Better business: How will new digital tools win the battle against illicit trade- FII 4th Edition

The discussion highlights the urgent need for collaboration between the public and private sectors to combat the significant impact of counterfeit goods and illicit trade on the global economy, particularly in Africa. The Secretary General emphasizes the detrimental effects of these activities on public health, government revenue, and local markets, projecting a cost of $900 billion worth of illicit trade and counterfeit goods transiting through borders by the end of next year. The importance of deploying technology, traceability, and authentication solutions, as well as the role of the private sector in partnership with organizations like the AfCFTA Secretariat, is underscored. The free trade agreement within the African continent is also discussed as a means to enhance the movement and transit of goods across borders, emphasizing the critical role of the private sector in this endeavor. The discussion also highlights the significant impact of counterfeiting and illicit trade on public health and economies, particularly in the pharmaceutical sector, and the need for concrete measures to mitigate the risks.