It includes a country-by-country performance index on protecting intellectual property, to demonstrate where governments can make improvements.

The executives gathered on Monday under the banner of Business Action to Stop Counterfeiting and Piracy (Bascap) at a meeting in Geneva, Switzerland.

They plan a series of reports on the economic and social harm caused by counterfeiting, a "global compact" of good corporate practices demonstrating the commitment of business to protect intellectual property and a new model for cooperation on cross-border trade and customs.

Jean-Rene Fourtou, honorary chairman of the International Chamber of Commerce and supervisory board chairman of Vivendi, said, "This new plan addresses piracy and counterfeiting at the root and mobilises global business to educate policy-makers. The plan will quantify the problem and implement durable solutions."

The plan has two aims: to ensure that policy-makers have sufficient information to make decisions, implement policies and apportion resources; and to compel national governments to implement legislation protecting intellectual property, with sufficient resources for enforcement.

"Not only does unfair competition from counterfeiting and piracy worldwide drain billions annually from the virtuous circle of economic growth that intellectual property generates, but we are particularly concerned about the risks for consumers from unsafe counterfeit products," said Nestle chairman and CEO Peter Brabeck-Letmathe.

The Bascap initiative was launched in 2005.