The US Chamber of Commerce’s Annual Intellectual Property (IP) Index reports that the rankings and strengths of the world’s most developed economies’ IP systems have grown ever closer, that some developing countries have made notable improvements, and that IP rankings are strongly correlated with innovation and economic benefits.
The recent report by the US Chamber’s Global Intellectual Property Center (GIPC), The Roots of Innovation, analyses and benchmarks IP standards in 45 countries worldwide, representing approximately 90% of the world’s GDP. Among the top-ranked countries, the US, UK, Japan, and European Union (EU) economies ranked more closely together than ever this year. Japan’s score increased by 10% since 2016 due to its ratification of the Trans-Pacific Partnership and accession to the IP-related treaties covered in the Index.
Outside the most developed countries, China has improved its IP-related transparency and reporting, the UAE has instituted a specialised IP court, Korea has improved court proceedings, and the Philippines government has stepped up IP-related enforcement— all of which have helped to improve these countries’ rankings.
This year’s report also correlates IP rankings with 21 other innovation and economic performance indicators, including R&D, employment, GDP and foreign direct investment, concluding that: “a robust national IP environment correlates strongly (having a strength of 0.6 or above) with a wide range of macroeconomic indicators that fall under the umbrella of innovation and creativity– the very same indicators that are found in national strategies for economic development of many economies today.”
David Hirschmann, president and CEO of GIPC, commented, “Just as a tree cannot grow without roots, innovation cannot thrive without intellectual property. From the most developed countries to the least, countries that demonstrate a commitment to IP will reap a reward.”