Explanation:

 In a move to boost foreign investor confidence in relation to protection of Intellectual Property (IP) in India, the Cabinet has recently approved the proposal for Accession to the Nice, Vienna and Locarno Agreements.

1.The Nice Agreement concerning the International Classification of Goods and Services for the purposes of registration of marks.

2. The Vienna Agreement establishing an International Classification of the figurative elements of marks.

3.The Locarno Agreement establishing an international classification for industrial designs.

• It will allow India an opportunity to include Indian designs, figurative elements and goods in the international classification systems.
• These agreements will help the Intellectual Property Office in India to harmonise the classification systems for examination of trademark  and design applications, in  linewith the classification systems followed globally.
• The accession would also facilitate in exercising rights in decision-making processes regarding review and revision of the classifications under the agreement.