COUNTERFEITING AND PIRACY COST ARAB COUNTRIES US$50 BLN ANNUALLY.

DUBAI, July 2 Asia Pulse - A landmark agreement paving the way for the first Arab Consumer and Brand Protection Forum was signed today between Arab League and Hemaya Universal at the Jeddah Chamber of Commerce and Industry headquarters.

With the volume of commercial fraud worldwide accounting for five to ten per cent of the global trading volume, valued at billion annually; and similar activities in the Arab region coming to about US$50 billion, the Arab League and Hemaya Universal believe that the time is ripe for the aforementioned forum to be organized.

The first edition of the Arab Consumer and Brand Protection Forum (ACBPF) will be held on May 2008 in Saudi Arabia which will gather top trade and finance officials from different Arab countries, related governmental agencies such as the customs, specifications and standards bodies, chambers of commerce, consumer protection societies, owners of trademarks, non-governmental organizations as well as bodies specialized in combating commercial fraud.

On behalf of the Arab League, the agreement was singed by H.E. Dr. Mohammed Al-Towaijri, Assistant to the Secretary General for Economic Affairs and Mr. Ahmed Al-Zubaydi, President & CEO of Hemaya Universal for the Director General of the Arab Administrative Development Organization. Also present on the occasion were Sheikh Ahmed bin Abdul Aziz Al-Hamdan, honorary chairman of Hemaya Universal, Hemaya board members along with several trademark owners, professionals from intellectual property right projection organizations and the media representatives.

The forum will run for three days to review and study proposed mechanisms and formulate proposals for consumer protection. The suggested courses of action will be referred to the Arab League for purposes of developing future plans and execution of the relevant recommendations

Dr. Al-Towaijri pointed out: "Commercial fraud of all forms has become a global phenomenon that deserves attention and the combined efforts of all concerning bodies. A more synergistic approach is necessary to effectively deal with this problem and minimize its impact on Arab economies. Ultimately, what we hope to achieve is to ensure the protection of consumers in the region, enable commerce and trade to flourish and benefit us all.

Dr. Al-Towaijri also underscored the importance of the private sector in the battle against commercial fraud.