The International Chamber of Commerce commends G8 leaders for proposing measures to better protect intellectual property rights at the G8 Summit this month and calls on those governments to turn their support into concrete action.

"The G8 statements promoting intellectual property are certainly welcome," said ICC Secretary General Guy Sebban, "But we need to see them translated into action or we are left with nothing more than another piece of paper."

"The problem of global counterfeiting and piracy has far-reaching consequences and must be reined in," said ICC Chairman Marcus Wallenberg. "Organized crime networks are fuelled by it while consumers are put at risk, jobs are lost, and government and business revenues are undercut."

In a pre-summit meeting with G8 host and Russian President Vladmir Putin, Mr Wallenberg and other ICC officials presented a statement outlining key business concerns. They urged President Putin to discuss the need for stronger intellectual property rights enforcement with his G8 counterparts and are encouraged to see some of their recommendations included in the ensuing G8 statement.

"Partnerships with industry will be an essential element for the success of this joint plan," said Mr Sebban. "Businesses from all sectors around the world are already working together through ICC's Business Action to Stop Counterfeiting and Piracy (BASCAP) initiative to strengthen their efforts and maximize their effectiveness."

"Business is mobilized and ready to help the joint task force," he noted.

Intellectual property theft affects virtually all sectors and all regions of the globe at an annual cost of approximately $650 billion. In addition to the more obvious societal costs, piracy and counterfeiting also undermine creativity, innovation and investment.