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Counterfeits affecting niche digital firms: Study

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New Delhi | Saturday, Mar 10 2018 IST
Good performing digital companies having greater profitability, higher revenue, more intangible assets and more patents are affected greatly by counterfeits, a study says.

The study carried out by EU Joint Research Centre, based on firm-level databases as a source of information, also provided empirical estimates for the impact of counterfeiting practices on the economic and innovative performance of companies.

According to another study, the Organisation for Economic Co-operation and Development (OECD) said despite BRICS countries playing a growing role in global economic development, they consistently under-perform in their protection of IPR, especially with regard to counterfeiting and copyright piracy.

"The OECD study is timely considering BRICS leaders' commitment to safeguard intellectual property rights at the 2017 Xiamen Summit," Transnational Alliance to Combat Illicit Trade (TRACIT) Deputy Director-General Mr. Stefano Betti said. "However, it is clear that much more needs to be done to prevent IP theft and we encourage BRICS countries to double down on this important issue at their upcoming July Summit in Johannesburg," he added.

BRICS countries are, however, increasingly recognizing the value of IP and the need to protect it. In August 2017, BRICS Trade Ministers agreed to promote exchanges and cooperation on IPR legislation and enforcement in order to create favorable conditions for trade and innovation-driven economic development. This was followed up with the adoption of the BRICS IPR Cooperation Guidelines at the 9th annual Leaders' Summits in Xiamen, China.

Given the important role that emerging economies, including BRICS, are playing in the global markets for fake goods, their involvement and active leadership in countering illicit trade is essential, Mr. Betti said. TRACIT is an independent, private sector initiative to drive change to mitigate the economic and social damages of illicit trade by strengthening government enforcement mechanisms and mobilizing businesses across industry sectors most impacted by illicit trade.

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