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No less than Rs 100 million has been unleashed for Sri Lanka’s historic accession to the Madrid Protocol, slated to complete by the end of this year. Sri Lanka’s accession to the Madrid Protocol is the biggest milestone in its Intellectual property history so far-and it has been clinched at a record-breaking short period of two years from the time the policy decision was arrived at.

“Intellectual Property is vital for our businesses and economy to develop. We have been striving to get funds for Madrid Protocol accession. Recently, we received the funds but then lost them since the allocations were unexpectedly returned to the Treasury” said Minister of Industry and Commerce Rishad Bathiudeen, under whose Ministry the National Intellectual Property Office (NIPO) functions. Thereafter I personally submitted a Cabinet Paper and managed to secure Rs 100 Million (US $ 656,600) to move forward on our accession to the Madrid Protocol. We believe we will achieve accession by end of this year,” added Bathiudeen.

He said this addressing the launch event of the two day National Workshop on Intellectual Property (IP), Traditional Knowledge and Traditional Cultural Practices session co-organised by his Ministry with Geneva’s World Intellectual Property Organisation (WIPO) last week.