Major Essay

In today 's economic environment, intangible assets are becoming increasingly important. These assets which are the result of human intellectual creative activity such as artistic creation, know-how, design, and invention are known as "intellectual property." “Among the forms of intellectual property specifically entitled to legal protection are inventions, trademarks, designs, literary works, layout-designs of integrated circuits and trade secrets. As the volume of trade in goods and services involving intellectual property has increased greatly in recent years, the importance of the protection of intellectual property for the world economy has grown enormously. Inappropriate and insufficient protection of intellectual property can distort free trade.” (Veseth and Uchitelle, 2002)

In developing countries, the intellectual property rights protection is often insufficient. “Developing countries often limit protection to a very narrow subject area, or provide protection for only a short period of time, or lack strict enforcement. Some developed countries also have problematic intellectual property regimes that, for example, openly discriminated against foreign nations, provide excessive protection or otherwise have regimes so different from those employed by the rest of the world that its effect is discriminatory.” (Veseth and Uchitelle, 2002)

It is widely accepted today that Intellectual property plays a significant role in the economic development of the country. Intellectual property law is not only to protect the rights of individual people think or intellectual creation, but also to encourage the invention of new, useful and valuable contribution to society. The protection of the rights of intellectual property to private is like the state to reward the inventor who has perseverance of inventing the whole valuable to society, and in exchange for that person

The protection of intellectual property rights in a decisive manner to the right of the

References: -Dutfield G.,and Suthersanen U.(2004), Harmonisation or Differentiation in Intellectual Property Protection: The Lessons of History, Quaker United Nations Office, Geneva, p. 9 -10 -Enderby, J -Harrison, J. (2003), On the convergence of US and Australian patent law -Katzenberger P -Phillips J., and Firth A.(1990), Introduction to Intellectual Property Law, 2nd Edition, Butterworths, p. 8 -Richardson D -Veseth, M., and Uchitelle, L. (2002) Retrieved from http://www.globalization101.org/liberalization-of-international-trade/