![\"\"](\"https:\/\/www.bahamasb2b.com\/news\/wp-content\/uploads\/2012\/12\/intellectual-property.jpg\" "\\"intellectual-property\\"")
<\/p>\n<\/p>\n
Commitments undertaken in the Economic Partnership Agreement (EPA) with the European Union oblige The Bahamas to modernising its intellectual property regime to international best practices, Financial Services Minister L. Ryan Pinder warned.<\/p>\n
\u201cThe need for a modernised regime is heightened by way of our desire to become members of the World Trade Organisation (WTO), which, like the EPA, requires strong intellectual property protections,\u201d he said.<\/p>\n
\u201cThe Bahamas must integrate into the global economy, not merely because of trade obligations, but because it is necessary for our economic survival and growth to ensure we are always providing new and relevant opportunities for Bahamians.\u201d<\/p>\n
Mr. Pinder was the keynote speaker at a World Intellectual Property Organisation (WIPO) seminar on Monday on the Role of Intellectual Property Systems in Enhancing the Competitiveness of Business and Industries.<\/p>\n
WIPO is the United Nations agency dedicated to the use of intellectual property (patents, copyright, trademarks, designs, et cetera) as a means of stimulating innovation and creativity.<\/p>\n
In anticipation of this integration, said Mr. Pinder, the Government must ensure that the necessary institutional infrastructure is established to render the country in the most favourable position possible to take advantage of what lies ahead.<\/p>\n
A modern Internet protocol (IP) system \u201cis one of these essential infrastructural investments,\u201d Mr. Pinder said.<\/p>\n
IP structures strive to prevent unauthorised usage of the works of musicians and visual artists, for example, and in circumstances when infringement occurs, penalties ensue, he said.<\/p>\n
\u201cThe evolution of the creative industry, especially among our young entrepreneurs, is a matter of priority for the Government and the Ministry of Financial Services, however, the adequate protections must be put in place,\u201d he added<\/p>\n
The Government, he said, is \u201ccommitted\u201d to ensuring that the necessary infrastructure and legislative reforms are in place to provide opportunities for Bahamians to participate in the global marketplace.<\/p>\n
IP also benefit producers of goods who want to trademark and market their products, he said.<\/p>\n
\u201cIP prohibits other entities from passing off their potentially subpar goods as the authentic version which in many instances can harm brand recognition and reputation,\u201d said Mr. Pinder.<\/p>\n
\u201cWe are committed to further developing our economic model, causing The Bahamas to be a trade and industry hub for the region.<\/p>\n
\u201cIn order, however, to expect international companies who have as their asset technology, inventions or other forms of intellectual property as a component of their business and production, we need to ensure that their intellectual property can be protected here and internationally in order to expect them to do business in The Bahamas.<\/p>\n
\u201cThe economic development of The Bahamas, as a trade and industrial jurisdiction is predicated on having the necessary legislation, infrastructure and compliance with international best practices. This is an underpinning of the initiatives of the Government of The Bahamas in intellectual property reform.\u201d<\/p>\n
The Bahamas recently entered into a trade support loan with the Inter-American Development Bank which has a number of components, he said.<\/p>\n
A primary one includes support for Customs reform, the agency responsible for intellectual property enforcement at the border.<\/p>\n
There is also a key component of the loan that provides support for the intellectual property registrar managed by the Attorney General office, he said.<\/p>\n
\u201cThis infrastructure reform is currently underway and will provide a modern, efficient platform in intellectual property for the further development of the economy of The Bahamas, both domestically and globally,\u201d said Mr. Pinder.<\/p>\n
By Bahamas Information Services<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":" Financial Services Minister Ryan Pinder warned that commitments undertaken in the Economic Partnership Agreement oblige The Bahamas to align its intellectual property regime to international best practices<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_10223285771444175_51037792744":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[3],"tags":[833],"class_list":["post-29030","post","type-post","status-publish","format-standard","hentry","category-business","tag-intellectual-property"],"_links":{"self":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/29030","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/comments?post=29030"}],"version-history":[{"count":0,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/29030\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/media?parent=29030"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/categories?post=29030"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/tags?post=29030"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}