KARACHI: President Asif Ali Zardari signed the Intellectual Property Rights (IP) Ordinance 2012 on the advice of Prime Minister Yousuf Raza Gilani on Tuesday.
The new ordinance was signed as the previous one expired in March and the Intellectual Property Rights Bill is still pending approval in the Parliament.
April 26 is observed throughout the world as the International IP Day to highlight how the IP system contributes to the flourishing of businesses and technological innovations.
President Zardari said that the 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.
The president said that the intellectual property rights, promoting creativity and innovation, are recognised throughout the world as the basis of a nation’s economy and promotes the culture of research and development.