Hong Kong has formulated an overall strategic framework to turn itself into a regional IP trading hub, said the Working Group on Intellectual Property (IP) Trading recently.

"The Working Group has endorsed an overall strategy for forging ahead with the development of IP trading in Hong Kong, taking into account the feedback obtained from rounds of stakeholder engagement conducted in the past few months," said Gregory So, chairman of the Working Group, the Secretary for Commerce and Economic Development.

The overall strategy encompasses four strategic areas: enhancing the IP protection regime; supporting IP creation and exploitation; fostering IP intermediary services and manpower capacity; and pursuing promotion, education and external collaboration efforts, according to Andrew Liao, vice-chairman of the Working Group.

In 2014, the working group will explore specific policies and other support measures under each strategic area for promoting Hong Kong as a regional IP trading hub, he said.

Two sub-groups formed will continue to deliberate on ways to spearhead further developments in certain specific areas, Liao noted, adding that they will focus on the more specialized subjects of IP valuation, and IP arbitration and mediation.

According to him, some of the initiatives under way and in the pipeline include:

* setting up of the original grant patent system as a strategic step to help Hong Kong develop as an innovation and technology hub;

* review copyright and parody with due regard to present day circumstances and to strike a balance between copyright protection and freedom of expression;

* the government's co-organizing of the third Business of IP Asia Forum with the Hong Kong Trade Development Council (HKTDC) and the Hong Kong Design Center on December 5 and 6, 2013, as an annual flagship event for the regional IP trading nexus;

* the HKTDC's launch of an online IP trading portal in December 2013 to enhance Hong Kong's online IP trading volume, capabilities and connections; and

* a survey on IP trading and manpower in Hong Kong to be conducted in 2014 for providing statistical and other relevant information to support the working group's further deliberations.