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Visegrad countries sign agreement on joint patent institute

Representatives of industrial property offices of the V4 member countries – Czech Republic, Hungary, Poland, and Slovakia – signed an agreement on the Visegrad Patent Institute in Bratislava yesterday, Slovak news agency SITA reported. 

The Visegrad Patent Institute will function as a non-governmental organization with the objective to promote innovation and competitiveness in the region, SITA reported, citing information from the press department of the Slovak Foreign and European Affairs Ministry.

The institute is designed to facilitate the access of SMEs, universities and research organizations from the region to an international system of registration of inventions and technical solutions under the Patent Cooperation Treaty and the granting of a patent.

It is expected that fees associated with filing an international application will drop and costs associated with fees for a patent application will fall by 25% for firms and by 37% for individuals according to the report.