BRIDGETOWN, Barbados (CMC) \u2013 The European Union Intellectual Property Office (EUIPO) says it is increasing its support to the Caribbean Forum (CARIFORUM) Intellectual Property Rights and\u00a0Innovation (CarIPI) project.<\/p>\n
CarIPI will increase its budget from Euro 3.28 million to four million (US$4.23 million to US$5.16 million) to further aid regional enterprises in increasing their innovation and competitiveness.<\/p>\n
The European Union Intellectual Property Office (EUIPO) has agreed to add Euro 750,000 to the project, with the aim of stepping-up efforts to strengthen the intellectual property (IP) rights environment in the Caribbean.<\/p>\n
\u201cWith the addition of more funds to the CARIPI project we can carry out more activities that support innovation, economic diversification and private sector development all essential in assisting the Caribbean nations to navigate the challenges of the COVID-19 pandemic and pave the way to economic recovery,\u201d said the Ambassador to the Delegation of The European Union to Barbados, the Eastern Caribbean States, OECS and Caricom\/CARIFORUM, Malgorzata Wasilewska.<\/p>\n
CarIPI’s project manager, Alexandra Mayr said \u201cwe would like to reach out to more firms in the region, and help them to use intellectual property rights to generate more value from their products and services\u201d.<\/p>\n
The EU said intellectual property and\u00a0innovation\u00a0are\u00a0critical components in fostering trade\u00a0and investment\u00a0as\u00a0well as\u00a0stimulating innovation\u00a0and\u00a0competitiveness in the private sector.<\/p>\n
It said local enterprises,\u00a0who\u00a0trade\u00a0their\u00a0products\u00a0across\u00a0borders\u00a0within\u00a0the\u00a0Caribbean\u00a0and beyond, increasingly face the reality of unauthorised use of their reputation and brand image.<\/p>\n
\u201cTheir design or technology may be copied and pirated and counterfeit versions of their products sold to consumers.\u00a0 There is a global increase in the proliferation of pirated\u00a0\u00a0 and\u00a0\u00a0 counterfeited\u00a0products,\u00a0even\u00a0within the critical pharmaceutical\u00a0and health-related product markets.\u201d<\/p>\n
According to a statement issued here, an exporter, whose brand name is already being used and protected by another entity in major export markets, can be forced to undertake a costly rebranding exercise to maintain market presence in the region. Therefore, it is critical for exporters to understand the importance of intellectual property (IP) protection and the role IP plays in international trade.<\/p>\n
\u201cAdded to this, the current global COVID-19 pandemic has resulted in the rise in online trade, and the growth in the use of online business platforms. As a result, more companies, including micro enterprises, are now thinking about protecting their innovation and creativity around their products and brands.\u201d<\/p>\n
Since its launch in November 2019, the CarIPI project has worked towards creating a strong\u00a0\u00a0 enabling\u00a0\u00a0 environment\u00a0for\u00a0IP\u00a0creation,\u00a0protection,\u00a0administration, and enforcement. It also focusses on boosting the\u00a0participation\u00a0of\u00a0CARIFORUM\u00a0countries in the world economy and stimulate innovation and competitiveness of the private sector.<\/p>\n
The CarIPI project is successfully advising the private sector in the Caribbean working directly with producers of origin-linked products (OLPs) such as rum, spices on how to use the Intellectual Property system to boost exports in international markets, and protect their brands.<\/p>\n
Resources such as webinars training, and a mentorship programmes for OLPs using geographical indications will be launched this summer.<\/p>\n
\u201cWe want regional entrepreneurs to know: your products or services have uniqueness and value that can be recognised nationally and internationally. It is important to wrap it in the protection of some form of intellectual property and be able to develop a strong market position as you trade individually or as a group,\u201d said the Barbados-based CarIPI Activity Leader and IPR expert Dr Wendy Hollingsworth.<\/p>\n
The CarIPI project also includes training all stakeholder groups in the public and private in IP and Innovation solutions, providing support on legal reform processes for IP, supporting states in setting-up or improving their current IP administration practice, and supporting businesses in their IP strategies through mentorship programme, among others.<\/p>\n","protected":false},"excerpt":{"rendered":"
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