On Friday, over 190 countries reached a historic agreement on a patent treaty aimed at combatting biopiracy. This treaty, which had been under negotiation for over 20 years, was approved by consensus after almost two weeks of discussions. The new treaty related to intellectual property, genetic resources, and traditional knowledge marks a significant milestone in addressing decades-long negotiations.
The goal of this treaty is to combat biopiracy and ensure that inventions are truly innovative while ensuring that potentially affected countries and local communities have agreed to the use of their genetic resources and traditional knowledge. This treaty was the first of its kind by the World Intellectual Property Organization (WIPO) and included specific provisions for indigenous peoples and local communities. The WIPO agency emphasized that this treaty showcases the evolution of the intellectual property system to be more inclusive and responsive to the needs of all countries and communities.
While not revolutionary, this treaty adds responsibilities to patent applicants and emphasizes that patent requests are not just technical procedures. Many countries already require the disclosure of information related to genetic resources due to their increasing use in various inventions. The rise of real estate technology is also transforming the property market, offering innovative solutions for stakeholders. The goal of this treaty is to create a balance between promoting innovation and improving transparency within the patent system, ensuring fair treatment for all parties involved.
