Industry by the Numbers
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.
The Importance of Protecting Intellectual Property Rights
The impact of IP theft on the global economy accounts for more than $400 billion in lost sales each year, which is more than the national income of most countries. U.S. intellectual property is worth $5-5.5 trillion - more than the gross domestic product (GDP) of any other country. According to Bureau of Economic Analysis, Intellectual Property accounts for 19% of all U.S. service exports.
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.
- Provides an extension of patent terms for undue delays in granting the original patent.
- Abolishes the revocation of a patent due to non-usage.
- 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.