Imagine the U.S. economy minus the entire state of New York. While such a reality may be to New Jersey’s or the West Coast’s delight, the economic impact stemming from a state the size of New York adds to the U.S. economy as a whole, producing huge contributions to national exports, GDP, and jobs.
After nearly four years, 19 negotiating rounds, and the expansion of the negotiating table to include 12 countries, the United States is in the end-game of one of the most comprehensive and ambitious trade agreement the world has ever seen. But as the text is negotiated and areas of contention are ironed out, we must keep in mind that innovation is the bread and butter of the U.S. economy.
The benefits of IP deliver far beyond U.S. borders. Recently, the EU revealed the results of a similar study, finding similar contributions by IP-intensive industries to the EU’s economy. Commissioned by the European Patent Office (EPO) and the Office for Harmonization in the Internal Market (OHIM), the report found that IP-intensive industries create 77 million jobs and generate 40% of the total economic activity throughout the EU – roughly 4.7 trillion euro annually.