Business leaders' meeting: Counterfeiting and piracy have become a global epidemic, accounting for more than 7 per cent of world trade and some $560 billion annually, according to the CEOs of some of the world's biggest international companies.
On the eve of the EU/US summit, business leaders urged the US and EU to combat the problem vigorously both within the transatlantic community and globally.
The CEOs, who are members of the Transatlantic Business Dialogue (TABD), met at Adare Manor, Co Limerick, yesterday with the Tánaiste, Ms Harney, the US Secretary of State for Commerce, Mr Donald Evans, and the EU Commissioner for Enterprise, Mr Jan Figel.
The executive board of the TABD - which promotes a barrier-free transatlantic market - is comprised of the CEOs of some 30 major international companies that collectively employ more than two million people.
The board of the TABD, led by Mr Niall Fitzgerald, outgoing CEO of Unilever, and Mr Michael Eskew, CEO of UPS, will present their report and recommendations on the establishment of a barrier-free transatlantic market at today's summit.
Among the key findings of the 16-page report is the safeguarding of Intellectual Property Rights (IPR) and stepping up the fight against counterfeiting and piracy.
According to the report, the effective enforcement of IPR will encourage individuals and businesses around the world to develop best products and services for customers.The business leaders called for tougher criminal penalties and increased resources to combat the problem of counterfeiting and piracy.