UAE Ministry of Economy to support IP rights in developing countries
Ministry of Economy signs deal with WIPO for funding to support IP initiatives
The UAE has announced plans for funds to support intellectual property rights in developing countries.
The Ministry of Economy has signed an MoU with the World Intellectual Property Organization (WIPO) establishing Fund-In-Trust which will promote activities of the intellectual property rights (IPR) in developing countries and least developed countries.
The agreement is intended to support execution of the development goals for developing and least developed countries and the Sustainable Development Goals (SDGs) in particular SDG9 through Fund-In-Trust. The fund places priority on financing the role of the sector in the promotion of economic and commercial activities which advances intellectual property's (IP's) role in technological development, creative industries, small- and medium-sized enterprises (SMEs), training and education.
HE Eng. Mohammed Bin Abdul Aziz Al Shehhi, Undersecretary of Economic Affairs at MOE and Francis Gurry, Director General of WIPO signed the MoU in the presence of HE Obaid Salem Saeed Al Zaabi, Ambassador and Permanent Representative of United Nations and the other international organisations in Geneva, and a number of senior officials.
The UAE Ministry of Economy (MOE) signed the MoU during Emirati Day held at the WIPO headquarters.
Al Shehhi said that the UAE since its inception has adopted a modern approach based on the openness, transparency to promote innovative and pioneering ideas while ensuring that the diversity of cultures is respected and valued, making the country among the largest Arab economies and one of the most important global trade centres.
H.E Al Shehhi noted in his speech during the Emirati Day that the UAE will continue to follow a development path towards economic diversity, driven by a knowledge- and innovation- based economy, including the development of an integrated system for the protection of intellectual property rights as one of the fundamental pillars for achieving these strategies and objectives.