Illicit Trade and the Korean Economy
The Korean economy is known for its innovation and wealth of intellectual property
(IP), having one of the highest patent applications in the world. Its IP-intensive
industries are deeply integrated in the global economy through their active participation
in global value chains. Such integration, however, exposes Korean IP-intensive products
to high counterfeiting and piracy risks. This report examines the global trade in
counterfeit products that infringe on Korean intellectual property rights (IPR) and
its impact on the Korean economy. Specifically, it estimates the effects in terms
of sales and job losses in the Korean manufacturing sector, as well as the impact
on government revenues. The report concludes that the infringement of Korean IPR poses
a significant threat to the Korean economy. The magnitude and widespread impact of
this issue call for the implementation of comprehensive and coordinated solutions.
Title under embargo until July 02, 2024 23:00 GMT+00:00
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