International Intellectual Property Law and Policy: Can the Caribbean Region Capitalize on Current Global Developmental Trends in IP Rights and Innovation Policies?

Abstract

Current evidence in the economic data of Intellectual Property rights registration shows that IP registrations have not impacted the economic growth of Caribbean countries while their GDP’s have shown rates of growth across a period of examination dated 1995-2009; the region however remains significantly underdeveloped in the fields of science and technology. The recent report on Innovation and IP titled ‘The changing face of innovation’ published in the last quarter of 2011 by WIPO, indicates that countries which have implemented enhanced systems of IP protection along with policies which encourage innovation, have recorded significant scientific technological advancements. This essay asks the question: ‘In view of the current trends in innovation and IP development policies worldwide, can the Caribbean region benefit from following suit?’ In order to discuss this issue, the Caribbean Intellectual Property regulatory and policy framework as well as the statistical data on IP registration of select countries in the region are examined, and the theoretical and practical applications of some of the policies which have led to the reported developmental trends worldwide are discussed. It is to be noted that for the purpose of this paper the Caribbean region refers to members of the Caribbean Community (CARICOM) who are also signatories to the Caribbean Single Market and Economy (CSME).