Fake Goods A Booming Global Trade

Fake Goods A Booming Global Trade

Global trade in fake goods is worth nearly a trillion dollars a year with US, Italian and French brands hit the hardest and many of the proceeds going to organised crime, according to a new report by the OECD and the EU’s Intellectual Property Office.
Trade in Counterfeit and Pirated Goods: Mapping the Economic Impact puts the value of imported fake goods worldwide at US$461 in 2013, compared with total imports in world trade of US$17.9 trillion. Up to 5% of goods imported into the EU are fakes, with most originating in middle-income or emerging countries, with China the top producer.
OECD Deputy Secretary-General Doug Frantz says the report’s findings contradict the image that counterfeiters only hurt big companies and luxury goods manufacturers.  “They take advantage of our trust in trademarks and brand names to undermine economies and endanger lives,” he says.
Footwear is the most-copied item, though trademarks are infringed even on strawberries and bananas. Counterfeiting also produces knockoffs that endanger lives, ranging from auto parts, pharmaceuticals, and baby formula, to medical instruments that deliver false readings.

source: http://charteredaccountantsanz.com

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