It will also give boost to innovation, creativity and technological advancement in both the countries.
The cabinet meeting, chaired by Prime Minister Narendra Modi, gave approval to the Memorandum of Understanding (MoU) on Industrial Property Cooperation between Department of Industrial Policy and Promotion under the Ministry of Commerce and Industry and the Intellectual Property Office of Singapore (IPOS), Ministry of Law, Government of Singapore.
The agreement will be signed during the visit of Singapore Prime Minister Lee Hsien Loong to India from October 4-7.
"The MoU will enhance bilateral cooperation activities in the arena of Industrial Property Rights of Patents, Trademarks and Industrial Designs. It is intended to give a boost to innovation, creativity and technological advancement in both regions," said an official statement.
The initiatives under the agreement would be exchange of best practices, experiences and knowledge on intellectual property awareness among the public, businesses and educational institutions of both countries; exchange of experts specialised in the field of intellectual property; exchange and dissemination of best practices, experiences and knowledge on IP with the industry, universities, Research and Development organisations and small and medium enterprises.
The initiatives also include cooperation in the development of automation and implementation of modernization projects and partnership in IP-related training for local IP and business communities.
