The US Chamber of Commerce released its 4th annual International IP Index on February 10, 2016, “Infinite Possibilities,” which found that half of the 38 economies benchmarked recognized the benefits of IP and strengthened their IP system, in turn improving their overall score from last year’s Index.  In the report, produced by the Chamber’s Global Intellectual Property Center (GIPC), Venezuela finished last out of the 38 economies studied, while the US ranked first.

The 38 economies benchmarked in the 2016 Index accounts for nearly 85% of global gross domestic product. The Index is based on 30 measurable criteria critical to innovation including, patent, copyright and trademark protections, enforcement, and engagement in international treaties, among others.

“This year’s Index illustrates that many countries embraced the upward momentum in the global intellectual property environment, and continued to take steps to improve their IP systems,” said David Hirschmann, president and CEO of GIPC. “IP underpins the innovation we have come to expect – the new cell phone to connect with loved ones, the medical treatment to save a life, and the creative content we crave. IP creates the infrastructure to deliver new innovative technologies to markets around the world, and the U.S. Chamber Index provides economies with a roadmap to furthering this legal framework.  Countries should look at the Index and incorporate the infinite possibilities that exist to improve their IP environment to encourage the next greatest innovation takes place on their soil.”

“The Index was created so that countries around the world can hear directly from the business community on the IP-related issues important to them when considering investing in new markets said Mark Elliot, executive vice president of GIPC. “Now in its 4thedition, the Index has become a must-read for government officials in countries near and far who recognize the important connection between IP and innovation, and who wish to grow their countries knowledge-based economies. We hope that policymakers and stakeholders will agree that when it comes to strengthening innovation-based opportunities, there truly are infinite possibilities.”

The Index ranks the economies in Algeria, Argentina, Australia, Brazil, Brunei, Canada, Chile, China, Colombia, Ecuador, France, Germany, India, Indonesia, Israel, Italy, Japan, Malaysia, Mexico, New Zealand, Nigeria, Peru, Poland, Russia, Singapore, South Africa, South Korea, Sweden, Switzerland, Taiwan, Thailand, Turkey, Ukraine, United Arab Emirates (UAE), United Kingdom (UK), US, Venezuela, and Vietnam.

The full Index can be viewed at http://www.uschamber.com/IPIndex.