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Commerce Report Focuses on IP and US Economy

By Catherine Kim [June 6th, 2012] 

On April 11, 2012, the Department of Commerce released a report that focused on the broad range of industries that benefit from IP, both directly and indirectly. According to Law of Fashion, ‘the report will be used as a tool to help press for intellectual protections in trade negotiations and provide supporting data for the administration’s new International Trade Enforcement Agency, which could bring cases against countries where counterfeiting and digital piracy is rampant.” IP is a key component in our economic growth. It comes as no surprise that IP-intensive industries support the jobs of approximately 40 million workers because the impact of copyright, trademark, and patent protection is inevitably enormous. The Obama Administration’s focus on promoting innovation can trigger a successful, competitive, international market, and by enforcing and protecting IP rights, these IP related industries can continue to support these jobs and contribute to about $5 trillion to U.S. domestic product. The report summary stated, “Without this framework, the creators of intellectual property would tend to lose the economic fruits of their own work, thereby undermining the incentives to undertake the investments necessary to develop the IP in the first place.” Within our Case Clothesed blog, we have seen countless numbers of lawsuits in the fashion industry where creators of IP fight to protect their work so that others cannot benefit off a work that isn’t theirs.

The report identified some of the most IP-intensive industries that use copyright, trademark, and patent protections the most extensively. Electronic shopping & mail-order houses, footwear manufacturing, and clothing stores were among the top trademark-intensive industries with top 100 global brands in 2011. It is clear that the fashion industry thrives off of innovation and incentives to invent and create. While the fashion world is only a mere portion of the IP market, this report puts into perspective just how much IP protection affects commerce throughout the economy.

The full report can be found here.

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