Cabinet approves MoU between India & Sweden on IPRs; would enable exchange of best practices amongst SMEs

New Delhi, Aug 16 (KNN) The Union Cabinet has today approved Memorandum of Understanding (MoU) between India and Sweden on cooperation in the field of Intellectual Property (IPRs).

The MoU establishes a wide ranging and flexible mechanism through which both countries can exchange best practices and work together on training programs and technical exchanges to raise awareness on IPRs and better protect intellectual property rights.

According to a Cabinet release, the MoU will enable India to exchange experiences in the innovation and IP ecosystems that will substantially benefit entrepreneurs, investors and businesses on both sides.

The exchange of best practices between the two countries will lead to improved protection and awareness about India's range of Intellectual creations which are as diverse as its-people.

It will be a landmark step forward in India's journey towards becoming a major player in global Innovation and will further the objectives of National IPR Policy, 2016.

According to the MoU, a Joint Coordination Committee (JCC) with members from both sides will be formed to decide cooperation activities to be taken under the MoU.

Both sides will exchange best practices, experiences and knowledge on IP awareness among the public, businesses and educational institutions of both countries.

There would be collaboration in training programmes, exchange of experts, technical exchanges and outreach activities.

There would be exchange and dissemination of best practices, experiences and knowledge on IP with the industry, universities, R&D organisations and Small and Medium Enterprises (SMEs) through participation in programs and events in the matter, organized singly or jointly by the Parties.