The Minister of Economic Development and Trade, Mohamed Saeed, has stated that the Trademark Bill submitted to the People’s Majlis is an important bill for attracting the interest of investors in the Maldives. The government submitted the Trademark Bill to the parliament on the 14th of this month. This bill aims to establish a system for registering trademarks and set out the main principles related to creating a favorable environment for producers and professionals in the Maldives. The bill also outlines the scope of rights granted to trademark owners upon registration and the procedures for taking action against trademark infringement.
Regarding the Trademark Bill, Minister of Economic Development and Trade Mohamed Saeed shared a post on social media stating that this is a long-overdue bill. He also said that this is a very necessary and important bill to strengthen the business environment in the Maldives and build trust. The Minister said that with the passing of this bill and its enactment into law, it will increase the confidence of businesses in the Maldivian business environment. He also stated that this bill demonstrates the government’s commitment to protecting intellectual property rights and is important for attracting the interest of investors in the Maldives.
The Minister of Economic Development also said that the Trademark Bill is an important step in President Dr. Mohamed Muizzu’s vision tozu’s vision to make the Maldives a developed country by 2040.
According to the bill submitted by the government, the owner of a registered trademark will have the right to prevent the use of a similar mark or product or service similar to that mark in business without the permission of the trademark owner, in situations where it may cause confusion. The bill also details the areas where the rights of registered trademark owners cannot be exercised. According to the bill, a trademark in the Maldives will be registered for a period of 10 years. The bill states that after this period expires, an application can be made to extend the registration for another 10 years.
The bill also states that if trademark infringement is proven, the court may order compensation for damages to the trademark owner. It also says that the court may order the recovery of costs incurred in stopping and reclaiming trademark rights infringement. Additionally, the bill prohibits counterfeiting or importing, selling, and exporting counterfeit trademarked goods in the Maldives. Anyone who commits such an act can be fined between 100,000 and 2,000,000 Rufiyaa.
Upon passing and ratifying this bill, a 12-month period will be given to re-register currently registered trademarks. The bill states that if not re-registered within this period, those trademarks will be canceled. The law will come into effect 12 months after the date of ratification of the bill.
