March 12, 2021
Foreign Trade

Foreign Affairs Senate Committee unanimously approves Madrid Protocol

Foreign Affairs Senate Committee unanimously approves Madrid Protocol
With five votes in favor, the Foreign Affairs Senate Committee approved the draft agreement to adopt the Protocol relating to the Madrid Agreement concerning the International Registration of Marks (Bulletin No.13929-10).

The Madrid Agreement is an international system for facilitating the optional presentation of trademarks, administered by the World Intellectual Property Organization (WIPO) and comprised of 107 members spanning 123 countries. The system represents 80% of world trade and includes our main trade partners China, the United States and the European Union, as well as Latin American countries such as Brazil, Colombia, Cuba and Mexico.

International Economic Relations Undersecretary (SUBREI) Rodrigo Yáñez attended the meeting where he expressed his appreciation for the vote, saying that this initiative will benefit small- and medium-sized companies because it is a tool that protects and incentivizes the internationalization of trademarks, protecting these intangible assets in a globalized world.

"Intellectual property is an important driver for development. It adds value to products and services and contributes to world trade. Along this line, adopting the Madrid System will simplify the protection of a trademark in multiple jurisdictions, providing an advantage to companies and entrepreneurs that export,” the Undersecretary said.

Undersecretary Rodrigo Yáñez added that this would simplify the presentation and administration of trademark portfolios. This would be done centrally, thus reducing the costs associated with getting legal advice on how to request trademark protection in each individual country. Once centrally processed, the acceptance and subsequent registration of each trademark will be undertaken by each country where protection is required.