U.S. Chamber to fight for intellectual property rights
The U.S. Chamber of Commerce said Tuesday it is working with counterparts worldwide to tackle what it deems a serious threat to U.S. businesses — intellectual property theft.
“Counterfeit and pirated goods cost the global economy more than $500 billion a year,” said Caroline Joiner, executive director of the chamber’s IP initiative. “These are serious crimes that put consumers at risk with fake prescription drugs, harmful cosmetics, untested consumer electronics, and substandard automobile and aircraft parts.”
Joiner said 750,000 U.S. jobs have been lost due to intellectual property theft.
“The U.S. Chamber of Commerce is dedicated to educating businesses, lawmakers and the media on the damaging effects of counterfeiting and piracy — and securing the supply chain by toughening existing laws and increasing enforcement efforts. Protecting the health and safety of consumers, American jobs and the rights of business is imperative.”
In a speech in Long Beach in May, U.S. Chamber Chairwoman Maura Donahue said intellectual property rights were a major impediment to the growth of U.S.-Chinese trade relations, which will be stifled unless U.S. companies can get some protection against counterfeited goods.
“The patience of American business in not limitless,” she said. “Counterfeit goods are a $250 billion drain on the U.S. economy annually, and represent $512 billion lost in sales.”