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Intellectual Property News
Russian Intellectual Property Violations Must Be Addressed at G-8 Summit
Washington, DC— Congresswoman Watson today released a letter sent to President Bush requesting that he address Russia’s weak enforcement of intellectual property rights (IPR) at the upcoming Group of 8 Summit. The letter also urged the President to withhold his support for Russia’s entry into the World Trade Organization (WT0) until the nation takes appropriate steps to improve its IPR enforcement.
Representatives Tom Lantos (D-CA-12), Ranking Member of the House International Relations Committee, and Darrell Issa (R-CA-49) also signed the letter.
“The cost of Russian piracy in 2005 to the United States’ creative and patent community was over $1.7 billion, with losses topping $6.8 billion over the last five years,” wrote Congresswoman Watson. “We anticipate these costs would far outweigh the benefits of the liberalized trade that would come with Russia’s accession [to the WTO].” Read more at house.gov
Billions of dollars are spent annually in bogus products.
They are estimated to account for up to 7percent of world trade and costs IP right holders around the world .
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