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Chapter 6: Problem 6

What is intellectual property? Why has intellectual property become a major issue in recent rounds of international trade negotiations?

Short Answer

Expert verified
Intellectual property is creation of mind such as inventions, works of art and symbols. It has become a major issue in trade negotiations because of its increasing importance in the globalized digital economy and differing views on its protection among developed and developing countries.

Step by step solution

01

Defining Intellectual Property

Intellectual property refers to the creations of the mind, such as inventions, literary and artistic works, designs, symbols, names, and images used in commerce. It is protected by the law through patents, copyright and trademarks, which enable people to earn recognition or financial benefit from what they have invented or created.
02

Current status of Intellectual Property in international trade

Intellectual property has significantly become a major issue in recent rounds of international trade negotiations. This is due to the different views and standards about intellectual property rights between developed and developing countries. Developed countries want strong intellectual property rights to protect their companies that are mostly technologically advanced, while developing countries often have looser intellectual property rights, in part because they want to make use of technologies to catch up with developed countries.
03

Impact of Intellectual Property in international trade negotiations

Also, in the era of globalisation and internet, protection of intellectual property has become increasingly challenging leading to disputes in international trade negotiations. Illegal downloads, piracy, counterfeiting, violation of patents and trademarks are issues complicating these trade talks. Increasingly, intellectual property is becoming a key element in trade agreements and this is why it has been a major issue in recent rounds of international trade negotiations.

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