EABC signed MoU to combat Illicit Trade (TRACIT)
EABC is now one of official Alliance Partners of TRACIT to against illicit trade together with other trade associations and chambers such as EU-ASEAN Business Council, EuroCham Singapore, Eurocham Vietnam, Eurocham Malaysia and Eurocham Myanmar.
The TRACIT Alliance Partners form an integral, international network of business organizations with reason to defend markets against illicit and unfair trade. Collectively, they constitute a transnational business voice that stands with TRACIT against illicit trade and unfair trade and their negative impacts on economy and society.
TRACIT and EABC agree to collaborate to increase awareness and improve regulatory and legal systems to fight all forms of illicit trade, including activities to develop and share information on illicit trade activities and remedies, best practices, and policy recommendations.
“illicit trade” means any practice or conduct prohibited by law relating to the production, assembling, shipment, receipt, possession, distribution, sale or purchase of goods or services, involving a transnational element, including any practice or conduct intended to facilitate such activity.
“unfair trade” means those practices or conduct that is deceptive and fraudulent in nature and that causes unfair competition to legitimate businesses, revenue losses to governments, or jeopardises the safety of consumers.