Intellectual Property Law in Bangladesh

1. Intellectual Property Law in Bangladesh The term Intellectual Property include literary and artistic works, symbols, names, inventions, etc., used in commercial ventures. With the rapid expansion of the global economy, Intellectual Property Law in Bangladesh, along with the corresponding rights, has become an absolute asset to the overall development of the country. In general, IP is protected by patents, geographical indications, trademarks, industrial designs, and more that enable people to earn recognition and benefits from what they have created or invented. IP Law in Bangladesh nation aims to develop an environment that can ensure the right balance amid the interests of inventors and the public. IP Law and Rights in Bangladesh Due to the effect of globalization, Intellectual Property Rights in Bangladesh is an international concern. As per some reports, Bangladesh had participated in the Paris Convention in 1991 and the Berne Convention in 1999 for the Protection of Industrial Property and Literary and Artistic Works, respectively. Moreover, the nation is a signatory of the Trade-Related Aspects of Intellectual Property Rights (IP) denotes the human mind’s creations that or any other

2. (TRIPS) agreement. Following the legal battle settlement system provided by the World Trade Organization (WTO), the TRIPS has set comprehensive, universal, and mandatory standards for almost every country. Besides, considering that the IP Protection in Bangladesh is a hostile issue for things like life-saving drugs, technological inventions, etc., the WTO has provided some exemption. It has provided the LDCs such as Bangladesh with the freedom to implement provisions mentioned in the TRIPS agreement related to pharmaceuticals until 2033. Like many other LDCs, Bangladesh is also exercising and having benefits of the extended transition period to bring itself into compliance with TRIPS regulations. IP Law and rights associated with it have a noteworthy significance and remarkable implications in Bangladesh. The significant impacts of these legal assets in this nation can be determined by the following viewpoints: Economic: As the potential benefits have long-term effects on the country’s financial wellbeing, IPRs are undoubtedly beneficial for the economic growth of Bangladesh. Furthermore, by upsurging export diversification and promoting foreign exchange investment, IPRs in Bangladesh can enhance the likelihood of increased investments in both – the production and the invention areas. Non-Economic: First of all, it is essential to understand that this aspect regarding the IPRs in Bangladesh is not less important than the economic feature. Exclusive rights under the non-economic aspect can help the nation in obtaining a distinct identification in the global market. For instance, Geographical Indication (GI) in Bangladesh has brought its natural and cultural products to the international marketplace. Note that Bangladesh has already attained GI tags for products like Hilsa, Khirsapati, and Jamdani, which are extracting considerable benefits for the nation. IPRs are also known for creating value that serves producers with the best-suited prices for their quality products. As IPRs encourage producers to come up with quality products, these play a crucial role in providing nations with good income by increasing their reputation and financial profits. Bangladesh is assuredly making efforts to ensure its growth, and therefore, emerged as one of the fastest-growing nations in the world. Nevertheless, if we consider the present scenario, the outcomes aren’t so good. For instance, if compared in terms of patent and Trademark Applications, Bangladesh lags far

3. behind the three neighboring nations, including India, Pakistan, and Sri Lanka. Though it succeeded in leaving these three countries behind in terms of industrial designs, yet the overall gains from Intellectual Property Protection in Bangladesh seem to be unprofitable. According to the data collected this year, the global ranking Bangladesh has achieved in the IP area was 116 out of 126. Besides within the marking range of 0 to 100, it has scored just 23.06. All these aspects ultimately point towards Bangladesh’s poor condition in the field of IP. Solution related to IP issues in Bangladesh As discussed above – considering that the protection of IP in Bangladesh is a contentious problem, the TRIPS agreement that aims at ensuring powerful protection among the WTO members has given the nation an extended transition period to safeguard its IP. Nonetheless, this opportunity would not apply to Bangladesh after a time slot of three years. Hence, the nation will have to compete with advanced and developed countries for not just domestic but foreign markets as well. It means, the Bangladesh government, as well as residents, must take necessarily required precautionary steps on an immediate basis, else the global market share of this country will shrink. For more visit: https://www.trademarkmaldives.com Don’t forget to follow us on social media: Facebook – https://www.facebook.com/trademarkmaldives/ Twitter – https://twitter.com/trademarkmaldiv Linkedin – https://www.linkedin.com/company/trademarkmaldives/ Pinterest – https://in.pinterest.com/trademarkmaldives/ Tumblr – https://trademarkmaldives.tumblr.com/ Contact - US Email Id: info@trademarkmaldives.com Website: www.trademarkmaldives.com