EU Loses EUR 83 Billion Each Year in Sales Due to Counterfeiting

Aug 3 2020 - 13:05

The European Union Intellectual Property Office (EUIPO) recently published the 2020 Status Report on IPR Infringement that examines the economic impact of counterfeiting and piracy. The study was carried out through the European Observatory on the Infringement of Intellectual Property Rights.

According to the study, the annual losses due to counterfeiting and piracy in the EU are estimated at EUR 83 billion (USD 97.4 billion), while the lost tax revenue is estimated at EUR 15 billion (USD 17.6 billion). The report also estimates that over 400,000 jobs are lost due to counterfeiting in the EU.

The report also analyzes global customs seizures and identifies trade routes in fake goods including the top provenance economies of fake goods entering the EU – China, Hong Kong, India, Malaysia, Morocco, Turkey and the United Arab Emirates. Distinguishing between provenance economies that produce counterfeits and those that simply act as trade routes, the report identifies China, India and Turkey as the three biggest counterfeit goods producers.

EUIPO and the European Union Agency for Law Enforcement Cooperation (EUROPOL) also recently published a report on IP Crime and its Link to Other Serious Crimes, analyzing various ways in which IP crime is connected to other forms of criminal activities, including money laundering, forced labor, food fraud, pharmaceutical crime, and drug trafficking. The report explains how IP crime supports the activities of organised criminal gangs, even though it is often mistakenly seen as ‘victimless’ crime, causing relatively ‘little’ harm.

Prepared by: Djurdja Krivokapić

For more information, please contact news@petosevic.com.

Source: EUIPO website

7 appreciate this

Read more EU related IP news, get our latest IP news or browse IP News Eastern Europe Archives.