By Azernews

By Ayya Lmahamad

Property rights define the theoretical and legal ownership of resources and how they can be used, and are among the most important factors to a nation’s economic success. The protection of property rights is the application of the norms of civil law to regulate ownership relations in the use by a person-owner of his/her own property. To put it simply, property rights are the ability to hold your own property, which can be both physical and non-physical, and decide what to do with it.

The International Property Rights Index (IPRI) is the flagship publication of the Property Right Alliance. The IPRI scores the underlining institutions of a strong property rights regime: the legal and political environment, physical property rights, and intellectual property rights. It is the world’s only index entirely dedicated to the measurement of intellectual and physical property rights.

In the 2022 report of the IPRI, Azerbaijan ranked 60 out of 129 countries, with a 5.04 score (IPRI score). Among the CIS countries, Azerbaijan surpassed Armenia (ranks 63rd), Kazakhstan (75), Russia (85), Moldova (95), and Ukraine (105).

Azerbaijan scored 4.09 in the legal and political environment (LP) component, 6.45 in the physical property rights (PPR) component, and 4.59 in the intellectual property rights (IPR) component. At the same time, the average global LP score was 5.06.

For the physical property rights component, Azerbaijan ranked 32. Moreover, Azerbaijan’s regional rank is 12.

Bear in mind that the higher the score, the better the country’s property rights are protected. The maximum score is 10 and the minimum is 0. The average global IPRI score in 2022 is 5.19, which is 7.3 percent less than in 2021. Finland, Singapore, and Switzerland topped the list, while Venezuela ranked last.

The IPRI is a tool for policymakers, business communities, and civic activists, and highlights the essential role property rights play in creating a prosperous economy and just society.

The 2022 Index examines the robust relationship between property rights and other economic and social indicators of well-being including – gender equality, illicit trade, innovation, competition, research and development, human development, fighting corruption, and measures of internet connectedness.

The indicators used in the Index are based on a statistical analysis of data from the Organization for Economic Cooperation and Development, the World Bank, the World Trade Organization, the Office of the U.S. Special Representative for Trade Negotiations, and international and national research centers. The editorial board of the Index includes representatives from a number of leading universities and international organizations.