OECD warns about the rise in commercialization of fake products

According to a the latest report by OECD (Organization for Economic Cooperation and Development) and EUIPO (European Union Intellectual Property Office), there has been a considerable increase in the rise in the commercialization of fake products. The report states that fake and pirated goods currently have a global value of 460 billion euros which has jumped up from 338 billion euros in 2016.

The EU has estimated that 6.8% of all imports from third countries are counterfeit or pirated having a total value of 121 billion euros. It is a considerable increase when compared with the 5% estimate of EU imports stated in the 2016 report.

The companies and businesses most affected by forger and piracy have headquarters in countries like United States, France, Italy, Switzerland, Germany, Japan, South Korea and the United Kingdom.

However, an increasing number of companies registered in other economies (China, Brazil and Hong Kong) are also affected by the world trade of fake and pirated products.

The report noted that those products can come from any economy in the world, be made there directly or be introduced through a point of transit.

Source: plenglish.com