NNA - Minister Salam announced that Lebanon had been removed from the watch list related to the level of protection of intellectual property rights.
Economy and Trade Minister Amin Salam announced that Lebanon has been removed from the watch list related to the level of protection of intellectual property rights.
"We are proud of this important progress," he said in a statement. Lebanon is among four countries (Kingdom of Saudi Arabia, State of Kuwait, and Republic of Romania) removed from the watch list related to the level of protection of intellectual property rights. It is an excellent first step to enhance confidence in Lebanon's seriousness in developing and introducing laws and regulations that comply with international standards, especially the requirements of the World Trade Organization and the World Organization for Intellectual Property Rights.
He added: In light of the efforts to develop the protection of intellectual property rights in Lebanon and based on the serious guidance of the Ministry of Economy and Trade to ensure the maximum possible protection for intellectual property rights, and as a result of the efforts made by the Ministry in light of the difficult and exceptional circumstances that Lebanon is going through, the US government’s decision was issued to remove Lebanon’s name from the watch list related to the classification of countries according to the level of protection of intellectual property rights they have.
He referred to what was included in the statement of the US Foreign Trade Representative on this decision, which confirmed that Lebanon has made progress towards developing the protection of intellectual property rights. Over the past years, Lebanon has strengthened and implemented regulations, and the Ministry of Economy and Trade has undertaken many initiatives with international organizations, including a recent cooperation agreement the Minister is working on with the World Intellectual Property Organization (WIPO).
It is noteworthy that the statement is issued annually by the US Foreign Trade Representative Office based on legislation from Congress, and it assesses the level of protection for intellectual property rights in all countries of the world and categorizes the countries in which protection is considered less than the required level in two world-famous lists, namely the regular watch list and the primary (strict) watch list.
These two lists published on the website of the US Foreign Trade Representative Office are one of the important indicators that international investors look at when studying the feasibility of investing in any of the countries around the world, and that removing the name of Lebanon from them and issuing this announcement in its positive form referred to above will have positive repercussions on the economic and investment environment in Lebanon.
It is noteworthy that the relevant agencies of the Ministries of Economy and Trade, Industry, and Finance (Customs Directorate), have worked hard and diligently to achieve this progress, which lays the foundations for greater successes that enhance the seriousness of the Lebanese economy towards the reform and recovery process.
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