Global counterfeiting impact to hit $4.2tn by 2022, says INTA
The global impact of piracy and counterfeiting will hit $4.2 trillion by 2022, according to a report commissioned by the International Trademark Association (INTA).
Released today, February 6, “The economic impacts of counterfeiting and piracy” analysed the scale of such infringement to identify and understand the size of the problem, in order to inform policymakers so they can target resources to combat the problems.
The global economic value of counterfeiting and piracy could reach $2.3 trillion by 2022, according to the report.
Taken together with estimates on the wider social and economic problems which could reach an estimated $1.9 trillion by 2022, the negative impacts are projected to drain $4.2 trillion from the economy and put 5.4 million legitimate jobs at risk.
According to the report, the scale of counterfeiting and piracy is only expected to increase.
The estimated value of international and domestic trade in counterfeits and pirated goods in 2013 was between $710 billion and $917 billion.
In addition, intellectual property organisations estimated that the global value of digital piracy of movies, music and software in 2015 was $213 billion.
By 2022, the report estimated, the value of trade in fake goods could reach $991 billion.
The research for the report was conducted by economics research firm Frontier Economics, while the report was commissioned by INTA and Business Action to Stop Counterfeiting and Piracy (BASCAP).
Etienne Sanz de Acedo, CEO of INTA, said: “Frontier has been able to paint a more comprehensive picture of the negative economic and social impacts of counterfeiting and piracy.
“The rapid growth in counterfeit trade means it’s vital for governments to step up the enforcement of IP rights and for the public and private sectors to increase their engagement on this issue, as well as their support of government efforts.”
Jeffrey Hardy, director of BASCAP, added that measures to fight counterfeiting have not been sufficient.
“If governments hope to stabilise the economy and stimulate economic growth and employment, they must do a better job to protect the central role that IP plays in driving innovation, development, and jobs,” he said.
The report was released at INTA’s 2017 Anticounterfeiting Conference in Hong Kong.
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