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Economics of intellectual assets

Economics of intellectual assets

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Economics of intellectual assets

We interact with intellectual property objects on a daily basis, often without thinking about it or not paying attention to them. For example, a cell phone, TV, car contain tens and hundreds of inventions, industrial designs, trademarks; computer programs, music tracks, theatrical performances, films, radio and television broadcasts are subject to copyright and related rights. Moreover, the rational use of the results of intellectual activity is one of the main internal resources of any state, however, as experience shows, this powerful factor in our country is not fully realized. The issue is not so much the process of creating products, but increasing the efficiency of their commercialization. Unfortunately, we do not adequately manage and protect them. We also need to learn how profit of off intelectual property objects, in other words, build a high-margin business on this.

State regulation of the issue

In recent years many new industries have emerged in the domestic economy, the driving force of which has become intellectual property. That's why unification and harmonization of its legal protection is required, as well as the improvement of theory and law enforcement practice. According to the chairman of the State Committee on Science and Technology, Doctor of Economics Alexander Shumilin, legislation that has been formed in Belarus meets all international standards and is a multi-level structure - international treaties and agreements, presidential decrees, laws, including codes, government decrees, and other regulatory legal acts - over 300 documents in total. And although the system has reached a serious level of development, the State Committee on Science and Technology, together with the National Center for Intellectual Property, as a key player in the protection of rights to IPOs, is constantly taking measures to improve the existing legislation. For example, since 2013 Belarus has joined four international treaties, the national laws “On patents for plant varieties”, “On trademarks and service marks”, “On patents for inventions, utility models, industrial designs”, “On geographical indications”. Together with the members of Eurasian Economic Union the regulatory legal documents were harmonised. Given this constant work, the issue of preparing a single legislative act in this area is relevant. The issue of systematizing legislation in the field of intellectual property will be considered within the framework of the strategy being developed in the field of intellectual property for the next period of 2021-2030.

“Last year alone,” notes the chairman of the State Committee on Science and Technology, “work was underway on 37 draft normative legal acts and international treaties, of which 17 were adopted. The National Center for Intellectual Property participated in the development of 14 draft international interdepartmental agreements, of which 3 were signed, including on June 5, 2019 a Memorandum of Understanding between the World Intellectual Property Organization and the Government of our country, on October 1, 2019, a Memorandum of Understanding between the National Center and WIPO on the procedure for alternative resolution of disputes in the field of intellectual property. In total, at the moment, our country is a party to 17 multilateral international treaties operating under the auspices of WIPO, 7 multilateral treaties within the framework of the Commonwealth of Independent States, 2 conventions of the United Nations Educational, Scientific and Cultural Organization, 2 treaties within the Eurasian Economic Union, about two dozen bilateral intergovernmental and interdepartmental agreements, including issues of legal protection and protection of IPO.

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Source: «Belarusian Economy»