New Delhi, Oct 21 (KNN) During the meeting of India-US Trade Policy Forum (TPF), the two sides reiterated their commitment to strong protection of trade secrets and decided to prepare a toolkit for industry, especially MSMEs, to highlight applicable laws and policies that may enable them to protect their trade secrets in India.

Minister of Commerce and Industry of India Nirmala Sitharaman and U.S. Trade Representative Ambassador Michael Froman met in Delhi on Thursday for the tenth ministerial-level meeting of the India and United States Trade Policy Forum (TPF).

The Ministers agreed that the TPF has greatly strengthened U.S. - India engagement on bilateral trade and has increased trade and enhanced the overall economic relationship.

Holding discussions in Intellectual Property Rights during the meeting, both sides reiterated their commitment to strong protection of trade secrets in their respective countries and to continue engagement on effective trade secret protection mechanisms.

“A toolkit would be prepared for industry, especially SMEs, to highlight applicable laws and policies that may enable them to protect their trade secrets in India,” said an official statement by the Ministry of Commerce & Industry.

A training module for judicial academies on trade secrets may also be considered. A further study on various legal approaches to protection of trade secrets will also be undertaken by India, the statement added.

India noted that it protects trade secrets through a common law approach. Ambassador Froman and Minister Sitharaman were appreciative of the full exchange of views by participants and the identification of next steps in this regard.

With respect to the patent regime, both sides affirmed the importance of transparency, predictability, speed, clarity and streamlining of procedures and will continue to have discussions and share best practices to promote these goals. (KNN Bureau)