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International Trade and Technology - Assignment Example

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1. A strong intellectual protection is advantageous in that the country will be in a better position to protect its interests such as new discoveries and innovation in critical areas like technology and medicine. The country will be entitled to control all the discoveries and technological inventions that are beneficial to its social, political and economic development…
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International Trade and Technology
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Download file to see previous pages It can be seen that countries that have the resources and capacity end up benefitting from the ideas originating from the other nations that have weaker intellectual property protection (Roos, 2008). However, such countries also stand better chances for development since their ideas can be improved to come up with valuable products. Countries need weak intellectual property protection when they are still in the developing stages and they do not have the resources to turn their ideas into valuable product. This will help these countries to attract foreign direct investment (FDI) that can boost their economies (Haydam, 2001). On the other hand, countries that have vibrant economies need stronger intellectual property protection in order to protect their interests. 2. The World Trade Organization (WTO) in partnership with the World Bank and International Monetary Fund (IMF) are specifically concerned with setting parameters for and directing the economic policies of governments around the world (Haydam, 2001). In other words, WTO is responsible for facilitating trade among different nations and making sure that fair trade practices are upheld. However, the main issue with WTO is that it determines the amount of debt a country can get from international monetary organizations like IMF and World Bank. Developed countries enjoy an unfavourable advantage compared to developing countries which entails that they have an upper hand in various trade deals. The key element of The Agreement on Trade Related Aspects of Intellectual Property Rights (TRIPS) is mainly related to protection of property rights. The technical barriers to the agreement involve the fact that less developed countries are often found at the receiving end since they may lack the technology and equipment to transform ideas into meaningful products that can be traded in order to boost their own local economies. As a result of the fact that developing nations may not have sufficient equipment to develop various products, they end up giving in to countries that have the resources which may not bring the anticipated results. 3. In most cases, the host country benefits from the international migration of scientists and technologists from poorer countries to wealthier countries. These people would boost growth and development in the host countries where they will get the opportunity to get jobs that suit their qualifications and skills. Warhurst (2008) suggest that migrant workers especially in developed countries positively contribute to their economic development. However, the main problem is that migrant workers are poorly remunerated since the host countries would also be intending to take advantage of them. Apart from failing to get salaries that are not commensurate with their skills and qualifications, the migrant workers will significantly contribute to the development of the host countries. Their knowledge and skills would be used to develop other countries while their own countries continue to lag behind in terms of development. Therefore, it can be seen that the host countries, developed nations in particular are the winners in as far as the aspect of skilled migrant workers is concerned. The original countries where these people come from are losers as a result of skills flight. The people who are supposed to carry out research and development project in the country ...Download file to see next pagesRead More
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