The Austrian Economics Center celebrates the #WorldIPDay. “®espect the Ma®k”

As the world celebrates World Intellectual Property Day April 26 every year, the Austrian Economics Center is proud to join free market organizations from across the world in reemphasizing the importance of all types of IP. The Austrian Economics Center calls on governments around the world to focus on strengthening protection of all types of intellectual property rights, and will participate in this year’s World IP Day 2016 themed “Digital Creativity: Culture Reimagined.” Those wishing to help World IP Day 2016 on social media are recommended to use the #WorldIPDay hashtag.

Instead of weakening the rights of innovators, creators, and entrepreneurs, policymakers should reflect on the integral role IP rights play in economic, technological, and cultural leadership. As such, governments and NGOs should focus on preserving and enhancing IP rights by fostering solutions to widespread IP theft. Thus, WIPO’s member states initiated World IP Day in 2000 to raise public awareness about the role of IP in daily life, and to celebrate the contribution made by innovators and creators to the development of societies across the globe.

IP rights are necessary for many reasons:

• The right to own property is a fundamental human right.

• Creating an environment where property rights are protected and legally enforced contributes to social and economic growth and stability.

• The importance of secure intellectual property rights is recognized in international treaties and conventions.

• Various studies and indexes, there is a strong positive correlation between a country’s robust intellectual property rights enforcement and GDP per capita.

• The whole way in which creative works are produced, distributed, and consumed or enjoyed globally has been reimagined as a consequence technology.

• There should be a right balance in rewarding the creators and innovators who enrich our lives, while at the same time ensuring the social benefit of widespread access to their works

• Trademarks, brands, and logos are a critical way to provide brand information to consumers which is an assurance that they are purchasing a legitimate, quality product.

• Weakening IPR is not only detrimental to the economy, but it can also place the public’s health and safety at risk.

Please check here the international coalition letter on IP Guidelines addressed to Dr. Francis Gurry, General Director of WIPO

IP rights contribute massively to economic growth such as creating millions of jobs, improving business practices and technology, and increasing productivity. The U.S Department of Commerce states that IP-intensive industries employ 40 million American workers with approximately 42% higher wages than industries not dealing with IP. Furthermore, in the EU, IP-intensive industries employ over 56 million workers and approximately 39% of all economic activity is created by IP. Additionally IP rights protect consumers and let them make informed purchases regarding the quality, safety, and reliability of their purchases. IP rights are Important for every country, continent, and the world, and it should be robustly defended.