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Business Economy

Govt should look into counterfeit trade and pirated products: FICCI

Govt should look into counterfeit trade and pirated products: FICCI

New Delhi, Apr 16 (UNI) In view of the increasing menace of illicit trade both in terms of value and magnitude, FICCI on Tuesday said the Government must look into the issue of counterfeit and pirated products’ trade and treat it on a national priority which will help in eliminating this threat.

“For the larger interest of the nation and to ensure that this issue gets the desired attention, FICCI, early this year, submitted a set of recommendations to the government to combat illicit trade and urged the government to give it due consideration by setting up a coordinating agency to improve the inter-ministerial cooperation and coordination in the government,” a statement by the industry body said here.

FICCI over the years has been addressing the problem of illicit trade with regards to counterfeiting, smuggling and piracy through its initiative in the form of Committee Against Smuggling and Counterfeiting Activities Destroying the Economy (CASCADE).

FICCI CASCADE chairman Anil Rajput said, “This is a proactive step taken by the US President to curb the menace arising out of sale of counterfeits which adversely impacts the legal industry, government revenue and the health and safely of the people. Illicit trade also fuels organized crime. It threatens the peace and stability worldwide, and hence all countries across the world must address the matter on war footing”.

FICCI CASCADE works closely with government, industry, enforcement officials, media, legal experts and consumer organizations to create awareness on counterfeiting and smuggling and how all concerned must make concerted effort to contain such activities.

As per the recent study released by Organisation for Economic Co-operation and Development (OECD), trade in counterfeit and pirated products represents 3.3 per cent of the world trade.

The study also elucidates that the share of fakes in world trade has grown significantly posing a big risk for the knowledge based, open and globalized economy.


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