Imports of counterfeited and pirated goods account for up to 2.5 percent (as much as $461 billion) of global trade, causing significant damage especially to French, Italian and US brands and state funds, the Organisation for Economic Cooperation and Development (OECD) revealed on Monday.

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The trade of fake items including Louis Vuitton bags and Nike shoes also worsened compared nearly a decade ago, with the OECD's 2008 study estimating it as high as 1.9 percent ($200 billion) of global imports.

"The findings of this new report contradict the image that counterfeiters only hurt big companies and luxury goods manufacturers," Doug Frantz, OECD Deputy Secretary-General, said. "They take advantage of our trust in trademarks and brand names to undermine economies and endanger lives."

Rich countries, where there is high demand for branded products, are severely being affected by counterfeiting, with the European Union importing up to 5 percent of fake goodies in 2013, worth $116 billion in value.

China, on the other hand, appears to be the largest producer of counterfeited items, according to the Paris-based think tank. However, Chinese firms' intellectual property rights have also been infringed.

The United States is the country whose firms have had their intellectual property rights infringed the most. Trailing behind is Italy with 15 percent, France and Switzerland with 12 percent each while Japan and Germany stand at 8 percent each. China accounts for 1 percent.

 The range of products counterfieted range from handbags and shoes to perfume, machine parts and even medications. Some could even be fatal such as defective auto parts, infant formula that supply no nourishment, inaccurate medical reading equipment, to name a few.

Tagscounterfeited products, Fake, OECD, Orgnisation for Economic Cooperation and Development, business, Economy, Nike, Louis Vuitton, branded itesm