NEW YORK, Sept 28: Underscoring the need to strengthen India’s IP policy for creating a conducive environment for foreign investors, a US expert has expressed hope to see a principled commitment by Prime Minister Narendra Modi to amend country’s patent laws to boost economic growth and global competitiveness.
“We hope that Prime Minister Modi’s visit to the US will give industry a chance to engage in a substantive dialogue about intellectual property protections, which will be key to achieving Modi’s previously stated goals of attracting greater foreign direct investment and strengthening the Indian economy,” said Patrick Kilbride, Executive Director, International Intellectual Property at the US Chamber of Commerce’s Global Intellectual Property Centre (GIPC).
Outlining the expectations of GIPC and the US business community from Modi’s visit to the US, Kilbride said that the business community will be looking for a signal from the Prime Minister that India is clearly moving in the direction of intellectual property protections.
“As the Modi administration seeks to attract greater foreign direct investment (FDI) in India, the Prime Minister must pursue policies which create a hospitable environment for foreign investors.
“Strengthening India’s IP system will be key to creating such an environment, and we hope to see a principled commitment by the Prime Minister to amend India’s IP laws in order to further the country’s economic growth and global competitiveness,” he said.
Noting that real change can come about through a clear recognition of Indian self-interest, Kilbride said GIPC looks forward to working with both the US and Indian governments to support a bilateral dialogue that can help make those interests apparent.
Kilbride added that a substantive discussion about IP would include a conversation about the need for modifications to India’s patentability requirements, a refutation of compulsory licensing as a commercial tool and a principled commitment to the legal rights of patent, copyright and trademark holders.
“A formal agreement to re-launch the bilateral Trade Policy Forum would be an important step,” he said on his expectations of what should be discussed bilaterally on the intellectual property rights front.
On the Out-of-Cycle Review of India’s IPR policy, Kilbride said there is no reason to expect that the OCR will be delayed. He hoped that the review would be an opportunity for both governments to explore areas for forward-looking collaboration with a specific focus on intellectual property. (PTI)
Follow our WhatsApp channel