At a conference organised by the International Trademark Association (INTA) in Hong Kong, Amar Breckenridge of Frontier (Europe) presented Frontier’s latest report into the economic impacts of counterfeiting and piracy. The report was jointly commissioned by the INTA and Business Action to Stop Counterfeiting and Piracy (BASCAP), an initiative of the International Chamber of Commerce.
Building on recent work by the Organisation for Economic Co-operation and Development (OECD) and the European Union Intellectual Property Office (EUIPO), Frontier estimated the global value of counterfeit and pirated goods and services in 2013 at around $923 billion to $1.13 trillion – almost the equivalent size of Spain’s economy in 2015. The report also reported widespread negative economic impacts of these activities, in terms of displaced economic activity, supressed foreign direct investment, the costs of crime, and fiscal losses. Collectively, these losses were worth between $737 and $898 billion.
A key conclusion of the analysis was that the payoffs from investing more to clamp down on these activities could be significant: a one percentage point reduction in counterfeiting and piracy would yield an additional $30 to $54 billion in growth in the OECD economies in 2017 alone.
Frontier (Europe) regularly advises clients on international trade and public policy.
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