Why is having intellectual property rights important?

The head of a global trademark body this week called for stronger intellectual property laws to support economic development in the UAE. A company’s trademark is their “business identification card” without which they cannot market themselves and grow, said Etienne Sanz de Acedo, chief executive of the International Trademark Association (Inta). The

National explains why IP must be protected.

What is intellectual property?

IP refers to ideas that are a result of creativity, such as inventions, literary or artistic works, designs, symbols, names, logos and other images used in commerce. IP is protected by law through trademark, copyright and patent legislations, which enables people and companies to earn financial benefit and recognition for what they have created.

Why it needs protection?

If protections are not in place, IP can be stolen or copied by rivals – offences known as trademark infringement or counterfeiting. The creator gets no credit or financial compensation for their work. More broadly, IP laws enable businesses to tell the world what they are doing, establish themselves and grow. This gives aspiring entrepreneurs the confidence that their idea will be protected and encourages more innovation, thereby, stimulating economies. IP laws aim to strike a balance between the interests of innovators and the wider public. They cannot be so restrictive that they hamper fair competition, but they must be strict enough to fight counterfeiting and other fraud, which may harm the public’s interest and safety.

How can GCC businesses register IP?

Patents and trademarks are usually registered with each country’s ministry of economy and are valid for around 20 years. In the GCC there is the Patent Office, based in Saudi Arabia and governed by GCC Patent Law, which oversees patents across the six-country bloc. The UAE is a member of the global Patent Cooperation Treaty and the World Intellectual Property Organisation.

What is the biggest challenge for IP?

The growth of digital channels is increasing the spread of counterfeit goods. Together with global bodies such as Inta, governments are working to tackle counterfeiting online and offline.