To boost Bangladesh economy and for international business expansion the government should immediately adopt Madrid Protocol, experts have said.
It is high time that Bangladesh should tap into the opportunities offered by the international trademark system. Most South Asian countries including Pakistan and Sri Lanka are yet to avail the chance.
Experts and stakeholders opined at a seminar on Madrid Protocol Accession, jointly organized by the Department of Patent, Design and Trademark, and Bangladesh IP Forum (BIPF) at a hotel in Dhaka on Sunday.
Adopting Madrid Protocol will attract bigger foreign investment. Bangladesh national policy needs to be upgraded where the technological intellectual properties such as soft ware and other innovations can get recognition as IP.
Launched in 1996, the Madrid Protocol, also well known as Madrid System, is an international treaty which allows trademark owner to seek registration in any of the countries which are members of protocol. At least 117 countries are now the members of the global platform, which enables any individual or businesses to protect their trademarks in multiple jurisdictions by filing one application with one set of fees.
Debbie Roenning, director of Madrid Legal Division, World Intellectual Property Organization, said if Bangladesh can enter in Madrid Portocol, its business would see a significant increase in export and business. As it has the Vision 2021 ahead to implement and next general election by the year-end, it must give highest priority to the issue without delay.
The government has already recommended the concerned ministry for adopting the system and also drafting an intellectual property (IP) policy, DPDT Registrar Md Sanowar Hossain said.
“Once adopted, the Madrid System will help get international trademark registration effortlessly and boost local economy to a wider extent,” he hoped.
Bangladesh has long been supporting the system in the backdrop of its ample benefits, said Syed Almas Kabir Kabir, president of the Bangladesh Association of Software and Information Services.
He insisted on the need for IP for promoting entrepreneurship as the number of talents and inventors are on the rise.
The IP trademark, he opined, will pave the way of receiving bank loans since it will estimate a certain amount of intellectual value.
ABM Hamidul Misbah, founder of the BIPF, recommended mass awareness to be built for the IP rights-related issues.
“Ever since adopting the Madrid System back in 2013, India has attracted a number of global brands, which clearly implies how effective the mechanism is,” he said, calling for entering the protocol at an earliest.
Three major privileges of the protocol
Applying for the protocol is easy and cost-effective, and it is a global protocol, experts say.
- Convenience: File a single application in one language in one member states, and pay one set of fees to apply for trademark protection in multiple territories; manage one’s brand portfolio through a centralized system, and easily expand protection into new markets.
- Cost-effective: It helps save time and money by filing one application, rather than a bundle of national applications; no need to pay for translations or hire a representative in each country.
- Global: Register and manage one's trademark in the territories of the Madrid System, representing over 80% of world trade.
Moreover, through the Madrid Protocol, brand owners (international and local) can streamline registration of international trademarks, which should bring greater certainty for doing business in Bangladesh.
Besides, allowing maintenance for renewal, changes in names addresses, etc. for the applicants it is cost effective and time saving.
