Published
September 25, 2024
What happened: The World Trade Organization (WTO) recently held the annual Public Forum, themed “Re-globalization: Better Trade for a Better World.” The GIPC led a delegation to Geneva to discuss the ways intellectual property (IP) enhances trade and strengthens participation in the global innovation ecosystem.
Why trade? Trade is a vital driver of economic growth. It does so by supporting countries and companies as they specialize and invest. This empowers businesses to share the fruits of their innovation with global consumers. For these industries to continue to thrive, effective IP rules must be in place in markets abroad.
The big picture: The multilateral-rules based trading system plays a key role in setting the IP standards needed to foster investment in innovation and creativity worldwide. Thirty years ago, the WTO set a baseline for IP protection in global markets through the Trade-Related Aspects of Intellectual Property Rights (TRIPS) Agreement. Now, the WTO TRIPS Council is conducting a review of the implementation of TRIPS under Article 71 of the Agreement. However, the conversations in the TRIPS Council are still in the preliminary stages as countries determine the objective of the Article 71 review.
Our take: The TRIPS Agreement was intended to create a global floor for IP protection, upon which countries could build their innovative and creative industries and enhance competitiveness through stronger IP. Effective implementation of TRIPS is key to unlocking the many benefits IP can provide, such as helping workers enhance their skills, increasing innovative and creative outputs, and strengthening attractiveness to foreign investment. Each of these factors place countries on the path to greater global competitiveness.
Yes, and: To unleash the many socio-economic benefits made possible through stronger IP, we must first ensure that we do no harm through the review of the implementation of TRIPS. When countries embrace global IP standards, we can empower innovators and creators in global markets to thrive and expand global participation in the innovation ecosystem. When those standards are undermined, we risk depriving the world of the innovation needed to address future global challenges, from pandemics to energy security to climate change.
The bottom line: To achieve better trade for a better world—as the WTO avows—countries must embrace and implement the IP standards enshrined in multilateral agreements like TRIPS. Effective implementation will ensure that countries can leverage trade to inspire the next generation of innovation and creativity.
About the authors
Kelly Anderson
Kelly Anderson is the Executive Director of International Policy at the U.S. Chamber of Commerce.
