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Navigating the Global Economy: We’ve Found Your Map
By Mark Elliot
With the onset of global trade, economies that are oceans apart, both literally and figuratively, are trying to figure out how to navigate the global economy. While some nations appear to be sailing smoothly, others are commandeering rough seas feeling every ebb and flow of development.
But instead of giving up, economies of varying market size, levels of development, and geography are persisting and charting the course towards achieving modern, innovative economies. Nations cannot reach this destination without strong, robust intellectual property (IP) framework, which is a proven driver of investment, jobs, innovation, and access to new technologies.
In December 2012, the U.S. Chamber’s Global Intellectual Property Center (GIPC) released a first-of-its kind International IP Index, Measuring Momentum. The GIPC Index measured the IP environments of 11 countries around the world based on existing best practices and international standards. Today, we unveiled the 2nd edition of the GIPC Index, Charting the Course, which serves as a map for policy makers and businesses alike to assess which of the 25 countries measured have drifted astray, and which are ahead of the race.
By highlighting areas of strength as well as opportunities for improvement, the GIPC Index maps how countries can improve their IP environment through trade agreements, domestic legislation, or the judicial processes.
Countries should embrace these opportunities, rather than ignore them. All countries strive to have an innovation economy and without any doubt, IP protection is a cornerstone of all innovation economies. However, over the last year, we have seen a number of troubling developments in key markets of concern.
Unfortunately, India again finished last in the Index due to the continued deterioration of its IP climate. And countries like Canada, Brazil, and South Africa, have failed to take full advantage of opportunities to promote and protect IP. Even the U. S., who many see as the IP benchmark, has considerable room for improvement. For example, the U.S. does not lead in enforcement, which is largely due to the lack of resources dedicated to fighting the proliferation of counterfeit products and pirated goods.
At an event for the release of the GIPC Index today, Ranking Member of the Senate Finance Committee Senator Orrin Hatch (R-UT) took this a step further by calling on the administration and Congress to properly enforce existing free trade agreements, as well as enact Trade Promotion Authority and ensure that the Trans-Pacific Partnership includes nothing less than 21st century standards for IP protections.
We encourage these countries to look to the Index for tangible ways to strengthen their IP environment in order to create jobs, promote global economic growth, and stimulate foreign direct investment.
For more information on the GIPC Index, you may see the full report or visit the interactive map at www.theglobalipcenter.com/gipcindex.