The 6th Economist Impact Global Anti-Illicit Trade Summit held in the Polish capital on Tuesday attracted participants from both European Union and non-EU countries.
Illicit trade is defined as a transaction of goods that fail to comply with legislative and regulatory frameworks.
According to data released by United Nations Conference on Trade and Development (UNCTAD) in September, the world loses more than USD 2 trillion annually due to illicit trade, which drains countries of resources, impedes development, contributes to tax evasion and often results in spurring demand for forced labor.
It was the first time that the Economist Impact Global Anti-Illicit Trade Summit took place in Poland after the war in neighboring Ukraine only exacerbated illicit trade.
"A recent study from the World Economic Forum calculated that the total value of illicit goods flowing across borders is around 3 percent of global GDP, so it's a huge opportunity for lost tax revenue," Arjun Ramani, The Economist's global business and economics correspondent, who chaired the event, told Radio Poland's Danuta Isler.
"And, of course, the revenues from illicit trade also oftentimes are going to nefarious actors feeding other criminal activity," he added.
Click on the audio player above to listen.