Washington, D.C. – As U.S. trade talks heat up, the Precious Metals Association of North America (PMANA) convened the first meeting of their newly formed national anti-counterfeit coalition. Leading up to the meeting, PMANA had been working behind the scenes to bring together a broad range of industries (in addition to those tied to precious metals) in the fight to protect intellectual property rights against foreign counterfeiting operations – especially those originating in China.
Prior to teaming up with PMANA, this broad range of industries – covering everything from home appliances to fashion wear – had made significant strides in advancing industry-specific consumer protections by working with influential policymakers in the executive branch and on Capitol Hill. Now, these industries have come together to continue those discussions and policy proposals on a wider scale to further protect American consumers and the U.S. economy.
Paul Miller, executive director of PMANA, spent the last few months reaching out to affected groups and gathering them together in what he describes as a “dream team” of industry representatives. “What we have been able to do here is bring together a dream team of industry representatives who have proven track records of protecting consumers from foreign counterfeiters that prey on them,” Miller said. “Things like ensuring clean drinking water for your family or picking out the perfect prom dress for your daughter can turn into ordeals that threaten both your family’s health and financial well-being,” he added.
Speaking on the financial implications of these fraudulent operations, Miller says that counterfeits cost U.S. businesses over $250 billion annually – and that’s only from the counterfeits that are seized. “There are so many more counterfeits and fake goods out there that enter the country unnoticed due to a myriad of issues. As we look ahead to the near future, our coalition is already in the process of evaluating those issues and working with the Trump Administration and leaders on Capitol Hill to continue developing those strategies moving forward,” Miller said.
Another contributor to the problem is e-commerce sites that fail to take far-reaching steps to combat the issue of counterfeits entering the United States. If these sites proceed with this lack of courage in their daily operations, the outcomes will not be great. Consumers will continue being tricked into buying cheaper alternatives and American businesses will continue to experience a direct loss of sales and goodwill, irreparable damage to their corporate brands, and additional expenditures on protecting and enforcing their property rights.
As the coalition continues to work with the Trump Administration and Congress to address its concerns, we encourage and invite anyone who has a stake in protecting domestic interests from foreign counterfeiters to join our coalition. For all inquiries, please email or call (703) 383-1330.
About the PMANA
The Precious Metals Association of North America (formerly known as the Silver Users Association) is a 501(c)(6) non-profit organization that was established in 1947. It represents the interests of companies that refine, manufacture, trade, and distribute products in which precious metals are an essential component. The association serves as the precious-metals industry’s connection to Washington D.C.
Press release courtesy of the Precious Metals Association of North America.