Once, this was useful for countries that engaged in wholesale piracy. Now, it has become a tool for Pharma and MPAA to put the squeeze on other countries. For example: Israel is on the "Special Watch List." Why? Because they declined to extend the length of patent terms for medication. Canada is on the "Special Watch List" because its citizens successfully derailed efforts to ram through a U.S.-style copyright "reform."
God willing, I shall have more time to blog on this presently.