IPRs in Bangladesh: The Nation Has a Long Way to Go
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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