KARACHI, Aug 1: Corporate leaders expressed concern over rising trend of counterfeiting and trademark infringement in the world business, as it is now seven per cent, amounting to over $500 billion of global trade.

In Pakistan, government’s revenue losses are being assessed at over Rs10 billion in a year because of counterfeiting, while the perpetual loss being suffered because of reluctance of foreign investors to put their money in Pakistan is “just incalculable” to quote an executive of a corporation.

The corporate leaders assembled on Tuesday at a seminar on Intellectual Property Rights (IPR) in Pakistan organised by the Anti-Counterfeiting and Infringement Forum (ACIF) and Mediator.

Ameena Saiyied, Chairperson of the ACIF, in her welcome address urged the government to make IPR infringement a cognizable offence that should enable the police to take appropriate action against the offender without waiting for a court warrant.

“Not making it cognizable means that the police have to go to court after receiving a complaint and show evidence of the IPR offence and get a warrant,” she explained, adding that it gives enough time to the offender to remove all traces of infringed material and equipment.

She pleaded for a summary procedure of trial and a minimum punishment of three months to all those against whom the IPR violations are established.

Ms Ameena recalled that similar recommendations were made by the Overseas Investors Chambers of Commerce and Industry (OICCI) a few years ago but apparently failed to evoke much interest from the government.

In her detailed presentation on implications of piracy on the publishing business in Pakistan, she informed the audience that legitimate and established publishers were gradually withdrawing from the business because of rampant piracy in Pakistan.

She attributed the rise in book prices, publication of low quality and outdated books and diminishing reading habits to growing piracy trends in the country. She estimated that total trade losses had gone up to $126 million in 2003 from $68.5 million in 1999. The music industry is the worst victim that suffers $70 million losses followed by $44 million in books.

In another presentation, the audience was informed that Pakistan had been on a US special watch list for intellectual property protection and violations since 1989. The US has warned of retaliation against Vietnam on pirating and similar warnings have been given by the European Union to China, which is its second largest trading partner.