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Intellectual Property Rights
Intellectual property rights are the rights given to persons over the creations of their minds. This means this rights give the creator an exclusive right over the use of his/her creation for a certain period of time.
Intellectual property rights are customarily divided into two main areas:
The facilitation of the transfer of technology in the form of foreign direct investment, joint ventures and licensing facilitation should be a function of intellectual property regime. Patent is an exclusive right granted by law to an inventor or assignee to prevent others from commercially benefiting from his/her patented invention without permission, for a limited period of time in exchange for detailed public disclosure of patented invention. In case of patent protection is given for a period of 20years.
Countries seek to care, protect and promote IPR because
IPR is not a new concept. It is believed that during the Renaissance era, IPR was initially started in North Italy. Venice, in 1474, issued a law regulating patents protection that granted an exclusive right for the owner. The copyright dates back to 1440 A.D. when Johannes Gutenberg invented the printing press with replaceable/moveable wooden or metal letters. Late in the 19th century, many countries felt the protection of laws regulating IPR. Globally two conventions, Paris Convention for the Protection of Industrial Property (1883) Berne Convention for the Protection of Literary and Artistic Works (1886), constituting the basis for IPR system worldwide had been signed.
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