Tuesday, March 19 2024   \  Published by H&A.

Venezuela – progress on patent protection and efforts to strengthen economic relations

Venezuela – progress on patent protection and efforts to strengthen economic relations

Venezuela's recent strides in intellectual property mark a significant shift in its economic landscape. With the resumption of patent granting after a 15-year hiatus and advancements in digitalization at the Patent and Trademark Office, the country is poised for a new era of innovation.

Venezuela is expected to hold presidential elections in 2024, which have opened a new dialog with the USA. The country is also trying to strengthen economic relations with other nations (including the European Union), which have recently been characterized by strong sanctions, especially with the West.

ECONOMY AND IP – HISTORICAL DEVELOPMENT

Venezuela was one of the most developed and aspiring countries in Latin America in the 1970s and 1980s.

The enormous wealth of natural resources (particularly oil, where the country is the world’s number one producer according to statistics from 2022) gave the already prosperous country a real boom during the years of the oil crisis and rising oil prices, which led, among other things, to foreign immigrants and investors increasingly focusing on the country. Read more

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