Billions lost to piracy worldwide

A CRACKDOWN on a €560 billion a year global trade in counterfeit and pirated goods will be sought at the EU-US summit in Dromoland Castle this weekend.

Business leaders from both sides of the Atlantic will urge US President George W Bush and Taoiseach Bertie Ahern, the EU Council President, to lead the fight.

The rackets, mostly under the control of organised crime syndicates, are estimated to represent more than 7% of the world's annual trade and have reached epidemic levels.