PHILLIP - The Intellectual Property Australia (IP Australia) - an Australian Government Agency - announced funding has been secured for the 4th World Intellectual Property Organization (WIPO) Funds-in-Trust Australia (FIT) program – otherwise known as FIT4, according to the IP Australia.
The Agency is delighted to again be partnering with WIPO in delivering the FIT program. This flagship international capacity-building initiative is set to run from March 2024 to February 2027.
The program focuses on the Indo-Pacific region and is supported by the Australian Government via the Department of Foreign Affairs and Trade (DFAT) who have committed AUD$2 million over 3 years.
WIPO has recognized the Australian FIT program as a model for FIT initiatives due to its effective delivery in meeting identified needs.
Building upon the previous 3 FIT programs, the aim of FIT4 is to enhance intellectual property (IP) capabilities and promote innovation, investment, and technology transfer in the region.
FIT4 will introduce new activities to address emerging challenges and opportunities. The program will incorporate new areas of interest that further promote trade and investment regionally, as well as provide a foundation for regional economic sustainability and growth.
Key FIT4 program highlights:
• Empowering women entrepreneurs: Providing training and mentoring for women entrepreneurs from indigenous and local communities to harness the power of IP. Fostering economic empowerment and sustainable development.
• Green technology initiatives: Assisting Pacific Island countries in adopting innovative green technologies to combat pollution and mitigate the effects of climate change on the marine environment, promoting environmental sustainability and resilience.
All activities align with three overarching themes:
• development of balanced and effective IP innovation ecosystems
• supporting access to IP for underrepresented groups and communities
• facilitating knowledge transfer and technology adoption to address climate change.
Through FIT4, we continue our commitment to capability building within the IP rights system, delivering sustainable and scalable results to meet the evolving needs of the Indo-Pacific region.
About the WIPO-Australian FIT program
Established in 2011, the WIPO-Australian FIT program has made significant strides in promoting innovation and economic prosperity in the Indo-Pacific region.
Each FIT program has seen healthy contributions since its inception:
• FIT1 (2011) received a contribution of $2 million
• FIT2 (February 2016 to June 2019) received a contribution of $3 million
• FIT3 (June 2019 to March 2022) received a contribution of $800,000.
FIT2 and FIT3 activities have consolidated Australia’s position as an influential donor in the WIPO forum and continue highlighting Australia’s development efforts in the Indo-Pacific region.