[Notice] Government, including Korea Customs Service, signs MOU with cosmetics industry to combat K-Beauty counterfeits

[Notice] Government, including Korea Customs Service, signs MOU with cosmetics industry to combat K-Beauty counterfeits

▲ The Korea Customs Service announced on the 10th that it signed a government-industry MOU with the Ministry of Food and Drug Safety, the Intellectual Property Office, and the Korea Cosmetics Association to combat counterfeit products. This agreement was prepared as the issue of counterfeit K-Beauty cosmetics distribution, which is gaining popularity worldwide, has grown. As of 2021, the scale of counterfeit products infringing on the intellectual property rights of Korean companies is estimated at 11.1 trillion won (9.7 billion dollars), and the proportion of cosmetics based on customs seizure value from 2020 to 2021 is 10%. This ranks third after electronic products, textiles, and clothing. Going forward, the government and the Korea Cosmetics Association plan to regularly operate a public-private consultative body to facilitate information sharing, monitoring, and educational cooperation regarding the distribution of counterfeit cosmetics. (Sejong = Yonhap News)