In this week's column, we are pleased to feature an address delivered by chamber president Sonji Pierre-Chase at the Anti-Counterfeiting and Piracy Charter signing ceremony on April 16.
In a 2023 report by the Organisation for Economic Co-operation and Development (OECD), it was recognised that illicit trade in counterfeit goods causes significant economic damage by reducing sales and profits as well as innovation incentives in legitimate industries.
The report showed that trade in counterfeit goods represented a longstanding, global socio-economic risk that threatens effective public governance, efficient business and the well-being of consumers.
The evidence gathered by the OECD confirmed that illicit trade and counterfeiting have become a major source of income for organised criminal groups.
Counterfeit and pirated goods can be found in every single industry and across all product categories.
As it related to the SME sector, the OECD reported that there was strong evidence of the magnitude, scope and trends of illicit trade and counterfeiting and its harmful impact on the sector.
Counterfeit goods infringing SMEs’ IPRs mostly come from China.
According to the UN Conference on Trade and Development (UNCTAD), the economic leakages from illicit trade create an annual drain on the global economy of $2.2 trillion.
Putting on my legal hat for a moment – an attorney whose area of practice includes intellectual property law – I am encouraged by the work of the Ministry of Trade and Industry in this area.
In my practice of law, I work towards ensuring my client’s intellectual property rights, whether in the area of trademarks, copyrights, patents or industry designs, are protected and when necessary, defended.
[caption id="attachment_1151207" align="alignnone" width="1024"] -[/caption]
In 2010, I had the great fortune of being a member of a ministerial appointed committee tasked with the review of the legislative framework for the management of intellectual property rights.
The report of our committee was rendered to the then Minister of Legal Affairs in 2012 and resulted in the amendment to our intellectual property laws to ensure enhanced protection of our citizens’ creative and innovative rights.
The revised Trademarks Act which was enacted in 2015 introduced greater enforcement and protection at our borders, through the Customs and Excise Division, for the seizure and destruction of goods that infringed anti-counterfeiting and piracy laws.
Intellectual property law offers just one aspect of respecting and protecting the innovative and creative rights of our citizens.
The other aspect is the willingness of our government and policymakers to integrate anti-counterfeiting elements in policy packages that are designed to support and protect our businesses.
We at the chamber understand that illicit trade and counterfeiting have a direct impact on our country’s economic growth by stifling innovation and directly affecting business revenue.
Our members in the pharmaceutical indus
