Saudi Arabia to Sign 15 International Treaties, Deals to Strengthen Intellectual Property

Saudi Arabia called for the need to include the Arabic language in the Madrid and Hague systems (SPA)
Saudi Arabia called for the need to include the Arabic language in the Madrid and Hague systems (SPA)
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Saudi Arabia to Sign 15 International Treaties, Deals to Strengthen Intellectual Property

Saudi Arabia called for the need to include the Arabic language in the Madrid and Hague systems (SPA)
Saudi Arabia called for the need to include the Arabic language in the Madrid and Hague systems (SPA)

The Saudi Authority for Intellectual Property is preparing to engage in 15 international treaties and agreements that will strengthen the intellectual property in Saudi Arabia, enable the system of protection and enforcement of intellectual property rights, and enhance cooperation with international partners.

Hesham Alarifi, Executive Director of Partnerships and International Cooperation at the Authority, revealed an endeavor to join 15 international agreements by the end of 2023, within of the framework of the 64th General Assembly of the World Intellectual Property Organization (WIPO), which kicked off on Thursday in Geneva.

Alarifi said that the global forum will have a direct and positive impact on the progress of the intellectual property sector led by the Saudi Authority.

He added that the Kingdom has joined the WIPO in 1982, stressing that the relationship between the two sides has witnessed a strategic development in many businesses and projects.

Saudi Arabia has already signed 13 different agreements, and is looking forward to joining about 15 international conventions and treaties, with the aim to achieve a positive impact on the intellectual property sector in the country, the Saudi official stated.

On Tuesday, the Authority is organizing the Saudi Day event, on the sidelines of the WIPO meetings, to shed light on Saudi culture, history and civilization.

Meanwhile, Saudi Arabia has called for the necessity to include Arabic in the languages of the Madrid System for trademark registration and management and the internationally approved Hague System for registering industrial designs.

Dr. Abdulaziz bin Mohammad Al-Suwailem, CEO of the Saudi Authority for Intellectual Property, stressed the importance of adopting the Arabic language within the languages of the Madrid and Hague systems, noting that the Kingdom has paid great attention to protecting and enforcing intellectual property rights.

Addressing the WIPO General Assembly, Al-Suwailem presented Saudi Arabia’s strategy to build a system that promotes an economy based on innovation and creativity, and the modernization of intellectual property legislation.



Gold Lingers Near Two-week High as Focus Shifts to Payrolls Data

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Lingers Near Two-week High as Focus Shifts to Payrolls Data

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices were flat near a two-week high on Thursday after softer-than-expected US economic data spurred hopes of interest rate cuts as early as September, and the market spotlight is now on Friday's non-farm payrolls data.

Spot gold edged 0.1% higher to $2,358.19 per ounce as of 9:53 a.m. ET (1353 GMT), after prices hit their highest level since June 21 on Wednesday. Most US markets were closed for Independence Day holiday on Thursday.

Bullion prices in the previous session gained more than 1% after a weak services report and ADP employment report on Wednesday depicted a slowing US economy, Reuters reported.

"It appears that there's a strong chance that the rate cuts might occur some time in the end of third quarter or early part of the fourth quarter, which just makes gold a lot more attractive than the alternative (which is) bonds," said Alex Ebkarian, chief operating officer at Allegiance Gold.

Lower rates reduce the opportunity cost of holding non-yielding gold.

Minutes of the Fed's June meeting acknowledged the US economy appeared to be slowing and "price pressures were diminishing".

"Long-term wise, we're seeing the sanctions that the US placed (on Russia) inducing a lot of central banks and other governments to move towards gold specifically to eliminate the counterparty and default risk," Ebkarian added.

The sanctions, announced last month, are aimed at cutting off Russia's access to products and services needed to sustain military production for its war in Ukraine.

Traders are now focused on US nonfarm payrolls data, due on Friday. The market is looking for weaker job creation last month, said Ole Hansen, head of commodity strategy at Saxo Bank.

"Together with an expected easing in wage pressure, the precious metal market is likely to react positively should these numbers be confirmed," Hansen added.

Spot silver fell 0.2% to $30.409 while platinum rose 1.6% to $1,012.50.

Palladium was 0.5% down at $1,024.66, after scaling its highest level since mid-April in the previous session.