¶ … Counterfeit Product on Global Economy
Counterfeiting may be described as crime with 'fakes' comprising a purchase which is alternatively cheap, and the parties involved see this as of low risk in terms of prosecution having light penalties as compared to the large profit which is always made. Counterfeit products trade internationally is approximated to be more than global trade by six percent. The effect is not only felt to business and investment opportunities but also on society and global economy negatively.
Trade involving counterfeit goods is profitable and proofs indicate that on top of connection historically involving organized crime and counterfeit, terrorist groups take advantage of this to get money for their activities globally which is dangerous to the community. The variety of products of counterfeit is very extensive and the tendency shows that counterfeiters have expanded from dealing in luxury goods to exploiting of the consumer goods, even in medicine, vehicle parts, aircraft and baby food. Apart from this being illegal it posses great danger to the safety and health of the public for such products are not passing safety checks. (First Global Congress on combating counterfeit, 25-26 may 2004)
Reports from industry and companies association indicate...
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