Singapore and Mexico on July 1 signed a memorandum of understanding (MoU) to strengthen bilateral cooperation on intellectual property.

This is the second agreement that Singapore has forged with Latin America, after Brazil.

The MoU, signed by the Intellectual Property Office of Singapore (IPOS) and the Mexican Institute of Industrial Property (IMPI), will remain in force for three years from the day of signing.

Under the agreement, the IPOS and the IMPI will work together to develop mechanisms that improve the quality and efficiency of patent application procedures; share knowledge to assist industry partners such as small- and medium-sized enterprises to better manage their intellectual property; and pool best practices in raising public awareness of intellectual property.

Tan Yih San, Chief Executive of IPOS, said at the signing ceremony that the MoU opens the door for companies in Singapore to reach out to the emerging Latin American region.

Miguel Ángel Margáin, Director General of IMPI, said, “This agreement marks an exciting start on cooperation links with Singapore . Our collective expertise and knowledge transfer will greatly enrich the IP systems of both economies, thereby providing support for businesses looking to expand internationally”.-VNA