Trade Time – Vol 2; Issue 1

Trade Time - Vol. 2; Issue 1
Trade Time – Vol. 2; Issue 1

To achieve developmental goals a country must have a competitive economy which is able to produce innovative products and services. Indeed, ceaseless innovation is the defining characteristic of modern, competitive economies. However, sustained innovation is not secured easily. It requires the establishment of a policy and institutional framework that actively promotes and nurtures innovation.  A viable Intellectual Property (IP) system is an integral part of such a framework.

The IP system provides a powerful incentive to creators, inventors and entrepreneurs to generate new ideas and inventions and to bring those in the form of useful products to the market place.  Concurrently, the IP system allows consumers to access knowledge and benefit from creative and new products. In such an environment, there is increased R & D activity, greater investments in new technologies, and enhanced trade in distinctive products. The result is a virtuous cycle of accumulation of knowledge, constant innovation and sustained economic development.  Everyone in society benefits.

 Realizing the importance of a well functioning IP system for achieving its developmental goals, several important initiatives have been taken in recent years by the Government of Pakistan.  These include a review of key IP laws to bring those in conformity with international standards.  The institutional arrangements for administering the IP system have also been streamlined by the establishment of a single organization, the Intellectual Property Organization (IPO) Pakistan, which is responsible for the nationwide, integrated management of IP.  The commitment of the GoP to strengthen the IP system was reaffirmed recently by the Prime Minister of Pakistan in his address on the occasion of the World Intellectual Property Day.

Trade Time – Vol. 2; Issue 1