New Treaty of Intellectual Property (IP)

The World Intellectual Property Organization (WIPO) treaty, signed by the UN members on 24th May, 2024, which help protect traditional knowledge of countries, safeguard biodiversity, increase transparency in the patent system, and strengthen innovation is a big win for India.

Key Points of Treaty

Following two decades of negotiations, the treaty was adopted by consensus among over 150 countries.
The treaty was initiated in 1999 with a proposal by Colombia and negotiations at WIPO in 2001,
This is the first Treaty to address the interface between intellectual property, genetic resources and traditional knowledge.
The first Treaty to include provisions related to Indigenous Peoples as well as local communities.
Once the Treaty enters into force with 15 contracting parties, it will establish a new disclosure requirement in international law for patent applicants whose inventions are based on genetic resources and/or associated traditional knowledge.
The treaty helps to bridge conflicting paradigms within the IP system by ensuring that countries that provide genetic resources and associated traditional knowledge are recognized and compensated.
It will help to create a more inclusive IP system that responds to the needs of all countries and their communities.
The treaty mandates that patent applicants disclose the country of origin or source of genetic resources if their claimed invention is based on those materials or associated traditional knowledge.