The new NAFTA deal has come under fire by some who say Canada gave away too much when it comes to protection for intellectual property (IP). However, despite all the heated rhetoric, MLI Munk Senior Fellow Richard Owens argues that the intellectual property provisions in the United States-Mexico-Canada Agreement (USMCA) are good for all parties, including Canada. He sat down with BNN Bloomberg to discuss this topic.
"If you look at the effects of strong intellectual property protection on the economy, on research and development, on trade, on the diffusion of technologies, by every measure, we do better with strong intellectual property provisions," explains Owens.
"The reality is, we are going to do better with stronger intellectual property rules."
Owens further argues that strong IP rights will perhaps principally benefit small to medium-sized enterprises whose advantages are primarily in their ability to leverage unique and innovative ideas.
"If we look at levels of small to medium-sized enterprise growth in the economy, they do better with strong intellectual property rights."
Overall, Canada has a lot of room to grow its innovative economy, and Owens makes the case that the USMCA will be instrumental in that regard. To learn more check out his recent report on why the USMCA is good for Canada's innovative economy.