This week a WSJ’s MarketWatch article, CREATE.org President and CEO Pamela Passman highlighted the importance of bolstering intellectual property rights (IPR) in the world’s fastest growing economies. In short, the G20 should take note of and take actions on recent commitments to IPR protection laid out in the G8’s Camp David Declaration.
Emerging economies in countries such as Brazil, India, China and Mexico will drive global GDP growth over the next 20 years. Their economies are predicted to grow at a rate of 7.4% per year – three times higher than the growth rate of more advanced countries like the United States and United Kingdom.
In the article, Passman argues that such robust growth does not need to come at the expense of weak IPR regimes. In fact, emerging economies that consistently protect IPR will receive higher levels of investment and be better positioned to develop their own global brands.
However, she makes it clear that this is not a one-way street. Multi-national corporations (MNCs) must help governments by strengthening internal intellectual property policies and subsequently sharing best practices with their global supply chain.