China and Russia are alleged to be the leading producers of counterfeit goods and international companies are losing more than $60 billion a year.
The U.S. and European Union plan to crack down on fake goods by coordinating information and working more closely with the industry.
Counterfeiters are expanding their market, by producing phony versions of daily need items such as Nescafe instant coffee, Cold drinks and toothpastes. Phony items are less in price and their heavy consumption is posing a potential health hazard.
Although China has repeatedly promised to improve protection of intellectual property rights, but the world’s fastest-growing major economy is accused of 64 percent of imported contraband.
After China and Russia, India, Brazil and Indonesia were the next worst offenders. The impeachment of intellectual property rights is increasing because most of countries are reluctant to enforce laws against counterfeit goods.
Via:
Bloomberg
