Korea to Ban Import of Infringing Products
01 November 2012
South Korea will ban imports of products violating local intellectual property rights beginning in July, government and media reports said.
The Ministry of Knowledge Economy says new rules apply to products which infringe on local patents, designs, logos and other intellectual property owned by South Korean companies. The change follows a law passed by Korea’s National Assembly authorizing the Korea Customs Service to not exempt such products. Korea Trade Commission officials will provide Customs with a “full list” of such infringing products.
According to a story from the Xinhua news service, in 2008, losses incurred by intellectual property rights violations reached W316.6 billion won (US$278.3 million), up 63.2% from the previous year.
