Business brief 2016: Venezuela

Ever since Venezuela withdrew from the Andean Community in 2006, the applicable law has been the Industrial Property Law of 1955, which is outdated. Nevertheless, Venezuela is a signatory to various international agreements, such as the Paris Convention, Hague Convention, the TRIPS Agreement and the Convention Establishing the World Intellectual Property Organization.

The Venezuelan Association of Industrial Property Agents (COVAPI) has submitted a request before the new National Assembly for the review and passing of a new IP law in accordance with international legal standards. It is expected that this new law will further strengthen the Venezuelan IP system while establishing clear rules in the promotion and protection of IP rights.