With his establishment, President Maduro had made Venezuela go back in time also in the field of IP, for example by returning to the local classification of goods and services as far as trademarks are concerned.
Lately, however, Venezuela has announced the restoration of the latest version of the Nice Classification and also of the Trips Agreement, with the consequence, among others, that the six-monthly grace period for the renewal of trademarks is again in force; that it is again possible to patent inventions in the pharmaceutical and food fields; that it is possible to protect geographical indications.