Technology

US Adds Alibaba, Tencent To Its “Notorious Markets List”

The United States of America has added E-commerce sites operated by China’s Tencent and Alibaba Group to the U.S. government’s latest “notorious markets” list.

The list comprises entities that allegedly sell or facilitate the sale of counterfeit goods.

The list identifies 42 online sites and 35 physical stores, including e-commerce platforms run by the firms.

“This includes identifying for the first time AliExpress and the WeChat e-commerce ecosystem, two significant China-based online markets that reportedly facilitate substantial trademark counterfeiting,” the U.S. Trade Representative’s (USTR) office said in a statement on its website.

AliExpress is owned by Alibaba and WeChat is operated by Tencent.

Reacting to this, a spokesperson for Tencent told BBC that the company disagrees with the decision of the USTR. He noted that the company had “invested significant resources” into protecting intellectual property rights on its platforms.

Founded in 1998 with its headquarters in Shenzhen, China, Tencent is a world-leading internet and technology company that develops innovative products and services.

The company also publishes some of the world’s most popular video games and other high-quality digital content.

Alibaba, on the other hand, is a Chinese multinational technology company which specialises in e-commerce, retail, internet and technology.

It was founded in 1999 in Hangzhou, Zhejiang to provide consumer-to-consumer (C2C), business-to-consumer (B2C), and business-to-business (B2B) sales services via web portals, electronic payment services, shopping search engines and cloud computing services.

It also owns and operates a diverse portfolio of companies around the world in numerous business sectors.

According to the USTR, the “notorious markets” list is aimed at protecting American businesses and workers from the effects of cheap counterfeit goods that are usually manufactured outside the US.

“The global trade in counterfeit and pirated goods undermines critical U.S. innovation and creativity and harms American workers.

“This illicit trade also increases the vulnerability of workers involved in the manufacturing of counterfeit goods to exploitative labor practices, and the counterfeit goods can pose significant risks to the health and safety of consumers and workers around the world”, USTR’s spokesperson, Ambassador Katherine Tai said in the statement.

USTR also revealed that China-based online markets Baidu Wangpan, DHGate, Pinduoduo, and Taobao continue to be listed, as well as nine physical markets located within China that are known for their manufacture, distribution, and sale of counterfeit goods.

Investors King Contributor

Share
Published by
Investors King Contributor

Recent Posts

Eko DisCo Set for Transformation as Transgrid Enerco Signs Historic 60% Acquisition Agreement

Transgrid Enerco Limited has signed a Share Purchase Agreement (SPA) to acquire a 60% equity…

40 minutes ago

Metering Gap Exceeds 7 Million Despite Multilateral Loans and Government Funds

Despite interventions by the Federal Government and multilateral lenders amounting to over N1.5 trillion, Nigeria’s…

1 hour ago

Petrol Prices Surge to N990 in Abuja, N960 in Lagos as Oil Tops $80 Per Barrel

The Nigerian National Petroleum Company Limited (NNPC) has increased the pump price of petrol at…

2 hours ago

Brent Crude at $79.38 Amid Trump’s National Energy Emergency Declaration

Oil prices remained steady on Wednesday as investors assessed the potential impact of U.S. President…

3 hours ago

Netflix Hits 302 Million Subscribers, Surpasses $10 Billion in Annual Operating Income

Netflix ended 2024 on a high note as its global subscribers rose to 302 million…

4 hours ago

PalmPay Explores Remittance Services as Part of Ambitious Global Growth Strategy

PalmPay, a leading Nigerian fintech company with over 30 million users and $6 billion in…

4 hours ago