The U.S. Chamber of Commerce this week launched its Global Intellectual Property Center, which will focus on raising awareness among consumers and policymakers about the economic impact of counterfeiting and piracy in the international market.

The move was announced on Wednesday at the business advocacy group's annual anti-counterfeiting and piracy summit in Washington.

According to the Chamber, the failure to enforce IP protection undermines innovation and investment, while eroding living standards and endangering public safety.

"The intellectual property of our key industries is under assault around the globe and we believe that IP protection is among a handful of issues that will determine America's competitiveness in the 21st century," president and CEO Tom Donohue said in a statement.

A Gallup study released at the summit found that as many as one in five U.S. consumers purchased counterfeit products last year.

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