Smuggling and counterfeiting is a global problem that poses significant challenges to economic development, public health, and social stability. Illicit trade has complex and interrelated socio-economic dimensions that are influenced by various factors, including corruption, technological advancements, demand for cheap and counterfeit products, amongst others. The effects of trade in smuggled and counterfeit goods challenge the well-being of consumers, efficient businesses, and effective governance. Illicit trade is often referred to as the crime of the 21st century due to its far-reaching impact on economies worldwide, affecting both developed and emerging nations alike. Despite global efforts to combat it, illicit trade persists as a highly profitable venture for illicit market operators, resulting in significant losses for industries, governments, and society as a whole. Illicit trading activities can seriously hinder India’s goal of achieving a $5 trillion economy by impeding its growth potential.

Recognizing the interconnectedness of organized crime, illicit trade, terrorism, and their socio-economic implications is crucial. Effectively combating these issues necessitates international coordination and cooperation to foster transparency, accountability, and good governance worldwide. Organizations across the globe are actively collaborating to enhance cooperation in preventing, detecting, and prosecuting illegal financial flows. Illicit trade and terror financing undermine economic growth, impede development efforts, and exacerbate inequalities within societies. By bolstering cooperation and implementing robust measures, countries can work towards minimizing the socio-economic impact of illicit trade. Joint endeavour acknowledges the complex and evolving nature of these challenges and underscores the importance of addressing them comprehensively to foster sustainable socio-economic progress globally.

MASCRADE 2023 will focus on imparting knowledge and creating awareness on the socio-economic consequences of illicit trade on both global and Indian economies. Additionally, the conference delves into international efforts required to combat terror financing in illicit trade, as well as the utilization of technology to detect and prevent such activities. The conference will serve as a platform for stakeholders to engage in meaningful discussions and analysis of the detrimental socio-economic effects of illicit trade, with the aim of promoting large-scale awareness and understanding of this critical issue.

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