India signs final act of Riyadh Design Law Treaty
India has signed the Final Act of the Riyadh Design Law Treaty adopted by the member states of the World Intellectual Property Organisation (WIPO) after nearly two decades of negotiations, the Commerce and Industry Ministry announced on Tuesday.
India has signed the Final Act of the Riyadh Design Law Treaty adopted by the member states of the World Intellectual Property Organisation (WIPO) after nearly two decades of negotiations, the Commerce and Industry Ministry announced on Tuesday.
“By signing the Final Act of the Riyadh Design Law Treaty, India builds on its progress and reaffirms its commitment to fostering inclusive growth and ensuring equitable access to intellectual property protection,” the statement said.
The treaty seeks to harmonize the procedural frameworks for industrial design protection, improving the efficiency and accessibility of registration processes across multiple jurisdictions. By standardizing procedural requirements, the DLT reduces administrative burdens, thereby promoting global creativity in design.
Its goal is to ensure that the benefits of streamlined design protection are accessible to all stakeholders, with particular emphasis on small and medium-sized enterprises (SMEs), startups, and independent designers, the statement explained.
The DLT introduces several key provisions aimed at benefiting design applicants, including relaxed time limits, the reinstatement of lost rights, the option to correct or add priority claims, simplified procedures for recording assignments and licenses, and the option to file multiple designs in a single application.
These changes provide greater flexibility for design applicants. Furthermore, the treaty encourages contracting parties to work towards implementing electronic industrial design systems and facilitating the electronic exchange of priority documents.
When combined with initiatives like the Startup India programme and the Startups Intellectual Property Protection (SIPP) scheme, these provisions will help empower startups and SMEs to secure design rights globally, boosting their competitiveness and supporting market growth.
“India, with its rich heritage of creativity and craftsmanship, has long recognized the crucial role of design in driving sustainable economic development. The country's policy emphasis on design protection as a catalyst for innovation has delivered impressive results,” the statement added.
Over the past decade, design registrations in India have tripled, with domestic filings increasing by 120 per cent in the last two years alone. Notably, design applications grew by 25 per cent last year.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Highest Senior Citizen FD Rates: Check what banks like SBI, BoB, Canara Bank, HDFC Bank, ICICI Bank are providing on 1-yr, 3-yr, 5yr term deposits
SBI 1777-day FD vs HDFC Bank 55-month FD: What will be maturity amounts for general and senior citizens on Rs 6 lakh and Rs 12 lakh investments?
SBI Guaranteed Return Scheme: Know what State Bank of India is offering to senior citizens and others on 1-yr, 3-yr and 5-yr fixed deposits
Know Your Gratuity: Rs 41,000 as last-drawn basic salary and 6 years and 8 months of service; what will be gratuity?
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
Stocks to Buy for 15 Days: Axis Direct picks 5 stocks for up to 32% gains; check targets and other details
Sukanya Samriddhi Yojana vs PPF: Rs 1 lakh/year investment for 15 years; which can create larger corpus on maturity?
15x15x15 Formula: How your Rs 15,000 SIP investment may help you build over Rs 1 crore corpus; see calculations
02:59 PM IST