Not only has the Covid-19 pandemic exposed flaws in social and health systems, disrupted supply chains and taken at least 38,000 lives across Southeast Asia, it has also shed light on the growing problem of illicit trade in the region.
Smuggling, counterfeiting and related illegal activities rob the global economy of US$2.2 trillion annually, with trade in counterfeit goods accounting for $461 billion. In Asean, the counterfeit goods market was worth $35.9 billion in 2018, according to a paper published by the EU-Asean Business Council (EU-ABC).
“It is estimated that Asean’s counterfeit market contributes close to 10% of the international trade in these goods,” noted Chris Humphrey, executive director of the EU-ABC. “There is no doubt that if left unchecked, this illegal industry will grow, at a time when we are faced with an…
