Innovation through the TPP

NEGOTIATORS from 12 Asia-Pacific countries are on the cusp of concluding one of the world's largest and most significant free trade agreements, the Trans-Pacific Partnership (TPP). The benefits of open trade are well documented: Trade removes artificial barriers inhibiting the free exchange of products across borders; speeds new goods and services to market; stimulates economic growth; and creates jobs. By facilitating the creation of a global rules-based trading system, high-quality trade agreements level the global economic playing field and create opportunities for all participating nations.

As TPP moves towards conclusion, teams of negotiators are meeting virtually around the clock to secure final agreement on facets of the agreement, from agriculture to cars, and customs transparency to procurement. Among the most pressing discussions are the high-stake conversations about intellectual property (IP), the legal framework that underpins successful innovation. The TPP presents some of the world's largest trading powers with the opportunity to set a new gold standard for promoting innovation.

Innovation happens everywhere, but only a handful of countries have harnessed the formula to consistently bring new, innovative products and services to market. Investment in innovation requires assurances that laws will provide effective - if time-limited - exclusive rights to commercialise resulting inventions and creativity. IP provides that legal certainty, which is why it is so essential that the TPP encompasses high-standard IP protections if it is to live up to its full potential.