The US President Donald Trump recently signed a memorandum on combatting the trafficking of counterfeit and pirated goods which will stop the sales of fake goods, especially on e-commerce platforms. In a statement applauding the work of US government, FICCI said that the Department of Homeland Security along with the Commerce Department, the federal agencies will create a report to curb fake goods in American marketplace within 201 days.
The report will determine the data, factors, market incentives and distortions which lead third-parties to involve in the trafficking of fake and pirated goods.
According to a study released by OECD, the business of fake and pirated products represents 3.3% of the global trade. The study also explains that the share of counterfeits has grown significantly posing a risk to the global economy. FICCI has been addressing the menace of illicit trade with regards to duplication, smuggling and piracy through its initiative CASCADE (Committee Against Smuggling and Counterfeiting Activities Destroying the Economy).
While speaking on the development Anil Rajput, Chairman FICCI CASCADE said, “This is a proactive step taken by the US President to curb the menace arising out of sale of counterfeits which adversely impacts the legal industry, government revenue and the health and safety of the people. Illicit trade also fuels organized crime. It threatens peace and stability worldwide, and hence all countries across the world must address the matter on war footing.”
FICCI CASCADE works in coordination with government, industry, enforcement agencies, media, legal experts and consumer organizations to develop awareness on counterfeiting and smuggling.
Source: Outlook India