Much of the value of corporations today is intellectual property, including pate
ID: 1228328 • Letter: M
Question
Much of the value of corporations today is intellectual property, including patents, trademarks, trade names, copyrights, trade secrets, and others. It is important to protect intellectual property so it is not used by other entities without permission of the owner.
What is the basis of international law in general and international dispute settlement and the rule of law that apply to intellectual property? What can be done to protect intellectual property from piracy in the global marketplace? Are the current efforts of the United Nations and the WTO effective in protecting intellectual property rights in the international marketplace? Why or why not?
Explanation / Answer
We know that intellectual property rights means that enforcing legal rights to inventions, designs and artistic works. The Law is just protect the ownership of the personal property. BUt it is not controllled the intangible asset creation of another person. The intellectual property is commonly protect the infringement of the property. Here the owner will put the world on notice that their rights exists in their products. Then owner can also consult the court to protect their ownership. After getting court injection then infringers must stop their production. Also sometime they can provide money to the real owner as a compesation.
The WTO's common intelectual property aggrement is TRIPS. The TRIPS is introduced in the Uruguay round regulations of WTO. Using this ownership rights are protected around the world. The important priciples of WTO is,
1. Under trading system the member countries must obey the IPR strategy of WTO.
2. TO give an adequate production of IPR
3. To settle IPR disputes of the member countries
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