GENEVA, 8th October 2016 (WAM) -The Ministry of Economy has recently signed a strategic new Memorandum of Understanding (MoU) with the Korean Intellectual Property Office (KIPO) to further promote and protect intellectual property in the UAE.

The MoU was signed by Mohammed Ahmed Bin Abdul Aziz Al Shehhi, Undersecretary for Economic Affairs and Choi Donggyou, Commissioner, KIPO on the sidelines of the 56th series of Meetings of the World Intellectual Property Organization (WIPO), which opened last October 3 and will run until October 11, 2016 at the WIPO headquarters in Geneva, Switzerland.

Al Shehhi, who is heading the participating UAE delegation, shared that the MoU follows in the direction of previously signed agreements between the UAE and KIPO–all focused on the development of a system that can promote and protect intellectual property rights in the country.

The move is expected to encourage more creativity and innovation among inventors and creators while also providing an attractive economic and investment environment in compliance with the set objectives and goals of UAE Vision 2021.

Under the terms of the recently signed agreement, both countries will be working closely to help establish and operate the International Centre of Patent Registration (ICPR) at the UAE Ministry of Economy, a new international center that will oversee the registration of patents in the UAE.

The new facility will house an international body of patent experts that will review and evaluate patents based on a special intellectual property system.

In addition, the center is set to be designated as an International Searching Authority and International Preliminary Examining Authority under the Patent Cooperation Treaty of the WIPO (PCT ISA/IPEA). In line with this, both UAE and South Korea will be tasked with exchanging consultative duties with the WIPO in the course of searching and examining newer patents for registration.

The center will establish training programs for professionals in the field of intellectual property to further develop their skills and abilities. The center is also expected to develop key research and studies covering issues and topics concerning intellectual property.