U.S. Leads World in Protecting Work of Entrepreneurs and Artists, but New Policies Pose Risks, U.S. Chamber Research Shows

New Delhi, 28 February 2024 Today, the U.S. Chamber of Commerce released the 12th edition of its International IP Index IP Index, underscoring the pivotal role of intellectual property IP rights in driving innovation, creativity, economic investment, and improving quality of life.

New Delhi, 28 February 2024 – Today, the U.S. Chamber of Commerce released the 12th edition of its International IP Index (IP Index), underscoring the pivotal role of intellectual property (IP) rights in driving innovation, creativity, economic investment, and improving quality of life. The comprehensive research reaffirms the importance of IP rights as the backbone of free enterprise and how these constitutionally enshrined protections are vital to develop, commercialize, and distribute groundbreaking inventions and creative works. "The Index demonstrates the benefits that economies can receive when they adopt robust and enforceable IP standards. Policymakers in India are recognizing the critical link between IP rights and economic activity, which will underscore India's global competitiveness," said Patrick Kilbride, Senior Vice President of the U.S. Chamber of Commerce's Global Innovation Policy Center. With this, the IP Index also serves as a compass to guide world leaders on proven methods to champion innovation and creativity at home. With this data, they can see what's working, what's not, and what changes are needed to ensure a brighter future. ''India's recent strides in amending its intellectual property framework are commendable and underscore the country's proactive approach to empowering innovation and creativity. Such initiatives not only benefit domestic creators and innovators but also contribute to the broader global landscape of intellectual property rights protection," Kilbride said. Key Highlights from the 2024 International IP Index: • Global landscape: The Index evaluates the IP frameworks of the world's top 55 economies, revealing significant improvements in 20 economies. While the United States is once again the world leader, there were notable advancements led by Saudi Arabia, Brazil, and Nigeria. However, challenges persist, as 27 economies showed no change and eight, including Ecuador, experienced declines due to weak IP enforcement. • Policy pitfalls: The report calls attention to critical debates and policy proposals that could impact global IP rights, including discussions on IP waivers in Geneva, confiscation of business property through ''march-in'' abuse in the U.S., and proposals to reduce IP standards in the EU, all of which jeopardize the future trajectory of global IP policy. • Turning the tide on piracy: Progress in combating online piracy is highlighted, with new economies like Argentina and Brazil adopting dynamic injunctions to protect copyrighted works online.

IP-intensive industries continue to be a major economic force in the United States, supporting tens of millions of jobs and contributing approximately $7.8 trillion to the American economy, which accounts for about 40% of the nation's GDP. Top 10 Economies for IP Rights, 2024 1. United States (95.48%) 2. United Kingdom (94.12%) 3. France (93.12%) 4. Germany (92.46%) 5. Sweden (92.12%) 6. Japan (91.26%) 7. Netherlands (91.24%) 8. Ireland (89.38%) 9. Spain (86.44%) 10. Switzerland (85.98%) Economies ranked by 2024 IP Index score (0-100%) among 55 measured economies. For more information on IP Index, please visit this website. (Disclaimer: The above content is a press release and PTI takes no editorial responsibility for the same.).

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