Cabinet approved India – Singapore MoU
The Union Cabinet has given its approval to
the Memorandum of Understanding (MoU) in the field of Industrial Property
Cooperation between Department of Industrial Policy and Promotion under the
Ministry of Commerce & Industry and the Intellectual Property Office of
Singapore (IPOS), Ministry of Law, Government of Singapore.
The Priority initiatives under the MoU would
be:
- Exchange of best practices,
experiences and knowledge on Intellectual Property awareness among the
public, businesses and educational institutions of both countries.
- Exchange of experts specialized in
the field of intellectual property.
- Exchange and dissemination of best
practices, experiences and knowledge on IP with the industry,
universities, R & D organizations and Small and Medium Enterprises.
- Cooperation in the development of
automation and implementation of modernization projects.
- Partnership in IP-related training
for local IP and business communities.
Significance of this MoU:
- The MoU will enable India to exchange
experiences in the innovation and IP ecosystems that will substantially
benefit entrepreneurs, investor and businesses on both sides.
- The exchange of best practices
between the two countries will lead to improved protection and awareness
about India’s range of Intellectual creations which are as diverse as its
people.
- It will be a landmark step forward in India’s journey towards becoming a major player in global innovation and will further the objectives of the National IPR Policy, 2016.
