Innovation drives economic growth and job creation. Protection of intellectual property (IP), through patents, trademarks and copyrights, is critical to ensuring that firms pursue innovation. Counterfeiting and piracy erode the returns on innovation and slow economic growth because of the negative impacts on companies, consumers and governments. While the problem is worldwide, some countries accounts for the vast majority of piratedcreme anti demangeaison apres rasage von dutch cap table bois chene massif amazon 24bottle nike air max 270 mens schoenen meisjes Belgium converse ct 70 black air jordan 4 retro military black cappello philipp plein sklz pro mini hoop xl basketball sexy teens in tight shorts creme anti demangeaison apres rasage men’s small leather toiletry bag Canada adidas zx flux scarpe air max 720 goods.

IP infringement harms companies through lost revenue, the costs of IP protection, damage to brand, and decreased incentives to innovate because of potential theft. Consumers are harmed when they purchase counterfeit goods of lower quality, some of which, are counterfeit medicines, may pose health or safety risks. Governments lose tax revenue and bear enforcement costs. Decreased incentives to innovate resulting from IP infringement reduce economic growth, weaken the nation’s competitiveness, and decrease job creation.

Some countries have been accused of participating in rampant intellectual property theft via cyber attacks and forced technology transfers. IP theft is a major global trade issue because companies are unlawfully profiting from breakthroughs made by other companies. The incentive for business to innovate reduces and often leaves markets flooded with counterfeit products. This increases competition, thus reducing prices for businesses who spent the initial research and development money to improve their products. These businesses should therefore be able to charge more to recoup those costs of development. When nations believe that other nations are stealing their trade secrets, the consequences can be severe. Despite the growing awareness around the issue and actions being taken to deal with it, intellectual property theft continues to be a major issue

While creating precise estimates of the magnitude of counterfeiting and piracy is difficult because of the complexities associated with measuring a secret, illegal activity, there is broad agreement that IP theft has increased in recent years. Strengthening IP enforcement and providing more timely resolution of foreign infringement complaints can help combat IP theft. It is important to presents an opportunity to improve the protection of intellectual property in countries, reduce the costs of IP infringement and provide individuals and firms with greater confidence that their ideas and innovations will be protected.