Myanmar’s intellectual property law is expected to be finalised by June, sources within the industry revealed recently.
Work began on implementing IP law in 2003 and in 2010 the Ministry of Science and Technology pushed further forward the plans to have it up and running.
“The Chief Attorney’s Office continues to process the copyright law. In 2010, the Ministry took accountability and urged parties to progress with the law. We are waiting for approval from the President’s Office as well as Hluttaw and are expecting it in June,” said U Min Tayza Nyunt Tin, managing partner for MN Associates Intellectual Property Law Firm.
Copyright extends to four parts-creation copyright, trademark, literary and artist work copyright and industrial patent copyright. As Myanmar attracts an increasing number of foreign visitors and businesses, IP Law is seen as a crucial law.
“After the copyright law is finalised, it will benefit industrial products and pharmacy products very much. When Myanmar becomes part of the ASEAN Free Trade agreement, foreign investment will flood into the country and if copyright law is not enacted properly, then the state economy could lose around 20 percent,”” Nyunt Tin added.