As one of the world's most oil-rich countries, the significance of Iraq's accession to the PCT will be most relevant to the energy and resources sectors. However, businesses in other sectors, which habitually protect their innovations in all/most available jurisdictions, such as the pharmaceutical industry, will also welcome the potential to secure Iraqi patent protection more efficiently.
Membership of the PCT will also give Iraqi innovators access to the world's most effective patent application procedure, with the opportunity to secure rights in 155 countries with a single application.
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