According to the latest report by OECD and EU’s Intellectual Property Office the trade in counterfeit goods has increased rapidly over the last few years and now represent 3.3 per cent of the global trade.
The report titled as ‘Trends in Trade in counterfeit and Pirated Goods’ states the value of imported counterfeit goods around the world in 2016 was valued at $509 billion which increased from $461 billion in the year 2013. For the EU, the trade in fake goods represented 6.8 per cent of imports from non-EU countries up from 5 per cent in 2013.
The trade in counterfeit goods which violate trademarks and copyrights can generate profits for organized crimes at the expense of companies and governments. Counterfeit items like medicines, auto parts, toys, food, cosmetic brands and electrical goods have many health and safety concerns.
As per the report, some of the most counterfeited goods confiscated in the year 2016 included footwear, clothing, leather goods, electrical equipment, watches, medical equipment, perfumes, toys, jewellery and pharmaceuticals. Officials also pointed out that there was an increase in counterfeit musical instruments and construction materials. A majority of the fake goods originate in China, United Arab Emirates, Turkey, Singapore, Thailand and India.