From: Can-India.com
Illicit trade affects us all. It is a problem of international scale and scope. Recent estimates by Global Financial Integrity (GFI), a US-based NGO, place the total retail value at USD 650bn for goods – and a whopping USD 2tn if associated financial flows are included, the Coalition against Illicit Trade said in Brussels. See report here.
According to Business Action to Stop Counterfeiting and Piracy (BASCAP) initiative of the International Chamber of Commerce (IOC), “the massive infiltration of counterfeit and pirated goods drains USD 1tn from the global economy and destroys over 2.5 million jobs. Unsafe and ineffective products pose a risk to millions of consumers, while governments, businesses and society are being robbed of hundreds of billions in tax revenues, income and jobs.”
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