USTR Special 301 Report Of 2021: Key Takeaways For India

India and the United States of America have always shared a long-standing and cordial trade relation, whereby both nations have viewed each other as important strategic partners for the advancement of common interests. This is evidenced primarily by two reports, first being the US Congressional Research Service report dated December 23, 2020, which showcased that US bilateral trade with India accounts for about 3% of the total US world trade and the second being the United States Trade Representative report dated January 2021, which stated that the overall US-India bilateral trade in goods and services reached $149 billion in 2019. This Special 301" Report is prepared annually by the USTR whereby pursuant to Section 182 of the Trade Act of 1974, the USTR is required to identify thereunder "those foreign countries that deny adequate and effective protection of intellectual property rights, or deny fair and equitable market access to United States persons that rely upon intellectual property protection." Hence, India's continuous placement under the 'Priority Watch List' since the last four years, implies that India's IPR protection and enforcement framework has been a continuous subject of particularly intense bilateral engagement. ': 1) Patent: i) Innovative industries operating across different sectors have expressed growing concerns owing to the potential threat of patent revocations, lack of presumption of patent validity and the narrow patentability criteria under the Indian Patents Act, 1970. ii) Patent applicants continue to confront costly and time-consuming pre-grant and post-grant oppositions, long waiting periods to receive patent approval coupled with numerous reporting requirements.