'International Trade in Intellectual Properties' Knowledge Diffusion Essay

'International Trade in Intellectual Properties' Knowledge Diffusion of Exploitation' - Essay Example Previously products that were regarded inferior in technology have been revamped to become more appealing and efficient on the technological end. All these aspects attest to the increasing trade being carried out across the borders in intellectual property (IP). Producers of goods are given by law the right to protect their ideas and creativity from being stolen and exploited by other people. Moreover producers can also negotiate and exchange these ideas at a price. This is referred to as intellectual property rights and occurs in an array of forms; for instance, copyrights can protect movies and books, trademarks can provide immunity from exploitation to product logos and patents can be applied to inventions. One of the reasons why such rights are being promoted is to encourage producers to come up with new ideas and practically apply them without the fear of them being exploited and stolen by competitors (1). Moreover the integration of IP into the trade regime has served to be a s olution to the shortcomings of the WIPO system (2). IP has evolved into a means of gaining competitive advantage in modern international trade. The rapid pace of technological advancements occurring all around the world coupled with increasing economic globalization has helped to create more competitiveness amongst countries. Amidst such high competition, the protection of ideas and creativity of producers helps to guarantee that rivals do not steal the idea and take credit away from the original producers (3). The economic worth of IP lies in the fact that it serves to advance and further competitive capability. One such example is the protection of IP with regard to the software industry in India. The transfer and exchange of IP is often seen amongst developing countries. This is because the economies of these nations are still budding and developing. There is a need for greater investment and transfer in research and technology along with improvements and advancements in certain industries such as manufacturing and service industries. One way of achieving such modernization is through the trading of intellectual property across the national border. The advantages of such barter not only lie in the acquisition of better and advanced technology by the buyer but also in greater economic gain for the seller. The trade of IP allows countries to commercialize and market the creativity of their producers and to achieve competitive advantage through it. Moreover countries who are importing IP are benefitted from the influx of an array of IP such as textbooks for the national education system, art works by talented artists etc (4). The recent trends in international trade are making the exchange of buying and selling much simpler and secure. When looking at the changes occurring by the advent of e-commerce, one can appreciate that no industry is changing at a more rapid rate than the technology transfer industry. This tech transfer industry primarily compromises of patent licensing executives, inventor-scientists, patent attorneys and technology brokers. These agents are responsible for the sale, purchase and licensing of IP all over the world. There are a number of factors motivating these people to barter IP on an international scale; these also portray the advantages of trading IP globally. IP can be exploited in two main ways: selling and licensing; a range of factors affect the