In a bid to reduce piracy and counterfeiting of consumer goods in the global market, US and other advanced countries proposed to negotiate an agreement.
Piracy has become a global crisis, invading the billion dollar profits of individuals and businesses. Violation of intellectual property rights (IPR) has been infecting a wide range of industries like footwear, automobiles and entertainment.
To support the cause, European Commission is planning to seek an adherence from its 27 member states to join hands for the projected Anti-Counterfeiting Trade Agreement.
It is believed that this new agreement will help institute international norms and effectually implement new standards of intellectual property rights.
Apart from US, the other leading group members include Japan, South Korea, New Zealand, Mexico and Switzerland. Russia and China, known for widespread piracy of American music and movies, were quiet expectedly absent from the list.
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