An international pact on tackling counterfeit and pirated goods was tentatively agreed upon among 11 nations and regions in a global negotiation that took place October 2 in Tokyo. The main feature of this Anti-Counterfeiting Trade Agreement or ACTA is giving customs officials the authority to seize counterfeit products without a court order or a request from the copyright or trademark holder.
The global trade amount of counterfeit name brands and pirated movies, music and software, was estimated at $250 billion or 2.1 trillion yen in 2007.
China is the largest country producing these fake goods and was conspicuously missing at the meeting.
For the full News Release from the Ministry of Economy, Trade and Industry, click here.
(updated October 6, 2010)