Axiom Mark & its Pivotal Role at the Annual Intellectual Property Meeting, UAE
- July 19, 2021
- Posted by: axiom_admin
Axiom Mark Intellectual Property is one of the leading Law Firms in the Gulf Region, and is a forerunner in Intellectual Property Protection.
Time and again Axiom Mark has successfully protected and enforced Intellectual Property of both local and International clients through-out the region. In recognition of the contributions of Axiom Mark to the Intellectual Property Sector, Axiom Mark was invited to be a part of the Annual Intellectual Property Meeting of Intellectual Property Sector at the Dubai Economic Department, held on January 29, 2019.
The Annual Event was organized to provide an insight on the Annual Performance of the Intellectual Property Sector for the Calendar Year 2018. Such events highlight the paramount importance accrued to Intellectual Property Protection and Enforcement in the Region. The legal landscape of the UAE is well cognizant of the country’s ideal strategic location pertaining to which the UAE has been recognized time and again as the world’s largest financial hub. With Expo 2020 around the corner, the UAE has become a forerunner in global leadership. These factors, coupled with other considerations, have played a key role in attracting brand owners and massive inception of the brands in the local market – which inevitably have led to the expansion of a parallel running grey market. With such credentials and massive opportunities, and innumerable investment, the underlying legal landscape and enforcement mechanisms have acted as the mettle in facing and combating issues, especially in relation to Intellectual Property. If not effectively dealt with, Intellectual Property Infringement can lead to draconian repercussions which will not only undermine the rights of the brand owners, but also disparage the consumer market.
Intellectual Property, especially trademarks – protection of which was the main theme of the Annual Event – act as a conduit of communication between the brand owners and the consumers. With innumerable products in the market, the insignia embodied on the product acts as an effective tool in arranging the market place. A trademark is an intangible asset carrying title, rights and interests of the brand owner – protection of which hinges on the legal landscape. A weak enforcement mechanism will, by force of circumstances, jeopardize the accrued rights and deter further investment.
The underlying Intellectual Property Landscape of the UAE has a very strong enforcement mechanism which is translated in its recognition as the Best Intellectual Property Environment in the GCC by the GIPC International Intellectual Property Index 2018. Despite the UAE being a haven for luxury goods, the parallel running grey market is a matter of concern. However, with stupendous efforts, the back-bone of the grey market is time-and-again splintered. The statistics revealed during the Annual Meet further manifested this, and were applauded equally by the Brand Owners, Legal Fraternity, Press, and Mass Media. Per the revealed data, approximately 20 Million Counterfeit Items – worth more than AED 332M were seized during the year 2018. The value of fake watches, and cosmetics has been estimated around AED 21.7M, with fake phones and accessories valued around AED 98M. These results directly highlight the extent of protection accorded to Intellectual Property Rights. Of the seized goods, even house-hold items; such as, Detergents, Shampoos, Soaps and other daily-use items topped the list. Such large-scale crack-downs have been made possible due to the direct intervention of the Government Departments, as well as proactivity of the consumers, and vigilance of the Legal Fraternity. To elucidate on the grey market, counterfeit goods were juxtaposed with the original goods, and the counterfeits destroyed whilst highlighting the factors which can help identify the originals from the counterfeits – for instance, the stark price difference between the original and the counterfeits.
Such events and seminars are an effective way of educating the Brand Owners and Consumers of their rights. We, at Axiom Mark, follow the same principles and facilitate effective registration and enforcement methods. To gain more insights and to protect your rights, get in touch with our consultants for initial complimentary assessments!