INTERNATIONAL IPR INDEX 2023

Why in News?:

Recently, India ranks 42^nd among 55 leading global economies on the International Intellectual Property (IP) Index 2023 released by the U.S. Chambers of Commerce, according to which India is ripe to become a leader for emerging markets seeking to transform their economy through IP-driven innovation.

US topped the International IP Index followed by United Kingdom and France.

What is International IP Index?

The Index evaluates the IP framework in each economy across 50 unique indicators which industry believes represent economies with the most effective IP systems.

The indicators create a snapshot of an economy overall IP ecosystem and span nine categories of protection: Patents, Copyrights, Trademarks, Design Rights, Trade Secrets, Commercialization of IP Assets, Enforcement, Systemic Efficiency, Membership and Ratification of International Treaties.

What is Intellectual Property?

About:

Intellectual Property (IP) refers to creations of the mind, such as inventions, literary and artistic works, symbols, names, and images used in commerce.

It is a form of legal protection in the form of Intellectual Property Rights (IPR) given to individuals or companies for their creative and innovative works.

These rights are outlined in Article 27 of the Universal Declaration of Human Rights.

These legal protections allow the creators to control use of their work and prevent others from using or reproducing them without permission.