How can Malaysia and Hong Kong advance mutual interests and cooperate in style along the Belt and Road? International protection of intellectual property rights can be a common framework as goods or services are embedded with intellectual property. Both Malaysia and Hong Kong, and other WTO Members apply the common trade-related aspects of intellectual property rights standards.
In my view, (1) creativity or innovation, (2) brand management and (3) intellectual property are the three essential elements of successful businesses. The leading beneficiaries are the creative people and innovative entrepreneurs, and the professionals play a supporting role to facilitate their strategic intellectual property management worldwide. The overall goal of the WTO trade-related aspects of intellectual property rights standards is to protect intellectual and financial investment in creativity, innovation and marketing, against unfair competition.
As the global economy migrates from knowledge towards creativity/innovation and intellectual property, Hong Kong has been taking a business perspective of international intellectual property rights. In the popular annual Business of Intellectual Property Asia (BIP Asia) Conferences held in Hong Kong in the first week of December, values are shared, capacity and support enhanced. The objective is to make use of the impact of intellectual property to transform and uplift businesses, and to drive economic growth.
Economies develop at different paces, and the Belt and Road countries and territories have different domestic standards. I suggest the WTO trade-related aspects of intellectual property rights standards be used as the governing principles in intellectual property-loaded contracts and disputes. Malaysia and Hong Kong can work together to champion that, contributing to the smooth functioning of the Belt & Road Initiative to the benefit of all!