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This paper studies cobordism and concordance for virtual knots. We define the affine index polynomial, prove that it is a concordance invariant for knots and links (explaining when it is defined for links), show that it is also invariant under certain forms of labeled cobordism and study a number of examples in relation to these phenomena. Information on determinations of the four-ball genus of some virtual knots is obtained by via the affine index polynomial in conjunction with results on the genus of positive virtual knots using joint work with Dye and Kaestner.