US President Donald Trump has signed a memorandum aimed at tackling the entry of fake goods into the country – especially via online marketplaces.
The notice says the value of global trade in counterfeit and pirated goods may rise to half a trillion dollars annually, with about 20% of this trade infringing upon US intellectual property.
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The Departments of Homeland Security, Commerce and Justice are tasked with composing a report detailing the extent of which third-party marketplaces and other third-party intermediaries are used to: “facilitate the importation and sale of counterfeit and pirated goods; identify the factors that contribute to trafficking in counterfeit and pirated goods; and describe any market incentives and distortions that may contribute to third-party intermediaries facilitating trafficking in counterfeit and pirated goods,” according to a White House statement.
Product authentication business Applied DNA Sciences said it supported the move from Trump, adding it would help protect American consumers, manufacturers, and factory workers from counterfeiting.
“We are happy to see attention at the Federal level on this global issue to protect American consumers and American manufacturers and brands,” says Dr. James Hayward, president and CEO of Applied DNA. “Our CertainT platform is proven to provide transparency, traceability and trust across the global marketplace and can empower the President’s directive.”
Recent data from the Organisation for Economic Co-operation and Development (OECD) reveals footwear, clothing and leather products are the most highly pirated goods. Trade in counterfeit and pirated goods has grown globally and now represents 3.3% of global trade, according to its ‘Trends in Trade in Counterfeit and Pirated Goods’ report.
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By GlobalData
