The 22nd Law Commission, led by Justice Ritu Raj Awasthi, recently released its 289th report on ‘Trade Secrets and Economic Espionage‘.
About the Trade Secrets (TS):
- Trade Secrets (TS) are intellectual property (IP) rights on confidential information, which derive value from secrecy and can be sold or licensed.
- Unlike other IP forms, they can be protected indefinitely.
- Key characteristics include the information being commercially valuable due to secrecy, known only to a limited group, and protected through reasonable efforts like confidentiality agreements.
- Types of trade secrets encompass processes to enhance manufacturing efficiency, formulas such as recipes or chemical compositions, databases of customer information, programs for improved information management, and business operations data on logistics, marketing, and pricing.
About the Economic espionage (EE):
- Economic espionage (EE) involves the illegal acquisition of sensitive financial, trade, economic, or technological information through methods like bribery, cyber-attacks, and wiretapping.
- It includes both industrial and commercial espionage.
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