KARACHI, April 24: President Asif Ali Zardari signed the Intellectual Property (IP) Rights Ordinance 2012 on the advice of Prime Minister Yousuf Raza Gilani on Tuesday.

According to president’s spokesman Senator Farhatullah Babar, the ordinance was signed because the earlier one expired in March and the Intellectual Property Rights Bill is still pending in the parliament for approval.

He said that April 26 would be observed throughout the world as the International IP Day to highlight how the IP system contributed to progress and technological innovation.

Intellectual property rights involve right to protect trademarks, patents, copyrights, industrial designs, plant breeder’s rights, traditional knowledge and folklore.

Pakistan being the signatory to the World Trade Organisation and trade-related aspects of Intellectual Property Rights (TRIPS), is under obligation to build a strong IP system in the country by protecting IP rights from infringement and piracy, he said