• UAE Ministry of Economy Signs MoU with WIPO to Create Trust Fund for Intellectual Property Initiatives
UAE Ministry of Economy Signs MoU with WIPO to Create Trust Fund for Intellectual Property Initiatives

The UAE has signed a Memorandum of Understanding with the World Intellectual Property Organization (WIPO) establishing Fund-In-Trust which will certainly promote tasks of the intellectual property rights (IPR) in establishing nations and also the very least established nations. The UAE Ministry of Economy (MOE) signed the MoU during Emirati Day held at the WIPO headquarters and organized by MOE in cooperation with WIPO on the sidelines of Assemblies of the Member States of WIPO Fifty-Eighth Series of Meetings in Geneva, Switzerland.

H.E 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 H.E. Mr. Obaid Salem Saeed Al Zaabi, Ambassador and also Permanent Representative of United Nations as well as the various other international companies in Geneva, and also a number of senior authorities.

The UAE is the first Arab country to sustain implementation of the advancement goals for developing and also least established countries and also the Sustainable Development Goals (SDGs) particularly SDG9 via Fund-In-Trust. The fund positions top priority on financing the role of the sector in the promo of economic and industrial tasks which developments intellectual property's (IP's) duty in technical development, imaginative sectors, small as well as average sized enterprises (SMEs) training and education.

H.E Eng. Mohammed Bin Abdul Aziz Al Shehhi said that the UAE because its creation has taken on a modern strategy based upon the visibility, transparency to promote innovative and pioneering concepts while making sure that the diversity of societies is valued and also valued, making the nation among the biggest Arab economic climates and one of one of the most vital global trade centers.

H.E Al Shehhi kept in mind in his speech throughout the Emirati Day that the UAE will certainly continue to comply with a growth path to financial diversity, driven by an understanding- and advancement- based economic situation, including the advancement of an incorporated system for the security of intellectual property civil liberties as one of the fundamental pillars for achieving these strategies and objectives.

He further added the MoU between MOE and also WIPO, which will certainly see the establishment of a UAE Fund-In-Trust (FIT/UAE) for IP, intends to sustain application of the WIPO Development Program as well as its associated activities in the very least developing countries as well as developing nations, which remains in line with the nation's leading regional placement in serving and supporting the UN-led Sustainable Development Goals (SDGs).

Francis Gurry, Supervisor General of WIPO said that the UAE has gotten to impressive achievements in terms of improving its competitiveness as well as capacities in shielding and enhancing the IP legal rights, adding that the UAE is among the most active countries in WIPO, specifically in the last ten years, having authorized several treaties and also conventions of WIPO, especially in areas such as females empowerment in the IP sector, environment-friendly innovation, creative markets and other areas that serve the SDGs.

‘Emirati Day’ at WIPO combines heritage and modernity WIPO organized in its head office in Geneva the 'Em irati Day' occasion collectively arranged by the MOE as well as WIPO on the sidelines of the Ministry's participation with a high-level delegation at 58th WIPO's Assemblies of the Member States Meetings in Geneva from 24 September to 2 October.

The occasion was inaugurated by H.E Al Shehhi as well as Gurry in the visibility of H.E Al Zaabi, government delegates, senior WIPO authorities, agents of Participant States and chosen ambassadors and delegates of international goals.

The occasion consisted of an artistic as well as heritage program, and also an exhibit qualified “Innovation Art and Intellectual Property in the United Arab Emirates” showing ingenious Emirati products as well as brands showcasing special artistic styles inspired by the country's social heritage.

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