The World Trade Organisation on Monday said India should adhere to the deadline of January 1, 2005 for introduction of a product patent regime in the country by bringing in necessary legislation to amend its intellectual property rights law.
"For the benefit of India and for its strong pharmaceutical industry, it was essential for it to adhere to the deadline," WTO Director General Supachai Panitchpakdi, who is in New Delhi to participate in the Indian Economic Summit told reporters.
Asked if the deadline could be extended for India as it appears the legislation may not be passed in the short Winter session of Parliament, Supachai said it was up to the member countries to take a view and New Delhi could have consultation with them in this regard.
However, he said extensions are rare and "we do not encourage it. We do not recommend delay of such laws."
Supachai said that getting involved in litigation with members on account of missing the deadline should be avoided.
A Group of Ministers has firmed up its recommendations for the Cabinet to take decision on the necessary amendments to the Patent Act, but Left parties had reservations which was holding up its introduction in Parliament
Beware, warns WTO chief
WTO Director General Supachai Panitchpakdi asked global community to be ware of 'systemic crisis, in the face of high crude oil prices and weakening dollar.
"I don't see a crisis looming at the moment, but there is a need to be ware of systemic crisis," Supchai told reporters when asked about the impact of high global oil prices and weakening dollar on the world trade.
He, however, said global economy was passing through a vary favourable phase and Asia was no exception which is driven by booming economies of India and China.
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