KATHMANDU, March 18: Under Secretary of the US Commerce for Intellectual Property and Director of the United States Patent and Trademark (USPTO), Kathi Vidal, called on Minister for Industry, Commerce and Supplies, Damodar Bhandari, on Monday. 

During the meeting at the Ministry of Commerce, they exchanged a memorandum of understanding (MoU) aimed at bilateral cooperation to promote intellectual property.

The minister highlighted the need for creating and promoting intellectual property in Nepal to leverage its benefits in trade and investments. "We anticipate continuous support from the US government to leverage the advantages provided by Article 66.2 of the TRIPS Agreement and the Nagoya Protocol on Access and Benefit-sharing," stated the minister. 

Nepal has prepared a policy on intellectual property to harness potential opportunities in this sector, he said on the occasion, adding that the government is working on the formulation of Industrial Property Law to replace the Patent, Design and Trademark Act.  

The minister expressed his hope that Nepal could reap benefits in various aspects of intellectual property through sound practices and cooperation with the USPTO. The memorandum of understanding is expected to contribute to the development of Nepal's Intellectual Property Protection Bureau and enhance the capacity of its workforce, thus creating an environment conducive for investment, he added. 

Furthermore, the minister urged US investors to confidently consider Nepal as an investment destination. In response, Vidal affirmed the USPTO's readiness to collaborate with Nepal, expressing the US government's positive stance towards scaling-up investment in Nepal. 

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