January 15, 2016 4:08 pm
Terminology standardization is crucial in order to guarantee consistency and reliability, particularly in legislation, but it can also be extended to any other field (medicine, finance, technology, etc). This explains, bringing up the example of the IATE term of the week, why terminology is so important in our daily life.
Often, the EU establishes a wide definition of those terms that are not well defined in all Member States, as it is the case of trade secret.
Indeed, the increasing number of misappropriation of secrets in trading (considering ‘secrets’ as specific technology, manufacturing processes or recipes such as the Coca-Cola’s formula, probably the most famous one) urges an imminent regulation. Only in 2013, 25% of European companies reported at least one case of information theft, according to the European Commission.
For this reason, the European Parliament is currently working on the draft of an agreement that ensures the rights of the victims of trade secret, respecting at the same time freedom of expression without impeding the work of journalists in investigation.
Trade secret is then defined as “confidential business information that is not generally known, has commercial value because it is secret and has been subject to reasonable steps to keep it secret”.
- European Parliament. 2015. European Parliament News. [ONLINE] Available at: http://www.europarl.europa.eu/news/en/news-room/20150615IPR66493/Trade-secrets-freedom-of-expression-must-be-protected-say-legal-affairs-MEPs. [Accessed 15 January 16].
- European Parliament. 2014. www.europarl.europa.eu. [ONLINE] Available at: http://www.europarl.europa.eu/RegData/etudes/note/join/2014/493055/IPOL-JURI_NT%282014%29493055_EN.pdf. [Accessed 15 January 16].
Written by Ana Escaso Moreno
Communication Trainee at TermCoord
Journalist & Social Media manager
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