Report: Sales of Counterfeit Reproductions Set to Increase Worldwide

A new report predicts a rise in counterfeiting and pirated goods over the next ten years.

 

The report says China has been at the center of copying goods, from clothes to electronic devices, and medicines to beauty products.

 

It says governments and businesses are working to stop the illegal and unapproved copying of products, and protect companies and jobs.

 

The International Trademark Association and the International Chamber of Commerce published the report in February. It estimated the value of counterfeiting and piracy worldwide could reach $2.3 trillion by 2022. In 2015, the value was $1.7 trillion.

 

The research company Frontier Economics prepared the report. It said social, investment and criminal enforcement costs could increase the total cost of counterfeiting and piracy to $4.2 trillion. It said that would put about 5.4 million jobs at risk.

 

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