Counterfeiting likely to cost businesses $67 billion

A report found that intellectual property rights infringements such as counterfeiting of goods cost European businesses an estimated €60 billion ($67 billion) in lost annual sales, The Irish Times reported. The report by Spain-based European Union Intellectual Property Office found that IP theft accounted for more than 7% of total sales across 11 business categories including cosmetics, sports goods, jewelry and watches, handbags and smartphones.

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