EU-US joint strategy to combat soaring global trade in pirated and counterfeited goods

20 June 2006

European and American industries approved of a recent joint European Union-United States (EU-US) strategy released by EU Industry Commissioner, Gunter Verheugen; EU Trade Commissioner, Peter Mandelson; and US Commerce Secretary, Carlos Gutierrez in Vienna today. It intends to fight the escalating global trade of pirated and counterfeited goods.

US President George W. Bush and Commission President José Manuel Barroso will approve of the strategy tomorrow at the EU-US Summit. Different industries stressed that the piracy and counterfeiting problem costs them approximately €360 billion a year. It threatens the competitiveness of businesses and endangers consumer safety.

Today's declaration of a joint EU-US scheme and task force to fight piracy and counterfeiting is an indication of political willpower to discuss the decline of the international economy.

The EU-US Action Strategy for the Enforcement of Intellectual Property Rights will present a configuration wherein the two administrations can recognise and act on particular plans with the involvement and support of the affected industries. The latter supports this joint agreement programme by sharing its practises and information.

The US and EU markets are overflowing with pirated and counterfeited goods from third world countries. Sectors affected consist of food, textiles, drink, pharmaceuticals, films, car manufacturing, music, television, and even software.

Efficient intellectual property enforcement is critical for both developed and still developing countries. The developing countries’ economies depend greatly on ventures for the production of goods founded on intellectual property.

Industries alongside of the Atlantic are expecting closer cooperation between Washington and Brussels on this significant issue for international business.