GENEVA (AFP) - Counterfeiting and piracy costs the global economy at least $100 billion (77 billion euros) each year, the Geneva-based World Intellectual Property Organization warned.

The caution came as business leaders and government officials met in the Swiss financial city for the third global congress on combating counterfeiting and piracy.

Attendees included the heads of Interpol and the International Chamber of Commerce.

"Today, almost every product on the market is a target of counterfeiting and piracy, endangering human health and safety and undermining economic development," WIPO said.

China and Russia are the worst-rated countries in addressing counterfeiting and piracy, according to a survey by the International Chamber of Commerce released recently.

The ICC said this mirrored a recent survey by the European Commission which identified China as accounting for two-thirds of all counterfeit goods seized in the EU, with Russia, Ukraine, Chile and Turkey close behind.

"This survey shows a lot more work needs to be done on enforcement. We need to educate policymakers that greater investments in IP (intellectual property) enforcement will translate into more jobs and tax revenues and also help them in the fight against organized crime," said ICC secretary general Guy Sebban.

Speaking at the conference, the vice president of the Chinese People's Supreme Court, Xiong Xuanguo, said China had "conscientiously observed its commitments" with regard to intellectual property rights since joining the World Trade Organization in 2001.

He added that steps were being taken within the country's judicial system to strengthen both the scope and enforcement of legal penalties for copyright infringement.

"Standard for sentencing on crimes against intellectual property rights such as counterfeiting and piracy will be further improved and unified ... in addition to principal punishments, application and enforcement of fines will be enhanced," he said.

Michel Danet, secretary general of the World Customs Organisation, told journalists that China was still in a transition phase, and that the high prestige events such as the 2008 Olympic Games to be held in Beijing would act as a spur for further action against counterfeiting and piracy.

He added that as Chinese companies themselves start producing goods that require IP protection, they will put pressure on their own government to enforce legislation.

The United States last week warned China that its poor record on protecting IP rights could make it the subject of a complaint at the World Trade Organization.

"I would not be surprised if there is a WTO case this year on some IPR (intellectual property rights) issues," undersecretary of commerce for international trade Franklin Lavin said.

An annual report by the US Trade Representative's office in December highlighted numerous complaints against China, including "rampant" piracy of U.S. goods.