Industry body FICCI has welcomed the recent US signing of a memorandum on Combating Trafficking in Counterfeit and Pirated Goods which is aimed at stopping the sales of counterfeit products especially via online platforms.

The Department of Homeland Security in conjunction with the Commerce Department, the attorney general and other federal agencies will compose a report with recommendations to combat counterfeit goods in the American marketplace within 210 days.

The report will analyze the available data, identify the factors and describe any market incentives and distortions that may contribute to third party intermediaries facilitating trafficking in counterfeit and pirated goods.

This report will also provide a foundation for any recommended administrative, regulatory, legislative or policy changes in this matter.

As per the recent study released by OECD, trade in counterfeit and pirated products represents 3.3% of the world trade.

The study also elucidates that the share of fakes in world trade has grown significantly posing a big risk for the knowledge based, open and globalized economy.

FICCI over the years has been addressing the problem of illicit trade with regards to counterfeiting, smuggling and piracy through its initiative in the form of Committee Against Smuggling and Counterfeiting Activities Destroying the Economy (CASCADE).

Anil Rajput, Chairman, FICCI CASCADE said "This is a proactive step taken by the US President to curb the menace arising out of sale of counterfeits which adversely impacts the legal industry, government revenue and the health and safely of the people. Illicit trade also fuels organized crime.

It threatens the peace and stability worldwide, and hence all countries across the world must address the matter on war footing".

FICCI CASCADE works closely with government, industry, enforcement officials, media, legal experts and consumer organizations to create awareness on counterfeiting and smuggling and how all concerned must make concerted effort to contain such activities.