India-UK agrees to new regime for IP enforcement
Published: Apr 04, 2017
By TIOLCORP News Service
NEW DELHI, APR 04, 2017: IN a joint communique issued at the 9th UK-India Economic & Financial Dialogue, the Chancellor of the Exchequer of the UK and the Indian Finance Minister have expressed their commitment to take forward measures to improve the regulatory environment in India, following the signing of a Memorandum of Understanding in November 2016. Reforms in India, including the GST and Insolvency legislation, are significant steps towards improved business conditions in India. Both sides welcomed UK's support to India in implementing these reforms, drawing upon the UK's experience to share knowledge, best practices and build capacity in areas including regulation, Insolvency and tax administration.
The Communique further states that both the countries recognise the social and economic benefits of a dynamic, vibrant and balanced national Intellectual Property regime including as a driver for growth. Both countries exchanged a Memorandum of Understanding to commence bilateral cooperation in November 2016 and look forward to now agreeing to a work plan setting out a range of bilateral activities aimed at improving administration, outreach, use and enforcement of IP.
Both governments welcomed the impressive progress by the India-UK Financial Partnership (IUKFP), under its co-chairs Mr Uday Kotak and Sir Gerry Grimstone, since its establishment as part of the 2014 Economic and Financial Dialogue. The two Finance Ministers recognisedthe success of thisgovernment initiated andprivate-sector led partnership in deepening links between our countries and generating commercial opportunities for both sides. Both sides welcomed the publication of further reports on financial inclusion, responsible shareholder engagement, rupee internationalisation and green finance. The Finance Ministers also agreed to renew the IUKFP’s mandate and looked forward to future papers on bank restructuring, fintech, disinvestment, India-UK trade and investment relationship – recommendations from financial and professional services – and ease of doing business in financial and professional services.
Recognising the crucial role of insurance and reinsurance to manage complex risks in the economic system, the UK and India welcomed the opening of Lloyd’s of London’s first Indian branch to underwrite re-insurance business. Both sides also agreed to work to boost cooperation and collaboration between the regulatory authorities and industries in both countries to foster sharing of best practices.