India-Singapore to sign MoU for industrial property cooperation

The Dollar Business Bureau

The Union Cabinet on Wednesday approved the signing of a Memorandum of Understanding (MoU) with Singapore in order to give a push to creativity, innovation, and technological advancement in the two countries.

“The Union Cabinet chaired by Prime Minister Narendra Modi has given approval to the MoU in the field of industrial property cooperation between DIPP and the Intellectual Property Office of Singapore," said an official statement.

“The MoU will improve bilateral cooperation activities in the area of industrial property rights of trademarks, patents and industrial designs,” it said.

The MoU is intended to provide a boost to creativity, innovation and technological advancement in both the nations, the statement added.

The MoU will be inked at the upcoming visit of the Prime Minister of Singapore to India on October 4-7.

The primary initiatives under the agreement would be the exchange of experiences, knowledge and best practices on intellectual property awareness among the businesses, public and educational institutions of the two countries. In addition, exchange of experts who are specialised in the field of intellectual property (IP) would also take place.

The two nations would also exchange and disseminate experiences, best practices and knowledge on IP with the universities, industry, R&D organisations and SMEs.

The pact will allow India to exchange experiences in the ecosystems of innovation and IP which will significantly benefit the investors, entrepreneurs and businesses of both the countries.

“The best practices’ exchange between the two nations will lead to enhanced protection and awareness about the range of Intellectual creations by India,” the statement added.

This will be a significant step forward in the journey of India towards becoming a key player in world innovation and will promote the National IPR Policy’s objectives, it said.