India and the U.K. on Monday signed two memorandums of understanding (MoUs) on increasing cooperation in intellectual property rights (IPRs) and ease of doing business. Both the MoUs were exchanged in the presence of Prime Ministers Narendra Modi and her British counterpart Theresa May in New Delhi.
The MoU on IPR was inked between the Department of Industrial Policy and Promotion (DIPP) and the Intellectual Property Office of the United Kingdom (UKIPO). It is intended to promote innovation, creativity and economic growth in both countries, an official statement said.
It establishes a broad and flexible framework through which both countries can exchange best practices and work together on training programmes and technical exchanges to raise awareness on IPRs and better protect intellectual property rights. The priority initiatives under the MoU include exchange of best practices, experiences and knowledge on IP awareness among the public, businesses and educational institutions of both countries, collaboration in training programmes, exchange of experts, technical exchanges and outreach activities.
It also covers exchange and dissemination of best practices, experiences and knowledge on IP with the industry, universities, R&D organisations and SMEs through participation in programmes and events, exchange of information and best practices on processes for disposal of applications for patents, trademarks, industrial designs and Geographical Indications, as also the protection, enforcement and use of IP rights.
Under this, both the countries will also enhance cooperation in the development of automation and implementation of modernisation projects, cooperation to understand how traditional knowledge is protected and the exchange of best practices, including traditional knowledge related databases and raising of awareness of existing IP systems.
The MoU on ease of doing business will harness U.K. expertise to support India's efforts to climb the World Bank Ease of Doing Business ratings.
In the World Bank's latest 'Doing Business' report, India's place remained unchanged from last year's original ranking of 130 among the 190 economies that were assessed on various parameters. But the last year's ranking has been revised to 131 from which the country has improved its place by one spot.
U.K. to Invest 160 Million Pound In 75 Startup Enterprises
British Prime Minister Theresa May on Monday announced that the U.K. will invest 160 million pound (about Rs 1,330 crore) across 75 start-up enterprises that will help generate new jobs. She also announced an additional 20 million pound for a Start-Up India Venture Capital Fund.
The fund will support 30 enterprises and leverage additional 40 million pound capital from other investors, including U.K. venture capital funds.
"The U.K. is investing over 160 million pound across 75 start-up enterprises, which would create jobs and deliver critical services across several states in India," read the joint statement issued after the meeting of Prime Minister Narendra Modi and May in New Delhi.
May is in India for a two-day official visit.
India was the third-largest investor in the U.K. and the second-largest international job creator, with Indian companies having created over 1,10,000 jobs in the U.K. Britain is the largest G-20 investor in India.
Both the Prime Ministers called for greater participation of the investment community from both sides in stimulating Indian and U.K. economic growth.
"They agreed that the two governments, together with the CEO Forum, would review how the Forum can better support an enhanced economic and commercial relationship, alongside government dialogues," it said. They also agreed that they will make it a priority for both the countries to build the closest possible commercial and economic relationship when the U.K. leaves the EU.
"To this end, the newly established Joint Working Group, reporting to JETCO, will discuss the detail of our trading relationship, and help drive progress," it added.
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