In May 2024, WIPO Member States adopted the WIPO Treaty on Intellectual Property, Genetic Resources and…

In May 2024, WIPO Member States adopted the WIPO Treaty on Intellectual Property, Genetic Resources and Associated Traditional Knowledge. Which of the following is/are NOT correct statement(s) with regard to the same:

i. The Treaty aims to enhance the efficacy, transparency and quality of the patent system with regard to genetic resources and traditional knowledge associated with genetic resources, and prevent patents from being granted erroneously for inventions that are not novel or inventive with regard to genetic resources and associated TK

ii. It is the first WIPO Treaty to include provisions specifically for Indigenous Peoples as well as local communities

iii. The Treaty establishes an optional patent disclosure requirement for patent applicants to disclose the country of origin of the genetic resources and/or the Indigenous Peoples or local community providing the associated TK, if the claimed inventions are 'based on' genetic resources and/or associated TK.

iv. Patent offices would have obligation to verify the authenticity of such disclosures.

v. Patent applications filed prior to the entry into force of this Treaty would have a grace period of twelve months to comply with the obligations of the treaty.

vi. This Treaty is open for signature by any eligible Party for one year after its adoption, i.e. up to May 23, 2025. The Treaty will enter into force three months after 15 eligible Parties have deposited their instruments of ratification or accession.