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New U.S. Chamber International IP Index Ranks Singapore’s Strong IP Environment Among Best in the World
WASHINGTON, D.C. – On the heels of the International Association for the Protection of Intellectual Property (AIPPI) ASEAN Regional Seminar, the U.S. Chamber of Commerce released its 4th annual International IP Index “Infinite Possibilities.” The report revealed that Singapore serves as a model for IP protection in Southeast Asia. The Index, produced by the Chamber’s Global Intellectual Property Center (GIPC), highlighted Singapore’s strong IP system, and noted that it will be further strengthened – particularly in the pharmaceutical IP sector – should the standards enshrined in the Trans-Pacific Partnership (TPP) be ratified and implemented. The United States ranked first out of the 38 economies studied, while Venezuela finished last.
Overall, half of the 38 economies improved their total score from last year’s Index, indicating increased recognition of the benefits of intellectual property (IP) and a strong IP system. The 38 economies benchmarked in the 2016 Index accounts for nearly 85% of global gross domestic product (GDP). The index is based on 30 measurable criteria critical to innovation including, patent, copyright and trademark protections, enforcement, and engagement in international treaties, among others.
“This year’s Index illustrates that many countries embraced the upward momentum in the global intellectual property environment, and continued to take steps to improve their IP systems. The Index provides policymakers on nearly every continent with an important tool to grow their economy and attract foreign business,” said David Hirschmann, president and CEO of GIPC. “IP underpins the innovation we have come to expect – the new cell phone to connect with loved ones, the medical treatment to save a life, and the creative content we crave. IP creates the infrastructure to deliver new innovative technologies to markets around the world, and the U.S. Chamber Index provides economies with a roadmap to furthering this legal framework. ”
“The Index was created so that countries around the world, such as Singapore, can hear directly from the business community on the IP-related issues important to them when considering investing in new markets” said Mark Elliot, executive vice president of GIPC. “Now in its 4th edition, the Index has become a must-read for government officials in countries near and far who recognize the important connection between IP and innovation, and who wish to grow their countries knowledge-based economies. We hope that policymakers and stakeholders will agree that when it comes to strengthening innovation-based opportunities, there truly are infinite possibilities.”
The Index ranks the economies in Algeria, Argentina, Australia, Brazil, Brunei, Canada, Chile, China, Colombia, Ecuador, France, Germany, India, Indonesia, Israel, Italy, Japan, Malaysia, Mexico, New Zealand, Nigeria, Peru, Poland, Russia, Singapore, South Africa, South Korea, Sweden, Switzerland, Taiwan, Thailand, Turkey, Ukraine, United Arab Emirates (UAE), United Kingdom (UK), United States (U.S.), Venezuela, and Vietnam.
The full Index can be viewed at http://www.theglobalipcenter.com/gipcindex.
The Chamber’s Global Intellectual Property Center is working around the world to champion intellectual property (IP) rights as vital to creating jobs, saving lives, advancing global economic growth, and generating breakthrough solutions to global challenges.