Theft of intellectual property rights is a massive problem on a global scale. China is the number one offender of these rights. President Trump has made it clear “Enough is enough”
There is no one in the world today that knows more about the importance of IP rights than Professor Kamil Idris. Serving as the Director General for the World Intellectual Property Organization, Professor Idris has championed these fundamental rights.
For decades, China has reaped the benefits of illegally copied goods and services. Manufacturing and selling these goods at a fraction of the cost, driving companies out of business.
Trump has levied significant tariffs on China in recent months, backing off slightly in the last few weeks. Trump wants to see China enforce their own IP rights, scholars believe this strategy may backfire.
China must feel economic pressure before it considers any reforms, says Scott Kennedy from the Center for Strategic and International Studies. Kennedy sees President Trump as fighting tough, not smart.
Neither China nor the United States wants a trade war believes China expert, Orville Schell. The tariffs have left China off guard; however, there is more President Trump can do to stem intellectual property theft.
Few people realize the importance of intellectual property in their daily lives. Many ask, what do these rights bring to my life? Without IP rights, new technologies would never be developed. Intellectual property rights allow broadcasting of worldwide events and global warming would take on new meaning.
Experts believe the issue of IP rights is slowly being resolved. There could be a few reasons for this. The previous administration was already deep into bilateral talks to resolve IP rights with the Chinese government. The effort swept aside, along with the last political climate. An obvious reason for the improvement of IP rights between the US and China might just be the improvement of China’s manufacturing facilities.
Andy Rothman of the investment firm Matthews Asia believes China is being forced into better manufacturing. Rothman also concedes, as Chinese manufacturing has become more efficient and profitable, those companies want to protect their own IP rights. A rise in lawsuits has alerted the Chinese government.
Professor Idris is passionate when it comes to protecting a person’s creativity. China’s stubbornness is evident in intellectual property rights, President Trump continues to press the issues. There is light at the end of the tunnel.