Genevabased World Intellectual Property Organisation (WIPO) warned that counterfeiting and piracy costs the global economy at least 100 billion dollars (77 billion euros) each year. The caution came as business leaders and government officials met in the Swiss financial city for the third global congress on combating counterfeiting and piracy. Attendees included the heads of Interpol and the International Chamber of Commerce (ICC).

Today, almost every product on the market is a target of counterfeiting and piracy, endangering human health and safety and undermining economic development. China and Russia are the worstrated countries in addressing counterfeiting and piracy, according to a survey by the International Chamber of Commerce released on January, 29.

The ICC said this mirrored a recent survey by the European Commission which identified China as accounting for twothirds of all counterfeit goods seized in the EU, with Russia, Ukraine, Chile and Turkey close behind.