In today's globalized economy, international trade has taken center stage. Negotiations for pending agreements like the Trans-Atlantic Trade and Investment Partnership (TTIP) and the Trans-Pacific Partnership (TPP) provide an enormous opportunity for economic growth for the U.S. and our trading partners. The ongoing TTIP negotiation, between the United States and the European Union, seeks to reduce tariffs and boost trade between the 29 participating nations. On the other side of the world, the TPP negotiations with partners in the Asia-Pacific region could jumpstart partnerships in some of the most dynamic economies in the world.
No matter where we negotiate, these agreements must level the international playing field and drive innovation. Strong intellectual property standards will help set and enforce the kind of protections that will bolster IP-intensive industries that support jobs across the world. Furthermore, working to safeguard patents for biologics with 12 years of data exclusivity will address the challenge of ensuring those difficult to protect compounds on a global scale. These standards could speed innovation and support global economic growth at a vital time for the world economy.