What is the phenomenon of counterfeiting and what are its adverse consequences?
Counterfeiting is an illegal use or an infringement of intellectual property rights by imitating trademark goods, copyright goods, patent, and design without the prior authorization of the right owner to effect of causing direct loss to the owner in the form of diminished trade revenue. The initial process in the direction of global harmonization of intellectual property protection started with the industrialized countries concern, particularly the U.S in combating counterfeit goods. In historical fact, a draft entitled “agreement on measures to discourage the importation of counterfeit goods” was prepared by the U.S.A and EU in 1979. The main purpose was to combat the unfavorable effect of counterfeiting on trade revenues. In 1982 some industrialized countries prepared a draft entitled “the anti-counterfeiting code.” The U.S.A suggested that the said code should be adopted as part of the GATT. However, developing countries under the leadership of Brazil and India contended that intell
