Understanding a Potential new Intellectual Property Bill

By Enrique Cheang, E.C.V. & Asociados

Venezuela is analysing a legislative shift with the possible development of a new Intellectual Property (IP) bill. 

This follows concerns raised by several international institutions, among them the latest Special 301 Report from the United States Trade Representative (USTR) regarding the country's adherence to international IP standards, particularly its reinstatement of the 1955 Industrial Property Law. 

Although there are still decisions to be made, the Ministry of Commerce in Venezuela is spearheading the development of the bill. Among its key objectives is the modernization of trademark and trade name conceptualizations, alongside provisions for slogans, collective marks, geographical indications, and more. One of the primary focuses is to establish mechanisms for collaboration between public entities, universities, and the private sector to bolster a cohesive national IP strategy.

Additionally, the Ministry of Commerce seeks to fortify knowledge dissemination through educational institutions and implement safeguards against unfair trade practices.

The potential legislation also looks to emphasize on nurturing Venezuelan entrepreneurship, safeguarding consumer rights, and streamlining administrative processes for both national and international investors. Furthermore, it aims to encourage the establishment of Special Economic Zones (ZEE), which could potentially stimulate economic growth and innovation within designated areas. 

According to the USTR, while Venezuela’s Autonomous Intellectual Property Service (SAPI) granted new patents and also waived various filing fees for small and medium enterprises to encourage IP system usage in 2021, the country did not make any notable progress toward improving IP protection in 2023.