India and Singapore have signed an agreement to promote innovation, creativity and technological advancement in both markets.
According to the official statement released, “The MoU will enhance bilateral cooperation activities in the arena of industrial property rights of patents, trademarks and industrial designs. It is intended to give a boost to innovation, creativity and technological advancement in both regions.”
The agreement covers intellectual property cooperation between DIPP and the Intellectual Property Office of Singapore. The MoU was signed during the visit of Singapore’s Prime Minister to India last week.
The key initiatives under the pact will be exchange of best practices, experiences and knowledge on intellectual property awareness among the public, businesses and educational institutions of both countries.
Both the countries will also exchange experts in the field of intellectual property; dissemination of best practices, experiences and knowledge on IP with the industry and universities.
The MoU will enable India to find out about best practices in the innovation and IP ecosystems that will substantially benefit entrepreneurs, investors 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,” the release mentioned.
It adds that the collaboration is a step forward in India’s journey towards becoming a major player in global innovation and will further the objectives of the National IPR Policy.