The Union Cabinet has approved Memorandum of Understanding (MoU) between India and Sweden on cooperation in the field of Intellectual Property (IPRs).
The MoU establishes wide ranging and flexible mechanism, allowing both countries to work together and exchange best practices on training programs and technical exchanges to raise awareness and protect IPRs.
Features of MoU
It facilitates establishment of a Joint Coordination Committee (JCC) with members from both countries. It aims to enhance cooperation between both countries for exchange of best practices, experiences and knowledge on IP awareness among the public, businesses and educational institutions.
It will also facilitate exchange and dissemination of best practices, experiences and knowledge on IP with industry, universities, R&D organisations and SMEs by organising programs and events. It also seeks to enhance collaboration in training programmes, exchange of experts, technical exchanges and outreach activities.
It will also facilitate exchange of information and best practices for disposal of applications for patents, trademarks, copyrights, industrial designs and Geographical Indications as also the protection, enforcement and use of IP rights.
It will enhance cooperation for understanding protection of traditional knowledge and the exchange of best practices, including traditional knowledge related databases. It will also facilitate exchange of information and best practices regarding IP law infringements in digital environment, especially regarding Copyright issues.
Significance of the MoU
It will enable India to exchange experiences in the innovation and IP ecosystems that will substantially benefit entrepreneurs, businesses and investors on both sides. By facilitating exchange of best practices between both countries, it will lead to improved protection and awareness about India’s range of Intellectual creations. It will be will further the objectives of National IPR Policy, 2016 and aid in India’s journey towards becoming a major player in global Innovation.