America’s Economic Future Requires A Strong ACTA
Subscribe today for Free Enterprise Updates
- Latest business trends and best practices
- News about legislation and regulation impacting business
- Business how-to articles from industry experts
- Commentary and interviews with newsmakers in business and politics
In a recent Washington Post column, Jack Goldsmith and Lawrence Lessig voiced their concerns about the anti-counterfeiting and trade agreement known as ACTA. What we need to keep in focus here is the importance a strong ACTA has on America’s economic recovery.
A strong ACTA will enhance international cooperation among nearly 40 countries by establishing through executive agreement—a legitimate mechanism used by American presidents for over a hundred years—an effective framework for protecting the rights of inventors, artists, and entrepreneurs.
This critical agreement will play an important role in protecting intellectual property (IP) by combating counterfeiting and piracy, which are decimating our economy and killing jobs. American IP —from medicines and software to cell phones and movies—accounts for over $5 trillion of the nation’s GDP and represents 40 percent of U.S. economic growth. Yet, these crimes cost the American economy hundreds of billions of dollars in lost revenue annually, thousands of American jobs, and pose serious health and safety risks to consumers—and these numbers are getting increasingly worse.
The Chamber has advocated for a transparent process in negotiating an ACTA that is consistent with U.S. law, and we strongly urge its completion this year.