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Fake Goods Trade Now Valued At $461 Billion

PARIS — Counterfeited and pirated goods accounted for up to 2.5 percent of world trade, or as much as $461 billion, significantly damaging companies and state funds, said the Organisation for Economic Cooperation and Development (OECD) on Monday.

a-vendor-holds-three-fake-louis-vuitton-wallets-while-waiting-for-customers-in-famous-xiangyang-market-in-shanghai-china

The trade in counterfeited and pirated products such as Louis Vuitton bags has increased in the past ten years, with a previous OECD study in 2008 estimating it at up to 1.9 percent of world imports, or $200 billion.

The effects of counterfeiting are greater for rich countries — where most of the companies making the highly desirable branded goods are based — with the European Union importing up to 5 percent of fakes in 2013, or as much as $116 billion.

The Paris-based think-tank said China represented the largest producer of counterfeited products, but that the intellectual property rights of Chinese companies had also been routinely infringed.

The OECD cited the booming e-commerce, post-financial crisis revival in trade, and emergence of globalized value chains, as reasons for the rise in pirated goods trade since 2008.

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