Madrid System for Registration of Trade Marks offers an attractive route for SMEs to protect their trade marks in all sectors to enhance their global competitiveness while Geographical Indications (GIs) is a must for development of national economies. This was the crux of the speeches delivered at a seminar on “Identification of Geographical Indications of Punjab: Madrid System of Registration of Trade Marks” jointly organised by the Lahore Chamber of Commerce and Industry (LCCI), govt of Punjab and IPO Pakistan here at LCCI on Monday. The speakers included LCCI President Irfan Qaiser Sheikh, Senior Vice President Kashif Younis Meher, Vice President Saeeda Nazar, LCCI former President Zafar Iqbal Chaudhry, Director Industries Sheikh Mohammad Siddique, Director General IPO Sajjad Bhutta, President Basmati Growers Association Hamid Malhi, LCCI Executive Committee Member Nabila Intisar and former Executive Committee Member Rehmatullah Javed. The speakers said registration of trade mark and identification of GIs are of great importance for doing business in the world marketplace in particular. Trade mark allows a consumer to distinguish between similar products and stop counterfeiters, while GIs help a country win a respectable place in a global market based on its agricultural and industrial strengths. They said good knowledge and clear understanding of these concepts can lead the country to a stage where the businessmen cannot only secure trade marks based geographical indications under Madrid System, but also develop genuine businesses in a country which is fully competitive in the international market. Registering a trademark in foreign markets gives a company the exclusive right to commercialise its products in those markets. This not only provides a solid basis to stop counterfeiters, but also ensures that the exporting company enjoys exclusivity over what may be one of its most valuable business assets. It goes without saying that reduced costs can enhance profits for SMEs and lead to considerable savings, which can encourage them to seek broader protection of their trademarks abroad, thereby facilitating and fostering the marketing of their branded products in foreign countries. In fact, SMEs can perhaps benefit the most from advantages offered by Madrid System.
