Business Law (International) Essay Example | Topics and Well Written Essays - 1500 words

Business Law (International) - Essay Example Some of the US based companies and exporting manufacturers are not aware of piracy, counterfeiting and theft of their patent or trademark in other countries. It was reported that the brand name, products, packaging style and business plans of some US companies have been copied by some businesses abroad. For this reason, it is recommended that businesses must seek trademark and patent protection in their concerned foreign market ahead of exporting to such markets. The protection of intellectual properties varies widely around the world. When intellectual property becomes more important in international trade, the differences between different protection acts become a source of problem in international economic relation. In 1994, the agreement on Trade Related Aspects of Intellectual Property Rights (TRIPS) was negotiated at the end of Uruguay Round of the GATT administered by World Trade Organization. TRIPS put forward requirements that countries laws are expected to meet rights for protecting copyrights, geographical indications, integrated layout- designs, patents, and industrial designs. The Anti- counterfeiting Trade Agreement (ACTA) is currently negotiated by the governments of United State, Switzerland, Australia, New Zealand, South Korea, Japan, Canada and Mexico. ACTA imposed strong enforcement of intellectual property pertaining to internet activity and information based trading. The WTO’s TRIPS agreement attempts to reduce the gaps in protecting intellectual property around the world and to bring them under systematic international rules. Philippe Sands says that the 1994 WTO TRIPS agreement establishes a regime requiring WTO members to make patents available for any inventions, whether product or processes, in all fields of technology without discrimination, subject to the normal tests of novelty, inventiveness and applicability. It also requires that