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G7: an effective international IP system is necessary to incentivize innovation and creativity worldwide
By Ferraiuoli LLC
The United States, Canada, France, Germany, Great Britain, Italy, and Japan - along with the World Intellectual Property Organization (WIPO), met virtually to discuss international cooperation on IP. In a Joint Statement issued after their meeting, the leaders agreed to cooperate on raising awareness about the important role that IP plays in global efforts to address societal challenges—such as public health, climate change, and sustainable development—and pledged to cooperate on establishing shared approaches to fight counterfeiting and piracy.
"We recognize that an effective international IP system is necessary to incentivize innovation and creativity worldwide", said the leaders Joint Statement. "In light of the far-reaching negative social and economic consequences of IP infringements, fostering a positive culture of IP and fighting counterfeiting and piracy are equally important and represent two sides of one coin."
The G7 countries will also cooperate to establish shared approaches to fight counterfeiting and piracy. Both are international phenomena that call for a more effective and coordinated response. Counterfeit goods can put the health and safety of consumers at risk, undermine workers‘ rights, the reputation of IP holders and has been linked to the facilitation and funding of criminal activities such as drug trafficking, money laundering, and terrorism. The surge in counterfeit COVID-19-related goods like test kits, protective equipment, and vaccines demonstrates how counterfeiters adapt fraudulent schemes within a short time.
Ferraiuoli LLC
Ferraiuoli LLC (FLLC) was founded in 2003 by the late Blas Ferraiuoli-Martínez, Eugenio Torres-Oyola and María Marchand-Sánchez. This group was then joined in 2004 by Fernando J. Rovira-Rullán, thus forming the founding core of FLLC. FLLC has grown exponentially since its founding from a law firm with three attorneys and a support staff of three to its current size of 54 attorneys with a support staff of 38. Also, FLLC has grown from initially being known as an intellectual property and corporate law boutique law firm to a multiservice law firm that handles most matters relevant to a business while continuing to earn praise for its leading intellectual property and corporate practices.
FLLC has been ranked as a leading law firm in Puerto Rico by the professional publication Chambers Latin America in intellectual property, corporate, bankruptcy, labor & employment, real estate, and tax law. Moreover, 17 FLLC partners have been ranked as leaders in their field by the same publication. 4 FLLC partners are ranked as leaders in Intellectual Property, no other firm has more than 2. This recognition in such a short period of time is a tribute to FLLC’s business model.
FLLC prides itself in doing its work faster and more cost-efficiently yet with the same quality as that of its main competitors. The founding name partners are available at all times to attend to client matters. Their work ethic sets the tone for the rest of the firm. FLLC’s founders’ goal has been steady from the outset: become one of the premier multiservice law firms in Puerto Rico.