Singapore signs first IP memorandum with India

The Intellectual Property Office of Singapore (IPOS) has signed a memorandum of understanding with India’s Department of Industrial Policy & Promotion (DIPP).

The memorandum, which is the first agreement on intellectual property cooperation between the two countries, will see the establishment of a joint coordination committee.

Aimed at facilitating bilateral exchanges and cooperation to foster innovation, the committee will also help Indian companies tap into Singapore as a regional IP hub for innovation-related activities.

The two agencies will exchange best practices and personnel in a bid to deepen IP capabilities.

They will also organise industrial property events, cooperate on modernisation projects, and train local industrial property and business communities.

Both Singapore and India earned top spots in their respective regions in the “Global Innovation Index (GII) 2016” report, released by the World Intellectual Property Organization in August.

Shri Ramesh Abhishek, secretary of DIPP, said: “The memorandum sets a new milestone between DIPP and IPOS for enhanced cooperation in the field of industrial property to help foster innovation vital for driving economic growth.”

Daren Tang, chief executive of IPOS, added: “Facilitating the cross-border flow of intellectual property information and skill sets spurs the innovation-driven economy forward, and IPOS is excited to partner [with] businesses in Singapore and India as they pursue innovation locally and beyond.”

According to IPOS, India is a “natural partner” for Singapore, as the countries were ranked 9th and 14th respectively for receipt of trademark and patent applications globally in 2014.