[Bulletin Board] Government, including Korea Customs Service, Signs MOU with Cosmetics Industry to Combat K-Beauty Counterfeits

[Bulletin Board] Government, including Korea Customs Service, Signs MOU with Cosmetics Industry to Combat K-Beauty Counterfeits

▲ The Korea Customs Service announced that on the 10th, it signed a government-industry business agreement with the Ministry of Food and Drug Safety, the Intellectual Property Office, and the Korea Cosmetic Association to combat counterfeit products. This agreement was established as the issue of counterfeit K-beauty cosmetics, which are gaining global popularity, has grown. As of 2021, the scale of counterfeit products infringing on the intellectual property rights of Korean companies reached approximately 11.1 trillion won (9.7 billion dollars), and cosmetics accounted for 10% of customs seizure values from 2020 to 2021. This ranks third, following electronic products, textiles, and apparel. Moving forward, the government and the Korea Cosmetic 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)