On June 13, 2023, the International Olympic Committee (IOC) and the World Intellectual Property Organization (WIPO) signed a Framework Cooperation Agreement at the Olympic House in Lausanne, Switzerland in furtherance of their common goals and to promote “innovation, creativity and the responsible management of intellectual property” in sports.
The agreement seeks to lay down a legal framework for the collaboration and specifies the initiatives, training programmes and potential future projects which would be undertaken by the IOC and WIPO to raise awareness about IP rights among athletes and sports organisations. It will also help ensure the responsible management of IP in sports and maximise the benefits of IP for the betterment of athletes, sports organisations, and society.
On the one hand, the IOC utilises ninety per cent of the revenue generated through the sale of its media rights and marketing rights in organising the Olympic Games and promoting global sports development. On the other hand, as the global forum for IP services, policy, information, and cooperation, WIPO assists governments, businesses, and society in harnessing the benefits of IP by shaping international IP rules, providing global IP protection services, offering technical infrastructure, facilitating cooperation programs, and serving as a world reference source for IP information.
The sporting community has recognised the significance of IP in protecting their innovations and advancements and in this context, the agreement marks a significant milestone as it brings together two influential entities from Sports and IP.