Revenue generated by Intellectual Property (IP) in Japan climbed 74% between 2012 and 2017. Government data shows that last year was a record-setting 12 months for the country’s IP revenue.
Protecting and developing this revenue is a key focus for the nation’s long-term economic growth strategy. Prime Minister Shinzo Abe is calling for greater innovation investment to create future wealth, as the workforce ages and diminishes.
Encouraging investment
To continue to improve Japan’s standing as an attractive country for businesses and investors, the Japan Intellectual Property Association (JPAA), along with the Cambodian Ministry of Industry and Handicrafts are working on new agreement. They are currently finalising a Memorandum of Understanding (MoU) concerning the recognition of Japanese patents.
The VP of the JPAA, Yoshihiko Kido, recently met with the Cambodian Minister of Industry and Handicraft, Cham Prasidh to discuss the IP agreement. The MoU has been under review for 12 months and, although no date has yet been said, will apparently be signed soon.
Guidance on Japanese IP
Mr Kido said that the MoU will issue guidance for commercial legal cases involving Japanese IP. He also confirmed that the number of Japanese attorneys and judges across Japan are increasing all the time.
Mr Prasidh praised the agreement as welcome guidance for Cambodian attorneys to benefit from JPAA’s experience in IP law. He said: “The cooperation will allow us to gain experience, raise our skill level and attract more Japanese investors to Cambodia. Under the collaboration, Japan will share with us innovations in the field of intellectual property.”
Japan has been Cambodia’s biggest financial donor since 1992, having provided more than $2 billion to help the country develop. It’s also the third largest investor in Cambodia.
Japanese Intellectual Property
As IP covers everything from brands, patents and industrial designs to copyright, in Japan this includes global cultural icons like Super Mario and complex robotic advances by companies such as Fanuc Corp.
Japan doesn’t break down figures for its IP exports by sector, but Yuki Masujima from Bloomberg Economics confirms that high-tech manufacturers are the biggest earners in the sector. He also expects robotics and medical care, among other technologically advanced sectors, to generate a lot of growth for Japanese companies.
The last year full data was available regarding IP exports was 2014, according to the Organisation for Economic Cooperation and Development. These figures show that Japan ranked second, only behind the US, in the number of IP exports.
Important growth categories
The World Intellectual Property Organisation says that the highest growth categories for income around the globe include motor vehicles, computers, electronic products, machinery, equipment and food and beverages. These are the areas nations like Japan and the US are focusing on to strengthen IP protection.
Japan was close to its ideal IP protection regime with the Trans-Pacific Partnership (TPP), but Donald Trump subsequently pulled the US out of the agreement, throwing its future into question. The 11 TPP members remaining have superseded many of the IP related provisions written in the original agreement.
Alongside this, another massive trade deal pushed forward by China (the Regional Comprehensive Economic Partnership) doesn’t tackle IP in a way that satisfies Japan. The agreement with Cambodia shows that IP will remain at the forefront of Japan’s central trade policy, as it will with all advanced industrial countries.
If the world of Intellectual Property fascinates you and you’re considering a career in IP law, or you’re already qualified and looking for your next move, contact the team at Dawn Ellmore Employment to discuss your needs. We have decades of experience and many roles on offer, across the spectrum of IP law. We look forward to hearing from you.