The latest round of United States free trade agreements extended to Colombia, Panama and South Korea may contain some of the most complete intellectual property rights standards to date, according to Intellectual Property Watch.
Congressional leaders believe the collective impact of these agreements could be immense, according to the Guardian, potentially boosting U.S. exports by $13 billion and creating thousands of jobs. The strong IP protection measures included in the agreements are expected to drive these increased revenues.
“The FTAs contain essential protections for copyright in the digital age,” International Intellectual Property Alliance officials told IP Watch. “They set high standards for our trading partners to keep their copyright laws up-to-date with rapid technological and market changes, and to enforce those laws vigorously in order to preserve and strengthen incentives for innovation, creativity and cultural growth.”
Industrial groups such as the Coalition of Service Industries and the Motion Picture Association of American have since released statements thanking lawmakers, according to the news source. The U.S. Chamber of Commerce's Global IP Center also released a statement highlighting the important role of IP protection as a cornerstone of job creation efforts in today's knowledge-based economy.