Robust IP regime is key for India's goal of $1 tn digital economy: Biswal

An effective intellectual property (IP) regime is foundational to achieving India's goal of a USD 1 trillion digital economy, head of the US-India Business Council Nisha Desai Biswal has said.

Biswal was speaking at the third annual India-US IP Dialogue on Friday organised by the US Chamber of Commerce's Global Innovation Policy Center (GIPC) and USIBC, in partnership with the Federation of Indian Chambers of Commerce and Industry (FICCI).

Intellectual capital fuels the creative economy. As India's IT industry advances and its content economy grows, an effective IPR regime is foundational to achieving the government's goal of a USD 1 trillion digital economy, Biswal said in her address.

"IPR protections also support the success of Digital India, Make-in-India and other cornerstone initiatives, Biswal, who previously served as Assistant Secretary of State for South and Central Asian Affairs in the US Department of State, said.

On Thursday, India and the US signed an MoU to increase cooperation in the field of intellectual property (IP) by facilitating exchange and dissemination of best practices, collaboration in training programs and outreach activities.

The two sides will draw up a biennial work plan to implement the Memorandum of Understanding (MoU) which will include detailed planning for carrying out cooperation activities, including the scope of action, it said.

The 3rd annual IP Dialogue, attended by government and industry leaders, proved to be incredibly impactful, with intellectual property playing such a key role in efforts to study and combat the ongoing global pandemic, a media release said.

The IP Dialogue is an opportunity for the US and Indian governments to come together to discuss an issue critical to our bilateral relationship, Biswal said.

"This month's promising news on vaccines and treatments for coronavirus is a signal that the UN framework for intellectual property is working, said?Patrick Kilbride, senior vice president of the US Chamber's Global Innovation Policy Center.

Globally, we've mounted an all-hands-on deck response, with the private sector leading the charge to deliver a safe, effective vaccine for this terrible disease, he said.

India, with its strong domestic industry and innovative capacity, can play a major role in fighting the pandemic the time is now, Kilbride said.

IP Dialogue: Opportunities for US-India Collaboration featured experts from India's Department for Promotion of Industry and Internal Trade (DPIIT), US Patent and Trademark Office, US Department of State, and Office of the US Trade Representative, along with other government, private sector, and academic experts.

Participants discussed a broad range of IP-related topics, including innovation, public-private partnership response to the pandemic, collaboration in fighting copyright and trademark infringement, best practices for technology transfer and IP commercialisation, and policy approaches to trade secrets in the digital age.

Dialogue recommendations will be shared with both governments to deepen strategic cooperation on IP policy, the release said.