The term Intellectual
Property (IP) denotes the human mind’s creations that include
literary and artistic works, symbols, names, inventions, etc., used in
commercial ventures. With the rapid expansion of the global economy, Intellectual
Property Law in Bangladesh, along with the corresponding rights, has
become an absolute asset to the overall development of the country. In general,
IP is protected by patents, geographical indications, trademarks, industrial
designs, and more that enable people to earn recognition and benefits from what
they have created or invented. IP Law in Bangladesh or any other nation aims
to develop an environment that can ensure the right balance amid the interests
of inventors and the public.
IP Law and Rights
in Bangladesh
Due to the effect of
globalization, Intellectual
Property Rights in Bangladesh is an international concern. As per
some reports, Bangladesh had participated in the Paris Convention in 1991 and
the Berne Convention in 1999 for the Protection of Industrial Property and
Literary and Artistic Works, respectively. Moreover, the nation is a signatory
of the Trade-Related Aspects of Intellectual Property Rights (TRIPS) agreement.
Following the legal battle settlement system provided by the World Trade
Organization (WTO), the TRIPS has set comprehensive, universal, and mandatory
standards for almost every country. Besides, considering that the IP Protection in
Bangladesh is a hostile issue for things like life-saving drugs,
technological inventions, etc., the WTO has provided some exemption. It has
provided the LDCs such as Bangladesh with the freedom to implement provisions
mentioned in the TRIPS agreement related to pharmaceuticals until 2033. Like
many other LDCs, Bangladesh is also exercising and having benefits of the
extended transition period to bring itself into compliance with TRIPS
regulations.
IP Law and rights
associated with it have a noteworthy significance and remarkable implications
in Bangladesh. The significant impacts of these legal assets in this nation can
be determined by the following viewpoints:
Economic: As the potential benefits have
long-term effects on the country’s financial wellbeing, IPRs are undoubtedly
beneficial for the economic growth of Bangladesh. Furthermore, by upsurging
export diversification and promoting foreign exchange investment, IPRs in
Bangladesh can enhance the likelihood of increased investments in both – the
production and the invention areas.
Non-Economic: First of all, it is essential to
understand that this aspect regarding the IPRs in Bangladesh is not less
important than the economic feature. Exclusive rights under the non-economic
aspect can help the nation in obtaining a distinct identification in the global
market. For instance, Geographical
Indication (GI) in Bangladesh has brought its natural and cultural
products to the international marketplace. Note that Bangladesh has already
attained GI tags for products like Hilsa, Khirsapati, and Jamdani, which are
extracting considerable benefits for the nation.
IPRs are also known
for creating value that serves producers with the best-suited prices for their
quality products. As IPRs encourage producers to come up with quality products,
these play a crucial role in providing nations with good income by increasing
their reputation and financial profits.
Bangladesh is
assuredly making efforts to ensure its growth, and therefore, emerged as one of
the fastest-growing nations in the world. Nevertheless, if we consider the
present scenario, the outcomes aren’t so good. For instance, if compared in
terms of patent and Trademark Applications, Bangladesh lags far behind
the three neighboring nations, including India, Pakistan, and Sri Lanka. Though
it succeeded in leaving these three countries behind in terms of industrial
designs, yet the overall gains from Intellectual
Property Protection in Bangladesh seem to be unprofitable.
According to the data
collected this year, the global ranking Bangladesh has achieved in the IP area
was 116 out of 126. Besides within the marking range of 0 to 100, it has scored
just 23.06. All these aspects ultimately point towards Bangladesh’s poor
condition in the field of IP.
Solution related to
IP issues in Bangladesh
As discussed above – considering that
the protection of IP in Bangladesh is a contentious problem, the
TRIPS agreement that aims at ensuring powerful protection among the WTO members
has given the nation an extended transition period to safeguard its IP.
Nonetheless, this opportunity would not apply to Bangladesh after a time slot
of three years. Hence, the nation will have to compete with advanced and
developed countries for not just domestic but foreign markets as well. It
means, the Bangladesh government, as well as residents, must take necessarily
required precautionary steps on an immediate basis, else the global market
share of this country will shrink. For more visit: https://www.trademarkmaldives.com
Don’t
forget to follow us on social media:
Contact - US
Website:
www.trademarkmaldives.com






