Cabinet approves amended Intellectual Property Act

Thursday, 20 January 2022 00:00 - - {{hitsCtrl.values.hits}}

The Cabinet of Ministers approved the amended Intellectual Property Act No. 36 of 2003 on 12 October.

Accordingly, the Intellectual Property Act No. 36 of 2003 was amended to suit the present requirements of the country, Cabinet Co-Spokesman Udaya Gammanpila said at the post-Cabinet meeting media briefing yesterday.

He said this will enable an added competitive edge over other similar businesses or geographical locations. “It will also help to generate more income for enterprises through licensing agreements and greater export opportunities since intellectual property can increase the competitive edge in export markets,” Gammanpila said.

The clearance of the Attorney General has been received for the Bill which was drafted by the Legal Draftsman.

The proposal to this effect submitted by Trade Minister Bandula Gunawardena was approved by the Cabinet of Ministers on Tuesday.

The Bill will be published in the Government Gazette and subsequently submitted to the Parliament in order to seek approval.