TaxTMI 
TaxTMI 
WIPO Treaty, a big win for India and Global South
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....IPO Treaty, a big win for India and Global South <br>News and Press Release<br>Dated:- 27-5-2024<br><BR>The World Intellectual Property Organization (WIPO) treaty on intellectual property, Genetic resources and associated traditional knowledge, is a significant win for countries of the global South and for India, which is a mega biodiversity hotspot with abundance of traditional knowledge, and wis....
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....dom. For the first time the system of knowledge and wisdom which have supported economies, societies and cultures for centuries are now inscribed into the global IP system. For the first time the connection between local communities and their GRs and ATK is recognised in the global IP community. These are historic achievements long championed by India as a provider of traditional knowledge and w....
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....isdom and repository of biodiversity. The treaty will not only safeguard and protect biodiversity but will increase transparency in the patent system and strengthen innovation. Through this, the IP system can continue to incentivize innovation while evolving in a more inclusive way, responding to the needs of all countries and their communities. The treaty also marks a big win for India and th....
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....e global south which has for long been a proponent of this instrument. After two decades of negotiations and with collective support this treaty has been adopted at the multilateral fora,with a consensus among more than 150 countries. With the majority of the developed countries on board, who generate IP and use these resources and knowledge for research and innovation this treaty paves the way ....
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....for bridging conflicting paradigms within the IP system and the protection of biodiversity which have existed for decades. The treaty on ratification and entry into force will require contracting parties to put In place, mandatory disclosure obligations for patent applicants to disclose the country of origin or source of the genetic resources when the claimed invention is based on genetic resour....
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....ces or associated traditional knowledge. This will offer added protection to Indian GRs and TK, which while currently protected in India are prone to misappropriation in countries, which do not have disclosure of obligations. Therefore, by creating global standards on disclosure of origin obligations, this treaty creates an unprecedented framework within the IP system for provider countries of Gen....
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....etic resources and associated traditional knowledge. At present, only 35 countries have some form of disclosure obligations, most of which are not mandatory and do not have appropriate sanctions or remedies in place for effective implementation. This treaty will require contracting parties, including the developed world, to bring changes in their existing legal framework for enforcing disclosure....
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.... of origin obligations on patent applicants. The treaty marks the start of the journey to achieve collective growth and deliver the promise of a sustainable future, a cause which India has championed for centuries<BR> News - Press release - PIB....