ASSIGNMENT 12Pirates of Globalization In modern society pirates still exist in a different way. These pirates are more sophisticatedbecause they routinely violate patents, trademarks, and copyrights of the best-known brands inthe world. Trademark counterfeit takes about 5 percent to 7 percent of world trade (around $500billion a year). Fake or phony products are in different industries such as computer software,films, books, music CDs or pharmaceutical drugs. Just fake computer chips, broadband routers,and computers cost the electronics industry alone up to $100 billion annually. In addition, modern pirates use technology platforms like eBay in order to fulfill their duty. It ishard for a platform that only connects people to be able to control all the products that are tradein. Automotive industry is another one who has been affected by modern pirates. Basically, theycreate parts that look exactly the same and work, however the quality is bad. Another problemthat causes fear of lawsuit of malfunction counterfeits is that if someone is in an accident, thelegitimate manufacturers need to prove that that product is not their own. Moreover, there are some countries that agree to modify laws or have less strict laws against thistype of violation. China’s intellectual property laws and regulations are fine, but poorenforcement is to blame for high rates of piracy. Amazingly, China’s regulatory body sometimesallows a counterfeiter to remove an infringing trademark and still sell the substandardgood[ CITATION Joh19 \l 1033 ].
ASSIGNMENT 131. What more do you think the international business community could do to protect itsintellectual property rights?