The study is based on the importance of the Madrid Protocol in the present economic scenario of India. The Indian economy is one of the fastest growing economies and has all the potential to become the world leader in this century. The Intellectual Property is an important tool for the economic well-being of a country and it is highly important to give a proper environment to protect its rights.
The Trademarks are an important branch of Intellectual property and its protection is highly necessary. In this 21st Century the business will grow beyond the borders of a country due to the better transportation, communication and advancement of the technology. The protection of Trade marks in different countries is highly important to grow business of an enterprise. The Madrid Protocol is one of the effective tools to register the Trade Marks internationally and it is essential that India to accede the system. Many of the developed and developing countries have already been acceded the system and India cannot keep itself away from accessing to Madrid Protocol.
However, before accessing the Madrid Protocol, it should be ensured that the Trade Marks law in India is in harmony with the international trends and treaties. Certain amendments of the present Trade Mark laws are essential to accommodate the Madrid Protocol and the Government of India has initiated the action by way of drafting the Trade Marks (Amendment) Bill in the year 2007 and the Bill to be presented before the Parliament for final approval.
The international registration and management of trademarks is facilitated by the Madrid Agreement or the Madrid Protocol or in some cases by both the Protocol and agreement and is administered by the World Intellectual Property Organization (WIPO) located in Geneva, Switzerland. India is a member of the Madrid Protocol since July 08, 2013.(1)
As of April 29, 2016, 97 countries have joined the Madrid Protocol.(2) A current list of the countries who are members of the Madrid Protocol is available online at the website of World Intellectual Property Organization (WIPO).
Benefits of the Madrid System
- One application in one language;
- Payment of one set of fees;
- Seek protection of the mark in 90+ countries;
- Seek protection of the mark in new countries that become members of the Madrid system subsequently;
- Automatic registration in designated countries if the trademark office does not raise an objection in 12 or 18 months;
Any change of applicant/ownership information, limiting goods and services, renewal of the registration, assignment/license of rights in one or more jurisdictions can be made by just filing a single application.
Objective of Madrid System
The main objectives of the system is to facilitate an easier way to register the trademarks and service marks among the contracting parties with lesser efforts and made subsequent management of the trade mark and service mark portfolio easier among the designated contracting states.