In 2007, the combination of the emergence of two major new players - China and Korea - with the continuing rise in patent applications and the ensuing effect on backlogs led to the formation of the "IP5": the three Trilateral Offices plus the patent offices of the People's Republic of China (SIPO) and South Korea (KIPO).
The focus of the IP5 activities is on work-sharing, and ways of avoiding the unnecessary duplication of work. As with the Trilateral Cooperation, the heads of the IP5 Offices meet annually to decide on strategy and review progress.
The IP5 statistics reports facilitate an understanding of each Office's operations and increase general awareness about patent grant procedures among the Offices and for the public. The exchange of this information provides a means for gauging inventive activity, technology flow, and comparing procedures among the Offices.