IIPA Demanding Renewed International Focus on IP Protection

Last week the International Intellectual Property Alliance (IIPA) submitted its own comments as part of the annual “Special 301” process to the US Trade Representative, concerning recommendations to reform policies to improve the security of US intellectual property. Intellectual property is one of the most valuable assets for individuals, firms, and countries as a whole.
Without safeguards to protect the ideas of innovators, there becomes little reward or incentive to produce revolutionary products that often better the world as a whole. It is for this reason the Property Rights Alliance is standing with the International Intellectual Property Rights Alliance demanding a renewed focus on IP protection internationally.
In today’s globalized economy, U.S. firms and individuals are seeing their intellectual property stolen, and counterfeited, costing innovators millions of dollars every year and hurting consumers as well. Due to inefficient laws and practices in countries around the globe, piracy is becoming an even larger problem than in previous years. Whether it is internet piracy or the production and sale of counterfeit goods, countries like China, India, Russia and Vietnam (among others) consistently fail to protect the intellectual property rights of U.S. innovators and should be closely monitored by the U.S. Trade Representative and his staff.
It is not until the international community as a whole recognizes the importance of intellectual property rights protection that the global economy can reach its full potential. While U.S. firms and innovators are losing millions, the countries previously mentioned are losing out tremendously as well. Without guarantees that intellectual property will be respected and protected, businesses and individuals will remain hesitant to start businesses or create. Once countries with weak IP protections recognize how their apathy towards IP protection is hurting their economy and take the necessary steps to correct said problems, can these countries, and the global economy as a whole reach its full potential.