New Delhi : “Trade secret is part of everything we do, and history is replete with examples where trade secret has made the difference in war, trade and international relations. In today’s highly technological world, trade secret plays an important role in driving competitive advantage, innovation, economic growth, business continuity, legal compliance, international trade and relations. We have now entered Industry 4.0 where AI, AR/VR, robotics, IoT, block chain technology among others are the mainstay. We cannot escape the era of technology and we must protect our trade secret to forge ahead.” said Shri Arjun Ram Meghwal, Hon’ble Minister of State, Ministry of Law and Justice (Independent Charge); MoS, Ministry of Parliamentary Affairs and Ministry of Culture, Government of India at ASSOCHAM’s International Conference on Protection of Trade Secrets & Economic Espionage.

Mr. Justice Ritu Raj Awasthi Hon’ble Chairperson, Law Commission of India & Former Chief Justice of the High Court of Karnataka said, “As India continues to chart its course towards become a global economic powerhouse, the protection of intellectual property rights stands as a cornerstone of its journey. In a world driven by innovation and knowledge based economies, safeguarding these intangible assets is paramount to fostering a conducive environment for economic growth, technological advancement and sustainable development. Enacting legislation on trade secrets would enable India to establish a forward looking legal framework aligned with global standards while catering to its evolving business landscape.”

Ms. Justice Prathiba M. Singh Hon’ble Judge, High Court of Delhi, said “The concept of Intellectual property has roots in rewarding creativity and innovation in varied fields like art, technology and product design. As we progress with newer forms of protection, we have expanded from brands, trademarks to copyrights, patents, designs and even community rights. We generate humongous amount of data on a daily basis, do we need to protect this data and do we have a regime to do so. We are currently reliant on organic copyright, IP and contractual law. Courts are facing challenges from the lack of a definite definition of trade secrets, confidential information, lack of specific remedies and digitisation. We need trade secrecy law that is balanced, enforced uniformly and without ambiguity and vagueness. The purpose of economic growth is certainty and that comes only when there is law.”

Addressing the gathering at the conference, Mr. Ajay Singh President, ASSOCHAM; & Chairman and Managing Director, SpiceJet, said, “This is the first initiative of this kind undertaken and marks the culmination of several discussions and deliberations with the law commission. The need for a specific law on the protection of trade secrets has been felt for some time now. The WTO Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) of which we are a signatory allows specific legislations to prevent unauthorised disclosure and use of trade secrets and we look forward to establishing our own law.”