"Protection of intellectual property rights holds huge significance for innovation, entrepreneurship, and economic growth," Biru noted here on Monday.
Biru pointed to the nearly 40 percent contribution of intellectual property rights-intensive industries to the combined growth domestic product of the United States and the European Union.
The CIPS researcher believes that the imports of intensive research and development products would rise if nations worldwide were to ensure the protection of intellectual property rights in their trade agreements.
To this end, he highlighted the need to continue to encourage the ownership of intellectual property rights through endeavors, including extending support to protect intellectual property rights through the application of government policies.
"With guaranteed protection of intellectual property rights, the created market will drive a competitive spirit among innovators to manufacture products in tune with the customer requirements, through either training equipment, intelligent sensors, or new media platforms," he pointed out.
With Apr 26 celebrated annually as World Intellectual Property Day, CIPS, along with the Property Rights Alliance, launched an open letter inked by a global coalition comprising 77 think tanks and associations from 39 countries.
The letter, addressed to World Intellectual Property Organization (WIPO) Director General Dr Francis Gurry, lays emphasis on WIPO to heighten steps to direct the government to safeguard intellectual property rights.
Furthermore, it encourages firms to offer backing to research and development activities. Hence, more nations are expected to insist on the protection of their intellectual property rights to stave off any potential of their economies deteriorating.
The Property Rights Alliance will partake in a social media campaign to echo the significance of safeguarding intellectual property rights and its positive impacts on humankind and economic development worldwide.