The Role of Regional Trademark Systems

What if, instead of having to file a trademark application in every country you are doing business in, you could file a single application covering several markets in a geographic region? The possibility is being explored in regions as far apart as Southeast Asia and Latin America, on the basis that it could offer simpler procedures, easier record-keeping, and greater value for trademark applicants, who would need to spend less time and money filing applications in multiple markets. But do the potential benefits outweigh the considerable obstacles that have to be overcome?