Benefits by Industry/Sector - Intellectual Property
A Model Agreement for Protection of Intellectual Property Rights
The theft of intellectual property (IP) - including trademarks, copyrights and patents - plagues the U.S. economy, with over $200 billion in lost sales each year according to the FBI. In a global digital economy, it is essential for trade agreements to guarantee the protection and enforcement of intellectual property rights, or losses to theft will continue to grow.
For IP protection, the KORUS FTA should be seen as a model for future U.S. trade agreements. It also offers the United States an opportunity to lock-in beneficial IP protections with a leading Asian economy and become an example for IP standards in other Asian countries.
The KORUS FTA strengthens protection for intellectual property, including software, music, film, videos, and text.
For copyrighted works:
- Extends copyright from life of the author plus 50 years to 70 years.
- Protects temporary copies of copyrighted work (music, movies, text, etc.) on the Internet.
- Prevents tampering with technical protection measures (TPMs).
- Criminalizes recording of movies in theaters.
- Strengthens enforcement against Internet online piracy, holding liable those who profit from unauthorized downloading, and establishing penalties for end-user IPR piracy.
- Provides an extension of patent terms for undue delays in granting the original patent.
- Abolishes the revocation of a patent due to non-usage.
- Requires the seizure, forfeiture, and destruction of counterfeit and pirated goods and the equipment used to produce them.
- Deters IPR violators from shipping counterfeit products through Korean ports and free trade zones through new customs enforcement rules.
- Sound and scent marks will receive trademark protections. Introduces "first-in, first-in-right" to trademarks.
- Protects Internet domain names.
The importance of the KORUS FTA to the protection of intellectual property rights and to the U.S. economy should not be underestimated.
The Importance of Protecting Intellectual Property Rights
KORUS FTA - A Common Sense, Job Creating Trade Partnership