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When Nations Protect Intellectual Property, the Global Economy Wins, New U.S. Chamber Report Shows
WASHINGTON, D.C. – Today, the U.S. Chamber of Commerce Global Innovation Policy Center (GIPC) released its eighth annual International IP Index, “Art of the Possible.” The new report evaluates how 53 global economies approach intellectual property (IP)—from patent and copyright policies to commercialization of IP assets and ratification of international treaties.
The International IP Index creates a template for economies that aspire to become 21st century, knowledge-based economies through more effective IP protection. This year, U.S. and European economies remained atop the global IP rankings, while many emerging markets also showed big improvements thanks to commitments to adopt pro-IP measures.
“Intellectual property continues to be a massive economic driver for jobs and investment. In the United States alone, IP supports more than $6 trillion in GDP, 81 industries, and more than 45 million jobs,” said David Hirschmann, President and CEO of GIPC. “To drive similar success at home, we encourage policymakers around the world to use this report as a roadmap to drive investment in cutting-edge sectors, as well as to access the world’s innovation and creative content.”
From the U.S.-Mexico-Canada Agreement (USMCA) to the U.S.-China trade deal, the Index illustrates that trade agreements remain critically important to global IP standards.
“We have a good foundation through USMCA and look to build on it. There are also some things we shouldn’t replicate. We didn’t fully achieve the protection for Intellectual Property that we hoped, particularly in new and emerging medicine,” said Neil Bradley, Executive Vice President and Chief Policy Officer for the U.S. Chamber of Commerce. “Advancing Canada and Mexico to U.S. standards of regulatory data protection for biologics would have resulted in more funding for innovative medical research with no additional cost to U.S. consumers.”
Meanwhile, “The recent U.S.-China Phase One agreement—if fully and faithfully implemented—promises to restore stability and improve the treatment of IP in China. This agreement will help protect consumers across the globe by strengthening IP protection and enforcement and help address unfair practices, such as coerced technology transfer,” said Bradley.
Looking forward, a prospective trade agreement between the United States and the United Kingdom, the top two ranked countries on the Index, raises hopes of setting a new, global gold-standard for intellectual property cooperation.
The International IP Index maps the IP ecosystem in 53 global economies, representing over 90% of global GDP. The countries mapped include Algeria, Argentina, Australia, Brazil, Brunei, Canada, Chile, China, Colombia, Costa Rica, Dominican Republic, Ecuador, Egypt, France, Germany, Greece, Hungary, India, Indonesia, Ireland, Israel, Italy, Japan, Jordan, Kenya, Kuwait, Malaysia, Mexico, Morocco, Netherland, New Zealand, Nigeria, Pakistan, Peru, Philippines, Poland, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, United States of America, United Arab Emirates, United Kingdom, Ukraine, Venezuela, and Vietnam.
The U.S. Chamber of Commerce’s Global Innovation Policy Center is working around the world to champion innovation and creativity through intellectual property standards that create jobs, save lives, advance global economic and cultural prosperity, and generate breakthrough solutions to global challenges.
Global Innovation Policy Center @globalIPcenter 1d
Economies with the most effective intellectual property (#IP) frameworks are more likely to achieve the socio-economic benefits needed to face our biggest challenges, like #COVID19. Get the details in the @USChamber #IPIndex. #IPEnables https://t.co/oVnRXbS15m