Mossack Fonseca Panama: Hub for Maritime Trade
November 20, 2015 ―The Judiciary of the
Republic of Panama and the International Trademark Association (INTA) signed a
Memorandum of Understanding (MOU) that sets forth a foundation for future
cooperation between the two groups, and recognizes both the need for robust
intellectual property (IP) systems in a rapidly changing and increasingly
integrated global economy as well as the central role of Panama in international
maritime trade.
Panama’s
economy and infrastructure have driven its rapid rise in the areas of maritime
trade and intellectual property protection.
Panama’s Economy
Panama
has one of the fastest growing economies in the world, to wit:
•Over
the past 10 years, Panama’s GDP has grown at an annual average rate of 7.8%.
•The
IMF has projected Panama’s GDP growth at 6.1% and 6.4% for 2015 and 2016,
respectively―far outpacing all countries of North and South America.
•Poverty
levels in Panama have been reduced from 39.9% to 26.2% percent over the past
decade.
•The
Panama Canal is arguably the most important maritime waterway in the world,
connecting North and South America and the Pacific and Atlantic oceans.
•In
2016, the Panama Canal expansion project will be completed. The existing locks
can handle cargo ships carrying up to 5,000 20-foot containers (TEUs). The
expanded locks will handle megaships carrying up to 13,000 TEUs. The expanded
canal will only bolster Panama’s role as an international business hub, and the
canal’s annual revenue is projected to increase from $2.6 billion in 2014 to
$6.2 billion by 2025.
•A
vastly expanded, ultra-modern international airport with connections throughout
the world.
•The
world’s second largest free trade zone with170 multinational companies and over
100 international banks
Panama’s Maritime Trade
and Intellectual Property Protection
Both
INTA and the Panamanian government appreciate the impact of the Panama Canal
expansion on global trade and the global trademark community. Transshipment and
transit of goods through free trade zones and free ports contribute
significantly to the trafficking of counterfeit goods, and eighty percent of
the goods passing through the canal are goods in transit. The MOU will serve to
develop cooperative activities in the field of trademarks and other related
areas. INTA and the Judiciary have already begun organizing judicial training
seminars. Other areas of future cooperation include:
•Development
of collaborative projects related to trademarks, dispute settlement, trademark
rights enforcement, and other related areas;
•Exchange
of information, experiences and educational materials;
•Development
of studies; and
•Organization
of meetings and conferences.
“Panama
plays a critically important role in the global economy and international
maritime trade and this will only increase with the expansion of the Panama
Canal,” said INTA President J. Scott Evans. “At the same time, Panama’s economy
and middle class are growing. The INTA looks forward to working with the
Judiciary to enhance its effectiveness for brand owners and consumers in Panama
and around the world.”
The
INTA released this micro-documentary video to explain the impact of the Panama Canal expansion on brand owners and
consumers around the world.
Source: The
International Trademark Association
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