Islamabad: (PR) President Asif Ali Zardari on Tuesday signed the Intellectual Property Rights (IP) Ordinance 2012 on the advice of Prime Minister Yousuf Raza Gilani.
Spokesperson to the President Senator Farhatullah Babar said that the Ordinance was signed as the Ordinance already in field expired in March and the Intellectual Property Rights Bill is still pending in the Parliament for approval.
He said that April 26 is observed throughout the world as the International IP Day to highlight how the IP system contributes to the flourishing of business and technological innovation.
Intellectual property rights involve rights to protect trademarks, patents, copyrights, industrial designs, plant breeders rights, traditional knowledge and folklore.
Pakistan being the signatory of World Trade Organisation and Trade related aspects of Intellectual Property Rights (TRIPS), is under obligation to build a strong IP system in the country by protecting IP rights from infringement and piracy, he said.
Intellectual property rights, promoting creativity and innovation, are recognised throughout the world as the basis of a nation’s economy and promoting the culture of research and development.