Counterfeit Product on Global Economy Essay

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[. . .] Japan, U.S. And EU experienced a large rise in seizures of counterfeit goods in 2003.Report from U.S. customs revealed that there was a rise by 12 per cent of the figure of seizures in 2003 over the previous year, and this was the same to the value of fakes seized. In 2002 and first half of 2003 from the report of seizures by EU indicate a great increase in the figure of the recovered of counterfeit goods at the borders of EU. From Quality Brands Protection Committee (QBPC), survey is connected with this trend.

US and EU trends indicate an important diversification of activity of counterfeit. The intercepted of the number of toys which are fake in EU by customs had reached 56 per cent in the first half of 2003 as compared to 2002. In miscellaneous seized products, U.S. Europeans customs are seizing additionally goods which are not assembled for example bottles, corks, labels. Over the internet experiences rise in trade as shown by some reports causing counterfeits delivery via the mail.

In the year 2003 as it ends, European Commission publish a number that indicate the customs seized about to counterfeit of about 85 million or articles which are pirated at the external borders of EU (2002) and 2003 first half of 50 million. In 2002, seized 66 per cent of many of counterfeit goods in Europe came from Asia specifically in China and Thailand.

As per the European Commission and Organization for Economic Co-operation and Development, 100,000 loss their jobs every year due to counterfeit goods. (OECD 1998). The estimate of City of New York losses yearly of U.S.$500 million of taxes of state sale due to counterfeit goods. According to survey done in Nigeria shows that 80 per cent of the drugs supplied in main pharmacies in Lagos' capital city were counterfeit.


From the discussion above, counterfeit goods is being experienced in almost all the countries a therefore a serious measure should be taken to curb out this act in all approaches by every country. Heavy penalties should be imposed to the people involved at the time of prosecution.


Global Congress, (25-26 May, 2004). The First Global Congress to Combat Counterfeiting, WCO Headquarters in Brussels

OECD (1998) Harmful tax competition, journal

Xinhua General News Service, February 13,… [END OF PREVIEW]

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APA Format

Counterfeit Product on Global Economy.  (2011, March 14).  Retrieved December 12, 2019, from

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"Counterfeit Product on Global Economy."  14 March 2011.  Web.  12 December 2019. <>.

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"Counterfeit Product on Global Economy."  March 14, 2011.  Accessed December 12, 2019.