Unlocking trademark value in the ASEAN
Best practices and new lessons must be learned from and acted on to see how they figure in the ASEAN setting
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Best practices and new lessons must be learned from and acted on to see how they figure in the ASEAN setting
Brand value is a significant ingredient for the growth of any company. A brand is created based on how a company connects with consumers, gains their trust and confidence, and how it grows its margins while also growing its positive impact on society.
In a rapidly changing and competitive landscape, brands must strategically invest, especially in effective trademark protection and enforcement, to uphold promises of quality and uniqueness.
"Unlocking Trademark Value in the ASEAN" was part of my discussion at the Businesses of IP Asia Forum held in Hong Kong early this month.
In the Philippines, the surge in trademark filings, reaching nearly 50,000 applications in 2022, reflects a growing awareness of the value of protection, marking a substantial increase from a decade ago.
ASEAN as a whole has experienced a remarkable 300 percent growth in trademark applications over the past decade, positioning the region's leading brands to surpass a market value of $250 billion, showcasing the escalating worth of intangible assets.
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Trademark-intensive activities significantly contribute to the economies of Indonesia, Malaysia, the Philippines, Thailand, and Singapore, with a substantial impact on GDP. In the Philippines, these activities directly accounted for 17 percent of GDP from 2012 to 2015, generating 47 percent of exports and employing 15 percent of the workforce.
The ASEAN Working Group on IP Cooperation, or AWGIPC, is committed to realizing the full potential of ASEAN trademarks outlined in the ASEAN IP Rights Action Plan, or AIPRAP, 2016-2025. Initiatives include reducing turnaround time for trademark registration, achieving a harmonized IP system, and updating examination practices through the ASEAN Common Guidelines.
Efforts to reduce turnaround time have been successful, with the average time dropping from 9.95 months in 2021 to 9.46 months in 2022. The goal is to further reduce it to the AIPRAP target of 6-10 months by enhancing capacities, improving IP office systems, and hiring more examiners.
We continue to harmonize examination practices to streamline operations by updating standards in the ASEAN Common Guidelines, adapting to new best practices, and considering the evolving roles of inventors, artists, and MSMEs. The ultimate aim is an integrated ASEAN trademark system to lower costs and facilitate business activities across the region.
ASEAN's commitment to the Protocol relating to the Madrid Agreement is a step toward a harmonized IP system, intending to enable a single trademark application for investors to access all ASEAN markets more efficiently and cost-effectively.
Beyond harmonization, unlocking the value of ASEAN trademarks requires fundamental changes in innovation and business policies. The AWGIPC is actively involved in IP valuation initiatives, conducting training programs and emphasizing the financial asset value of IP through customized business strategy programs for SMEs and startups.
The AWGIPC's recent study on IP valuation best practices underscores the importance of educating entrepreneurs, building linkages, and creating an IP valuation framework. Initiatives include exploring the formation of a working group on IP valuation within ASEAN and collaborating with experts from other zones to share best practices and foster consensus building.
Understandably, building capacities will be needed. Best practices and new lessons must be learned from and acted on to see how they figure in the ASEAN setting.
The surge in trademark filings, reaching nearly 50,000 applications in 2022, reflects a growing awareness of the value of protection.
Given the high satisfaction we have at IPOPHL for our services, our enforcement initiatives and our outreach efforts in IP awareness and education, we will focus on helping any AMS adapt in the next few years so that we all move together toward an integrated and protected trademark environment where ASEAN brands can unlock their full value in safe and innovation-enabling space.
