Yesterday, Commerce Secretary Locke and intellectual property rights leaders released a detailed report citing the impact of copyright on the U.S. economy. Stringent copyright protection is vital considering intellectual property in the U.S. is valued at $5.5 trillion and accounts for more than half of all exports, driving 40 percent of this country’s economic growth. The Federal Bureau of Investigations reported that counterfeit and pirated goods cost the U.S. $200-250 billion each year in lost sales.
The report is authored by Stephen Siwek who also wrote the 2007 copyright study for the International Intellectual Property Right Alliance. The 2007 report found that U.S. copyright industries accounted approximately 6.5 percent of the nation’s gross domestic product in 2005.
Similarly, the International Property Rights Index (IPRI), an annual report sponsored by 54 organizations including the Property Rights Alliance, found that countries that protect their physical and intellectual property enjoy a GDP per capita up to nine times greater than those without legal protection.