit medical products. In the United States, legislation—the Online Pharmacy Safety Act—which would improve the safety of American consumers is pending in Congress and we applaud efforts to achieve similar goals around the world.

The leaders of the G8 have spoken up for the value of IPR in economic growth, jobs, and public safety. If you’d like to find out more about how IP delivers these public goods to those who need it most, please join us at www.IPdelivers.com.