The growth in global trade and technology has positively affected many markets across the world but along with that, it has some major adverse effects as well. Business organizations spend a lot of money, time and resources on protecting their brand and trademarks. But even after all the measures, the counterfeit market is booming rapidly.
Hong Kong-Counterfeiting and Trademark Infringement Report, 2018 has addressed the issue of proliferation of trademark counterfeiting in this technologically driven era. The globalization of trade and communication has offered unparalleled opportunities for organized crimes to engage in illicit trade and counterfeiting so as to increase their economic influence.
Hong Kong is known as a counterfeit hub. Many manufacturers in Hong Kong produce large volumes of counterfeit products and sell them across the globe. The increasing use of e-commerce platforms has helped these counterfeiters to reach a larger number of people without any geographical barriers and with no fear of being caught.
The report has done an in-depth analysis of the existing legal frameworks in Hong Kong on trademark protection and all the other aspects related to it. The problem of import, sale and distribution of goods bearing counterfeit trademarks is increasing by every passing hour in Hong Kong.
But appropriate attention to this issue is not given. Trademark counterfeiting has caused enormous damages to many sectors of Hong Kong’s economy. Hong Kong is mostly called as “shoppers paradise”, and due to increasing counterfeiting, this reputation is being destroyed. The distributors of famous brand products have suffered a lot of economic loss because of illicit activities of counterfeiting. The luxury brands also are finding it hard to compete with the counterfeiters. This in turn is affecting the growth of economy, jobs are being lost, shops are being shut down and all this is adversely affecting the pristine image of the country.
The legal frameworks are not enough to fight the issue of counterfeiting. The evolution in new technologies has made it very difficult for the authorities to regulate this illicit market. Tracking and tracing the infringers is a herculean task.
The report has highlighted the role of custom authorities. The brand owners can join forces with custom authorities to safeguard their trademarks.
The report has provided various recommendations that are beneficial for the brand owners which will help the protecting their brands by using new technologies and also by collaborating with the various stake holders involved.
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