Turkmenistan approves Regulations on duties for inventions and trademarks

Business Materials 30 July 2011 13:39 (UTC +04:00)

Turkmenistan, Ashgabat, July 30 / Trend H. Hasanov /

Turkmen President Gurbanguly Berdimuhamedov approved the Regulation on duties relating to inventions and industrial designs, as well as the Statute on duties relating to trademarks, service marks and names of origin of goods.

This is done to regulate intellectual property issues in accordance with the Turkmen laws "Inventions and industrial designs", "Trademarks, service marks and names of origin of goods".

The need to develop a new order of duties occurred because Turkmenistan joined major international conventions and agreements for the protection of inventions, industrial designs and trademarks, as well as considering the actively developing cooperation with foreign partners and increasing the inflow of foreign investments in the country's economy.

This would also ensure the necessary conditions for the innovative development of national economy in accordance with the requirements of time and international experience.

Moreover, the Turkmen Ministry of Finance will sign a contract "Assignment of copyright in the territory of Turkmenistan" with the Foundation of International Financial Reporting Standards (UK) for two years.

The contract will be signed to translate international accounting standards into the Turkmen language and their implementation in Turkmenistan.

The press-service of the Turkmen government said that during the last governmental meeting, the president said that the new documents are designed to promote the active integration of our country in the world economy and to further enhance cooperation with foreign partners.

An article on a phased transition to a market economy has recently appeared in the Turkmen Constitution.