The countries seek to facilitate bilateral cooperation and exchanges that encourage innovation.
In a first of its kind for India and Singapore, the two countries have entered into a bilateral memorandum of understanding on industrial property cooperation (IP MoU). The Intellectual Property Office of Singapore and the Department of Industrial Policy and Promotion, Government of India, signed the IP MoU on October 4. The IP MoU was one of three MoUs that the two countries signed during Singapore Prime Minister Lee Hsien Loong’s recent state visit to India. Read our earlier LawFlash on the three MoUs: India and Singapore Sign Memorandums of Understanding.
The IP MoU seeks to establish a Joint Coordination Committee to facilitate bilateral cooperation and exchanges that encourage innovation and assist Indian companies in tapping Singapore as a regional intellectual property hub for their innovation-related activities. The IP MoU’s priority initiatives include the following:
- Exchanging best practices, experiences, and knowledge of industrial property
- Exchanging experts who specialize in intellectual property
- Organising of events for the exchange and dissemination of information on intellectual property with the industrial property community, universities, research and development organizations and small and medium enterprises
- Cooperating in the development of automation and implementation of modernization projects
- Partnering to train local industrial property and business communities
The IP MoU is intended to enhance technological advancement and innovation in the two countries. It is also seen as a major step by India to further its National Intellectual Property Rights Policy, which was released earlier this year.