Updated on Tuesday, January 30, 2007, 00:00 IST

Geneva, Jan 30: Counterfeiting and piracy costs the global economy at least USD 100 billion every year, the Geneva-based World Intellectual Property Organisation warned on Tuesday.

The warning comes as business leaders and government officials were meeting in the Swiss financial city for the third global congress on combating counterfeiting and piracy.

Attendees include the heads of Interpol and the International Chamber of Commerce.

"Today, almost every product on the market is a target of counterfeiting and piracy, endangering human health and safety and undermining economic development," WIPO said.

China and Russia are the worst-rated countries in addressing counterfeiting and piracy, according to a survey by the International Chamber of Commerce released yesterday.

The ICC said this mirrored a recent survey by the European Commission which identified China as accounting for two-thirds of all counterfeit goods seized in the EU.

Bureau Report