WASHINGTON--(BUSINESS WIRE)--Today, the U.S.-India Business Council (USIBC) called for constructive dialogue on the issue of intellectual property rights (IPR) between industry and the Governments of the United States and India. The call follows the release of the Office of the U.S. Trade Representative’s (USTR) 2014 Special 301 Report, an annual publication which examines the protection and enforcement of IPR worldwide. The Report announced further evaluation of India’s intellectual property regime during an “out-of-cycle” review.
USIBC Acting President Diane Farrell said, “It is imperative that industry and the Governments of both countries come together to discuss this issue in a reasoned and respectful manner. Do we have concerns regarding IPR in India? Yes. Going forward, is acrimony the answer? Absolutely not. It is time to open up the lines of communication and address the challenges directly. USIBC looks forward to working with both the U.S. Government and the Government of India to facilitate a constructive and mutually beneficial dialogue.”
While USIBC has concerns over IPR, the Council has made it clear that engagement with the Government of India to address problems is the best way forward. This approach that has led to a strong strategic partnership and $100 billion in two-way trade by growing bilateral investments, increasing cooperation in defense, and building a shared knowledge economy —all of which will continue to create much needed jobs in both countries for years to come.
“Building an environment that rewards and protects intellectual property is in the interest of both countries. USIBC recognizes that a strong intellectual property regime, which contributes to predictability and transparency, will encourage and benefit innovators as well as attract R&D capital from within the country and abroad,” said Farrell. “Both sides have valid concerns on this issue but we are confident that these two great democracies have the will and the determination to find a compromise that looks beyond the short-term compulsions towards their long-term strategic objectives,” she added.
Formed in 1975 at the request of the U.S. and Indian governments, the U.S.-India Business Council (USIBC) is the premier business advocacy organization advancing U.S.-India commercial ties. Today, USIBC is the largest bilateral trade association in the United States, with liaison presence in New York, Silicon Valley, and New Delhi, comprised of 300 of the top-tier U.S. and Indian companies. Ajay Banga, President & CEO of MasterCard, is USIBC's Chairman.