Bahraini shura financial committee discusses GCC trademark law

Shura Council's Financial and Economic Committee Chairman Khalid Hussain Al-Maskati affirmed the need to continue the efforts aiming to achieve GCC economic complementarity and unifying trade regulations and policies through taking advantage of the agreements signed by member states with the main international economic blocs. He Pointed out that the Legislative Branch in Bahrain supports this approach through the enactment of many laws that contribute to achieving complementarity among GCC states. He noted that the Financial and Economic Committee at the Shura Council had recommended during its meeting this morning the approval of a resolution(system) accompanying Royal Decree 52/2013 regarding unified GCC trademarks, for the aim to put forward a comprehensive regulation of trade marks, including the registration procedures, duration of protection, canceling a registration as well as the transfer of its ownership, licensing contracts' use. Al Maskati added that the economic situation the world is going through requires activating GCC common market, stimulating intra-regional trade and the creation of a mechanism that helps GCC economic bloc deal with other blocs as equal partners and have a major role in the negotiation as it represents a primary thriving source of energy in the world. He explained that panel has discussed the financial statements of Shura Council for the fiscal year ended on December 31, 2012 , which has been audited by the National Audit Office in the presence of representatives of the Secretariat General of the Council.