Nokia has signed its first major patent licensing agreement since selling off its handset division, with LG, though the companies have failed to agree on royalty rates. The Korean handset maker will pay royalties to Nokia for use of its mobile communications IPR, but the firms will have to seek arbitration to determine the appropriate fees. Nokia and Samsung went through the same process when the larger Korean company renewed a licensing agreement with its then-rival in 2013. Nokia and LG said the process could take 1-2 years, but in the meantime, LG will have the right to use Nokia’s technologies. This two-step process may become increasingly common in the mobile industry, where the issue of royalty levels has become…