The FICCI has asked the US Trade Representative (USTR) not to keep India on its priority watch list over its IP regime, warning that such a move "may undermine" the spirit of the ongoing bilateral dialogue between the two countries.
Putting forth a strong argument against the "various unsubstantiated assertions" that the USTR has levied against India's IP Regime, the Federation of Indian Chambers of Commerce and Industry (FICCI) in its submission said that India's first National IPR Policy has been welcomed by all stakeholders.
It said the initiative by India has been widely acknowledged worldwide as a commendable proactive vision which has endeavoured to synergies Intellectual Property with Indias various policy initiatives.
Asserting that India has a well-established legislative, administrative and judicial framework for safeguarding Intellectual Property Rights, the FICCI said the IP scenario in India has undergone a number of significant developments with respect to laws and policies.
India, the FICCI said has been putting serious efforts into modernising the countrys IPR ecosystem, to make it conducive to innovation, creativity and towards promoting IP commercialisation.
In its submission FICCI noted that despite the extensive developments taking place in the countrys IP regime, India continues to be viewed as IP non-compliant by the US.
One reason for this could be the differing views of the two trading partners on the approach to IPR protection, it said.
The FICCI said with the National IPR Policy envisaging IP as an integral part of the countrys overall development policy, the Indian IP landscape is witnessing a paradigm shift.
With each passing year, the foundation of the Indian IP regime is gaining momentum and strengthening itself for an innovation and technology driven economy, it argued.
An assessment by the FICCI of the Indian legal framework and practices for IP enforcement vis-a-vis '25 Best IPR Enforcement Practices' revealed that India is largely compliant with international standards provided under the TRIPS agreement, though there is considerable scope improvement in IP enforcement, it said.
The FICCI recommended that India should immediately be taken off the USTR priority watch list.
"This will be important to maintain and indeed further enhance the positive spirit of the ongoing bilateral dialogue between India and US," it said.
"The need to sort out the IPR issues between India and the US is crucial for bilateral trade relations to flourish further," the FICCI said.
Though India recognises the need for a policy aligned with global standards, it cannot accept discriminatory and unfair imputations, nor act in disregard of its overriding national interests.
Improving on the IPR irritants is an aspirational goal, but must be consistent with Indias priorities, the FICCI asserted.
"Deepening the engagement between India and the US will help dispel misunderstanding and secure acceptance of what we genuinely believe is both responsible and reasonable," it said in its submission to the USTR on the latter's Special 301 Review.
The Special 301 Report is prepared annually by the Office of the United States Trade Representative (USTR) which identifies trade barriers to US companies and products due to the intellectual property laws, such as copyright, patents and trademarks, in other countries.
Disclaimer: No Business Standard Journalist was involved in creation of this content
