Intellectual
Property (IP) refers to that category of property, which
includes intangible creations of the human intellect. It fundamentally
encompasses trademarks, patents, copyrights, and industrial designs. And if we
talk about Intellectual Property Rights (IPRs),
then these refer to the exclusive rights provided to owners over the unique
creations of their minds for a specific slot of time. The people with these
rights enjoy exceptional profits over the particular product that stands on the
terms set by the Intellectual Property Law. Indeed, these rights
work as economic incentives to encourage producers and creators to come up with
more creations.
IPRs in Bangladesh
If we consider IPRs in
Bangladesh, it is worthy to say that the nation has a long way to go in this
field. Till now, the country has obtained legal certification for many
products. For instance, a particular type of mango named Khirsapati is famous
as the third product that received Geographical
Indication Protection in Bangladesh. Nonetheless, there’s
still a lot more to achieve. In this nation, IPRs have significant
implications. To identify the impacts of IP
Law in Bangladesh, we need to consider two viewpoints: economic and
non-economic. As the former perspective covers potential advantages that have
long-term influences on any nation’s fiscal wellbeing, IPRs in Bangladesh are
beneficial for its overall economic growth.
Furthermore, as IPRs
enhance the possibilities of higher investment not just in inventions but
productions as well, these play a crucial role in making Bangladesh – a country
growing at the fastest rate with a GDP above 7%. IPRs do this by promoting
foreign direct investment, increasing export diversification, and more.
Now, coming to the
later perspective, i.e., the non-economic aspect of Intellectual
Property Rights in Bangladesh, we can say that it
is not at all less important than the economic one. Here, the IPRs can help
Bangladesh in attaining a distinct identification worldwide. Geographical
Indication (GI) in Bangladesh is advantageous
to bring their cultural and natural products to the global market. For example
– Hilsa, Jamdani, and Khirsapati with GI tags are already in the marketplace.
Besides, IPRs can create value that helps the producers in obtaining premium
prices for their products. To turn a country into one with a good income, IPRs
can be of great importance as they aid in producing quality items, leading to
an increase in the country’s financial gainings and reputation.
Now, to be aware of
the shortcomings in addition to achievements, have a look at the present
synopsis of Bangladesh in comparison to three neighboring countries, including
Pakistan, Sri Lanka, and India. In terms of trademark and Patent
Applications, Bangladesh lags far behind these three nations.
However, it is ahead of all these in regards to Industrial
Designs by origin, but if the total profits from Intellectual
Properties in Bangladesh are considered,
then the nation appears to be in a poor state.
As per this year’s
data, the worldwide ranking of Bangladesh in this area was just 116 out of the
total 126 countries. The score, likewise, within the range of 0 to 100 was
23.06. All these statistics reflect the poor condition of Bangladesh in terms
of the protection of IPRs.
Measures to Resolve IPR-related Issues in Bangladesh
Protection of IPRs for
several sorts of things, such as technological innovations, life-saving drugs,
etc., is a remarkably contentious issue. Considering these facts, the WTO
(World Trade Organization) has given some exemption for the LDCs (Least
Developed Countries) to implement provisions and terms of the Trade-Related
Aspects of Intellectual Property Rights (TRIPS) agreement associated with
pharmaceutical items until 2033. As the TRIPS agreement aims at ensuring robust
protection of IPRs amongst the WTO members, it has provided LDCs with an
extended transition time to safeguard IP under TRIPs terms and provisions.
Being an LDC,
Bangladesh is also getting the extended exemption. Nevertheless, the country
will not be available with this beneficial opportunity after three years
following LCD graduation by 2024. As a consequence, Bangladesh would need to
compete with developed and advanced economics for both foreign as well as
domestic markets. In other words, if the Bangladesh government doesn’t take the
necessary precautionary steps on an instant basis, the nation’s global market
share will undoubtedly be fated to shrink. For more visit: https://www.kashishipr.com/
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