News applauds the G8 for Focus on the Importance of Intellectual Property Rights for Stimulating Jobs and Economic Growth

May 19, 2012
Categories: Intellectual Property welcomes the G8’s commitment to strengthening the rules-based trading system and supporting private sector initiatives for sharing best practices to address trade secret theft, IP piracy and counterfeiting. welcomes today’s statement by the Group of Eight (G8)  affirming the importance of effective private sector-led action to protect intellectual property throughout global supply chains.  

In the Statement on the Global Economy published today during the G8 Summit at Camp David, G8 Leaders stated: 

“Given the importance of intellectual property rights (IPR) to stimulating job and economic growth, we affirm the significance of high standards for IPR protection and enforcement, including through international legal instruments and mutual assistance agreements, as well as through government procurement processes, private-sector voluntary codes of best practices, and enhanced customs cooperation, while promoting the free flow of information.”

“We are pleased that the G8 Leaders have underscored the link between protecting IPR and ensuring the continued and sustained recovery of the global economy,” said Pamela Passman, President and CEO of “Private sector efforts to address intellectual property theft are a vital complement to effective government regulation that can improve outcomes for companies and their shareholders, and improve the functioning of the markets in which they operate.  We all have a shared interest in creating a culture of compliance throughout global supply chains. By working together, companies can play an important practical role in building stronger foundations for a fairer and more sustainable global economy.”

As the G8 Leaders recognized, protection of intellectual property is vital to the economy. Today, multinational corporations (MNCs) lose $250 billion annually in Intellectual Property (IP) theft in the form of counterfeit and pirated products. (Source: OECD)  Theft of trade secrets costs industry billions of dollars in loses per year.

Counterfeiting, piracy and the misappropriation of trade secrets disrupt supply chains, impact trade and undermine competitiveness of MNCs in key global industries. These aren’t the only consequences.  In the U.S. alone, according to the U.S. Chamber of Commerce, overall intellectual property theft costs 750,000 U.S. jobs a year. Counterfeit drugs are responsible for 700,000 deaths a year from malaria and tuberculosis. (Source: International Policy Network) recently launched a report on the impacts of Trade Secret Theft which includes a broad range of global trade secrets cases and also provides MNCs with practical guidance and proactive measures for securing their supply chains and mitigating the risk and cost associated with trade secret misappropriation.

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