Economic Integration Committee Reviews Progress of Trademark Protection Efforts

The Economic Integration Committee held its third meeting of 2024, chaired by Abdulla bin Touq Al Marri, Minister of Economy, and attended by Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, along with representatives from local economic development departments across all emirates.

The Committee reviewed the progress on the implementation of its previous meeting's agenda from March, discussing several crucial topics. A key focus was enhancing national efforts to improve trademark registration in the UAE in line with global best practices.

Abdulla bin Touq Al Marri stated: “In accordance with the directives of our wise leadership, the UAE has made significant strides towards fostering an exemplary legislative and economic framework, adhering to the highest global standards. This advancement is evident in the implementation and refinement of diverse policies and regulations across vital economic sectors, particularly those pertaining to emerging sectors like technology, innovation, intellectual property and trademarks.

Notably, the UAE has been named the premier global destination for initiating and conducting new economic ventures, according to the 2024 Global Entrepreneurship Monitor (GEM) report. This recognition aligns with the 'We the UAE 2031' vision, which aims to position the UAE as a compelling and influential economic hub within the next decade.”

Bin Touq emphasised the importance of the Economic Integration Committee and local economic development departments in supporting national efforts to enhance and update competitive and flexible economic laws and policies.

These efforts play a crucial role in supporting the UAE’s vision of transitioning to a knowledge-based and innovative new economic model. Additionally, they will attract foreign direct investments and instill confidence in investors, businessmen and capital owners within the national economy.

He highlighted the significant economic growth achieved by the UAE under the vision and guidance of the wise leadership in 2023. These accomplishments include a 3.6 per cent growth in GDP at constant prices from 2022 to Dh1.68 trillion. Furthermore, the non-oil GDP at constant prices reached Dh1.25 trillion, growing by 6.2 per cent compared to 2022.

These figures solidify the UAE’s position as the fifth-largest economy globally in terms of real GDP growth. Additionally, the UAE has been ranked first in the region and 18th globally in the World Economic Forum's Travel and Tourism Development Index (TTDI) 2024, climbing seven places from its 25th global ranking in 2019.

Last week, the UAE signed an Economic Partnership Agreement with South Korea, marking the beginning of a new era of economic growth and promoting positive collaboration across various sectors such as trade, investment, and economy. This agreement aims to foster constructive cooperation with one of the world’s strongest economies.

The Committee reviewed the progress made in developing the National Economic Registry, utilising the latest technological solutions and artificial intelligence. The registry consists of two phases: the first links data from local licences issued by UAE emirates to companies and institutions and the second links data from licences issued by free zones to companies and institutions.

It will also integrate data of all licence types from all registration authorities in the UAE and free zones. Once complete, the registry will provide an integrated database of companies registered in the country, aligning with best practices and legislations and developing sectoral economic policies based on comprehensive, precise and continuous data.

The Committee further reviewed the UAE’s efforts to fortify the trademark registration and protection system, considering the legislations implemented in alignment with best standards. These efforts play a pivotal role in enhancing the UAE's attractiveness to trademark-related investments and advancing the growth of its products in Emirati markets, ultimately enhancing the reputation of the national economy.

Notably, the total number of registered trademarks, owned by both local and international companies, has reached an impressive figure of 216,937.

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