U.S' Out-Of-Cycle Review Against India A Futile Exercise: FICCI

WASHINGTON: The out-of-cycle review launched by the U.S against India is a "futile exercise" as leaders of the two countries have set up an Intellectual Property Working Group, FICCI has said.

"FICCI is of the view that in light of the annual high-level Intellectual Property Working Group being constituted as part of Trade Policy Review, the Out of Cycle review is a futile exercise, undermining the understanding reached between Barack Obama and Narendra Modi during his recent visit to the U.S," FICC said yesterday.

The U.S last month launched a review of India's Intellectual Property Regime, in which the focus is to measure the engagement that New Delhi has pursued in terms of intellectual property.

In its 26-page submission, Federation of Indian Chambers of Commerce and Industry argues that allegations against Indian IP system are unfounded and present an objective picture of the continuing improvements being undertaken in strengthening the IP regime.

Referring to the September visit of Prime Minister Narendra Modi, FICCI said the two countries agreed on the need to foster innovation in a manner that promoted economic growth and job creation.

The leaders committed to establish an annual high-level IP Working Group with appropriate decision-making and technical-level meetings as part of the Trade Policy Forum, FICCI said in its submission to the U.S Trade Representative.

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