The India-Middle East-Europe Economic Corridor

The India-Middle East-Europe Economic Corridor 

India’s remarkable success at the summit this year, in early September, was  captured by the global press, except in China, for various outcomes such as  

  • The inclusion of the African Union in the G-20 
  • A tangible offer of clean energy through a biofuel alliance Increasing substantial aid for Asia-Africa 
  • An economic corridor that connects India, West Asia and Europe using  an ambitious rail and shipping link 
  • The Delhi Declaration which was a joint statement of all the group.

A real big deal 

  • The announcement of the economic corridor (the “India-Middle East Europe Economic Corridor”), of a rail-ship route, to transport goods to  Europe from India via the United Arab Emirates-Saudi Arabia-Jordan Israel.  
  • Such a project will change the geopolitics for the future.
  • The fact that it challenges  

China’s Belt and Road Initiative. 

  • Israel Prime Minister was prompt to show that Israel has been eager to be a part of such a project.
  • The proposed IMEC will consist of Railroad, Ship-to-Rail networks and Road transport routes extending across two corridors, that is,
    o The East Corridor – connecting India to the Arabian Gulf,
    o The Northern Corridor – connecting the Gulf to Europe

Signatories

  • India
  • US
  • Saudi Arabia
  • UAE
  • the European Union
  • Italy
  • France
  • Germany

Ports to be Connected:
• India: Mundra (Gujarat), Kandla (Gujarat), and Jawaharlal Nehru Port Trust (Navi Mumbai).
• Middle East: Fujairah, Jebel Ali, and Abu Dhabi in the UAE as well as Dammam and Ras Al Khair ports in Saudi Arabia.
• Saudi Arabia (Ghuwaifat and Haradh) and Jordan: Railway line will connect Fujairah port (UAE) to Haifa port (Israel) via
• Israel: Haifa port.
• Europe: Piraeus port in Greece, Messina in South Italy, and Marseille in France.

PATENT REGIME IN INDIA 

Despite the presence of millions of businesses and largest workforce, patent is a  domain less explored in India. India has been ranked 40th out of 53 countries on  the Global Intellectual Property Index. Moreover, a recent study pointed out that  between 2000-2020, more than 40% Indian-origin applicants chose to file patents  in foreign countries. 

Patent 

A patent is an exclusive set of rights granted for an invention, which may be a  product or process that provides a new way of doing something or offers a new  technical solution to a problem. 

Patent in India 

  • Governed by Patent Act, 1970 
  • Criteria
    • Should be novel
    • Should have inventive steps
    • Should be capable of industrial application
    • Should not attract section 3 and 4 of Patent act, 1970
  • Office of Controller General of Patents, Design and Trade Marks is  regulatory body 
  • Holds validity for 20 years from date of filing application 
  • Patents (Amendment) Act, 2005 patent was extended to all fields of  technology including food, drugs, chemicals and microorganisms 

TRIPS agreement 

  • Trade Related Aspects of Intellectual Property Rights 
  • an international legal agreement between the member nations WTO that  establishes minimum standards for the regulation of different forms  of intellectual property
  •  It also enforces remedies, and dispute resolution procedures

WIPO 

  • UN specialized agency  
  • established in 1967  
  • Development of a balanced and accessible international Intellectual Property (IP) system that rewards creativity, stimulates innovation and  contributes to economic development while safeguarding the public  interest

Other agreements 

Berne Convention: Protection of works and the rights of their authors Budapest Treaty: International patent process for microorganisms Paris Convention: Protection of Industrial Property 

Patent Cooperation Treaty: Patent protection for an invention simultaneously  across countries 

Need for patents 

  1. Protecting rights of innovators 
  2. Motivates further innovation, research and development 
  3. Provides stimulus for economic growth 
  4. Facilitates transfer of technology

Challenges  

  1. Evergreening of patents: process by which patent holders can extend the  life of their patents and maximize their profits. It involves obtaining multiple  patents that cover different parts of the same product. 
  2. Compulsory licensing: Foreign investors are concerned about misuse of  licensing to replicate their product or process. 
  3. Weak enforcement: India’s laws on patents are very weak and violators  are not stringently punished. 
  4. Narrow patentability criteria: Leads to exclusion of various patentable  products 

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Born in Batadrava, Assam

Buddha Vanam  Buddhist heritage theme park at  Nagarjunasagar, Telangana
Second Vikrant-like carrier  The Defence Procurement Board (DPB)  last week discussed the Navy’s proposal  for acquiring a second Vikrant-like  aircraft carrier 

It could see some modifications and  upgrades to the design of Vikrant 

The proposal is yet to be cleared by DPB;

We can scrap Justice Gita  Mittal Committee or you can  trust it, CJI tells petitioners Justice Gita Mittal Committee 

Objective: to intervene and monitor relief  and rehabilitation, and restoration of  homesteads, religious places of worship in  Manipur. 

Issues petitioned include distribution of  Aadhaar cards and disability certificates  to the displaced people of the State, to  distribution of compensation to the  families of the dead, reconstruction of  religious buildings and homes destroyed  in the clashes, disposal of bodies to  functioning of courts in the State

 

Banks told to display  information on borrowers  linked to SARFAESI Act The Reserve Bank of India (RBI) has  asked commercial banks and Non Banking Finance Companies (NBFCs) to  display information regarding borrowers  whose secured assets have been taken into  possession under the Securitisation and  Reconstruction of Financial Assets and  Enforcement of Security Interest  (SARFAESI) Act, 2002.  

This is part of a move towards greater  transparency.

 

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