The Union Cabinet on Wednesday approved an Memorandum of Understanding (MoU) between India and Sweden that seeks to spread awareness about best practices in the field among small and medium enterprises (SMEs), stated an official release.

The areas of cooperation under consideration include exchange and dissemination of best practices, experiences and knowledge on IP with the industry, universities, R & D organisations and SMEs through participation in programs and events in the matter, organized singly or jointly by the parties, said the release.

It added that the pact will substantially benefit entrepreneurs, investors and businesses on both sides. "The exchange of best practices between the two countries will lead to improved protection and awareness about India's range of Intellectual creations which are as diverse as its-people," it said.

"It will be a landmark step forward in India's journey towards becoming a major player in global Innovation and will further the objectives of National IPR Policy, 2016," the release added.

The MoU establishes a wide ranging and flexible mechanism through which both countries can exchange best practices and work together on training programs and technical exchanges to raise awareness on IPRs and better protect intellectual property rights.

A Joint Coordination Committee (JCC) with members from both sides will be formed to decide cooperation activities to be taken under the MoU.

The areas of cooperation under consideration include exchange of best practices, experiences and knowledge on IP awareness among the public, businesses and educational institutions of both countries.

The JCC will also discuss issues like exchange of information and best practices regarding Intellectual Property law infringements in the digital environment, especially regarding Copyright issues.