Biz-lip.com: Fakes Goods Cost EU Companies EUR 7.5 Billion Per Annum.

LONDON -- According to a report now offered by biz-lib.com - "Combating Counterfeiting Strategic Review" - counterfeiting accounts for a staggering 7% of global trade. This equates to roughly $512 billion, a figure higher than the GDP of all but 11 countries and the same size as the total GDP of Australia. Other studies, including one from OECD, believe the figure may be as high as 10% (or more than $731 billion). And it is definitely getting worse: revenues from counterfeit product sales are growing at an alarming rate -- more than 400% since the early 1990s, while sales of legitimate brands grew just 50% over the same timeframe, the WCO reports.

The International Chamber of Commerce estimates that counterfeiting and piracy cost the global economy GBP 241 billion annually ($450 billion), while it cost the UK industry an estimated GBP 10 billion in 2003. "Combating Counterfeiting Strategic Review" notes that the estimated loss of tax revenue in the UK economy through counterfeiting is approximately GBP 1.75 billion, whilst counterfeiting robs EUR 750 million from Irish businesses, places 250 jobs at risk and funds organised crime and terrorism. Taking account of fake products, the effect of counterfeiting and piracy in the EU could actually be as high as GBP 250 billion - of which GBP 30 billion is lost in taxes and excise. Not only that, European figures suggest that the global trade in all types of counterfeits robs the global economy of at least $1,000 billion per year.

In Europe as a whole, it is estimated that clothing and footwear companies lose EUR 7.5 billion per year to counterfeiting per year in Western Europe alone (WCO IPR Strategic Group, 2001).

For further information, visit http://www.biz-lib.com/ZAB78092.html.