Does Protecting Property Rights Make a Country Developed?
As stated by the Executive Director of EUIPO, Christian Archambeau, all the industries that ensure proper usage of intellectual property rights secure their economic future making themselves more resilient to face any kind of economic crisis.
The Director General of World Intellectual Property Organization believes that Asia has outpaced other regions in filing activity for patents, trademarks, industrial designs and other intellectual property rights that are at the centre of the global economy.
The International Property Rights Index 2019 (IPRI) listed by US-based Property Rights Alliance showed the names of 129 countries that have strong property rights regime, in a report released on October 18.
The IPRI acts as a barometer to judge the strength of protection that any country can provide across physical and intellectual property. The 2019 report made using official sources across various international organisations shows that only the countries that are developed have been able to make to the top 10 list.
Marking its regional rank of 2019, the UAE stands on the top in regional ranking of the index and is on 22ndposition on the global ranking.
Singapore has topped the Asia region by achieving rank four overall among the 129 countries. Standing first is Finland followed by Switzerland and New Zealand. This shows that with its focus on innovation-driven economic growth, the country is serious about protecting property rights.
Speaking about the rank, the Chief Executive of Ipos, Daren Tang said, “It is an honour to be recognised as a leading country in the protection of property rights. Societies and economies are becoming more interconnected in the new digital world, where growth and development are driven by IP and intangible assets.”
By bagging the 28th position on the global ranking and third in the regional ranking, Qatar proved its credibility on the global economic platform yet again.
However, one must not ignore the fact that the countries listed in the top 10 on the IPRI 2019 are developed. Sources claim that the industries of developed nations make extensive use of property rights such as patents, trademarks, industrial designs and copyrights generate 45 percent of GDP in the EU annually and account for 29 percent of jobs.
With the increase in economic uncertainties due to US-China trade war, it is extremely important for the developing countries to prepare themselves for the future by protecting property rights.
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