Fake goods are big business, according to a newly released report by the Organisation for Economic Co-operation and Development and the European Union’s Intellectual Property Office. The report found that imports of counterfeit and pirated goods are worth nearly $500 billion a year, or 2.5 percent of total global imports.
The U.S. is hit hardest, the report found, with 20 percent of the counterfeit goods affecting U.S. brands. Italy was the second-most-impacted country, followed by France.
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