CREATe.org welcomes 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
The Center for Responsible Enterprise And Trade (CREATe.org) 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 CREATe.org. "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)
CREATe.org 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. Please visit www.CREATe.org to download a copy of the full report.
About CREATe.org
CREATe.org is a Washington, D.C.-based non-profit industry group working with multinational corporations (MNCs) to foster innovation and economic prosperity by protecting intellectual property rights, fighting corruption and promoting responsible business practices in global supply chains and business networks. We believe that by improving practices along global supply chains, multinational corporations can help drive growth, innovation and job creation — benefiting their own businesses, the global economy, and the communities in which they operate. CREATe.org collaborates with governments, nonprofits, think tanks, and associations to develop and share practical tools and best practices, provide education, and advocate for the effective use of supply chains to strengthen a rules-based global system of commerce. Please follow us on Twitter @CREATe_org or connect with us on LinkedIn.
Contacts:
CREATe.org
Anne Walker, 206-855-5575
Director of Marketing and
Communications
awalker@create.org
