US, EU reach pact to battle counterfeit trade market

Global trade in pirated goods rose to about $250 billion in 2007

WASHINGTON - The United States and European Union have reached a compromise over the use of prestigious geographical food names like Champagne and Parma, clearing one of the last obstacles to an international pact to battle the growing trade in counterfeit goods.

"We found the solution even on that toughest of issues," a US trade official told Reuters, referring to a deal struck over the weekend in Tokyo on the proposed Anti-Counterfeiting Trade Agreement between nearly 40 countries.