Intellectual property protection is important to emerging economies because it helps in the creation of new knowledge, broad sharing of knowledge, and promotes economic growth. Economic growth is through increased foreign direct investments, transfers of innovations, creation of new enterprises, and lowering transaction costs in trade. However, intellectual property protection also has negative impacts on emerging economies. It increases the market power of the rights owners, which impacts competition and pricing of products. It also leads to labor displacements in the short-term as people in newly protected sectors become temporarily unemployed. It could also deter foreign direct investment because foreign firms may prefer licensing instead of direct investment.
Intellectual property protection may raise the cost of domestic innovation. Emerging economies may also experience problems in the administration and enforcement of protection in their countries.
Registering a trade mark gives you exclusive rights over distinctive signs – such as names, logos, colours, images, patterns, shapes, packagings of goods, or sounds – which identify your products and distinguish your goods or services from others.
In most countries, trade mark protection lasts 10 years, starting from the date of your trade mark application. You can then renew your trade mark protection for 10 years each time, for as long as you like. When you own a trade mark, you can sell it to someone else or give them permission to use it through a trade mark licensing agreement.