Benefits by Industry/Sector - Intellectual Property

U.S. Entertainment Industry Strongly Supports KORUS FTA, Cites Strong IP Protections In addition to expanding traditional copyright protections, our industry needs new agreements that keep pace with the changes in technology. The EIC is committed to the passage of the Korea-U.S. Trade Agreement. The agreement includes numerous commitments that are vital to the members of the Coalition such as: (1) providing strong protection of intellectual property in the digital age; (2) strengthening copyright enforcement; and (3) securing market access for the goods and services produced and distributed by our members. The Coalition is confident that the US - Korea FTA promotes our economic interests and will contribute to a strengthened U.S. economy. Testimony before the U.S. International Trade Commission on behalf of the Motion Picture Association of America and the Entertainment Industry Coalition

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.

For patents:

• Provides an extension of patent terms for undue delays in granting the original patent.
• Abolishes the revocation of a patent due to non-usage.

For trademarks:

• 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 The impact of intellectual property theft on the global economy accounts for $500-600 billion in lost sales each year, or 5-7% of world trade. (World Customs Organization)   U.S. intellectual property is worth $5-5.5 trillion - more than the gross domestic product (GDP) of any other country. ("The Economic Value of Intellectual Property," USA for Innovation)   Intellectual property accounts for more than half of all U.S. exports, helping drive 40% of U.S. economic growth. (U.S. Department of Commerce)

 

KORUS FTA - A Common Sense, Job Creating Trade Partnership

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