Industry by the Numbers
The Importance of Protecting Intellectual Property Rights
The impact of intellectual property theft on the global economy accounts for $500-600 billion in lost sales each year, or 5-7% of world trade. U.S. intellectual property is worth $5-5.5 trillion - more than the gross domestic product (GDP) of any other country. Intellectual property accounts for more than half of all U.S. exports, helping drive 40% of U.S. economic growth.
In a global digital economy, it is essential for trade agreements to guarantee the protection and enforcement of intellectual property (IP) rights, or piracy will continue to grow as a problem.
The IP protections in the U.S.-Korea Free Trade Agreement (KORUS FTA) should be seen as a model for future trade agreements. The KORUS FTA offers the U.S. an opportunity to lock-in beneficial IP protections with a leading Asian economy and serve as an example for IP standards to other Asian countries. The KORUS FTA strengthens protection for software, music, film, videos, and text.
For copyrighted works:
- Extends copyright from life of the author plus 50 years to 70 years.
- Protects temporary copies of copyrighted work (music, movies, text, etc.) on the Internet.
- Prevents tampering with technical protection measures (TPMs).
- Criminalizes the recording of movies in theaters.
- Strengthens enforcement against Internet online piracy, holding liable those who profit from unauthorized downloading, and establishing penalties for end-user IPR piracy.
For patents:
- Provides an extension of patent terms for undue delays in granting the original patent.
- Abolishes the revocation of a patent due to non-usage.
For trademarks:
- Requires the seizure, forfeiture, and destruction of counterfeit and pirated goods and the equipment used to produce them.
- Deters IPR violators from shipping counterfeit products through Korean ports and free trade zones through new customs enforcement rules.
- Sound and scent marks will receive trademark protections. Introduces "first-in, first-in-right" to trademarks.
- Protects Internet domain names.
Local Resources
Select your state below for information on local resources that can help you take advantage of opportunities from the U.S.-Korea Free Trade Agreement. These resources include groups in both the public and private sector.
National Benefits
Main Exports
Computers & Electronics, Chemicals, Machinery
Main Imports
Communications Equipment, Motor Vehicles, Semiconductors
Interesting Fact
In 2011, trade volume between the United States and Korea topped $100 billion for the first time.
