Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Business

A year after COVID vaccine waiver proposal, WTO talks are deadlocked

2021 10 04T164108Z 1 LYNXMPEH9310G RTROPTP 4 HEALTH CORONAVIRUS WTO - Global Banking | Finance

By Emma Farge

GENEVA (Reuters) – A year after South Africa and India introduced a novel proposal https://www.reuters.com/article/us-health-coronavirus-wto/india-and-south-africa-ask-wto-to-waive-rules-to-aid-covid-19-drug-production-idUSKBN26P0H1 to temporarily waive intellectual property rights on COVID-19 vaccines and therapies at the World Trade Organization, negotiations are deadlocked and directionless, trade sources said on Monday after a meeting on the topic.

More than 100 countries backing the waiver say it will help save lives by allowing developing countries to produce COVID-19 vaccines. But a handful of countries, including some hosting major pharmaceutical firms such as Switzerland, remain opposed. Washington threw its weight behind the proposal https://www.reuters.com/business/healthcare-pharmaceuticals/us-trade-chief-says-wto-vaccine-talks-should-remove-obstacles-production-2021-05-12 in May, raising expectations of a breakthrough that has so far failed to materialise.

At a closed-door TRIPS Council meeting on the waiver on Monday, Norway’s Dagfinn Sorli seemed frustrated and asked delegates: “Where do we go from here?,” according to three trade sources who attended.

He urged delegates to come forward quickly with advice on next steps, the sources added. “I definitely need your advice,” he told them.

China in the same meeting described the discussions as circular, with no real progress achieved, according to one of the sources attending. India’s delegate said that some members had done everything in their power to avoid meaningful engagement, the source added.

The meeting was the penultimate scheduled session on the waiver ahead of a major ministerial conference in November-December which provides a rare opportunity for new trade deals, such as on intellectual property, to be finalised.

WTO Director-General Ngozi Okonjo-Iweala has identified solutions to vaccine inequity as a priority for the global trade body, which has been facing questions recently about its relevance.

Medical charity Medecins Sans Frontieres said in a statement on Friday that the administration of U.S. President Joe Biden should urge countries that remain opposed to the waiver to change their stance.

“This would pave the way for additional manufacturers to help increase the production and supply of these lifesaving medical tools and meet the global need,” it said.

Opponents said in Monday’s discussions that it was not yet clear that a waiver would help remove barriers to vaccine equity such as raw material scarcity and supply chain issues, according to the sources.

(Reporting by Emma Farge, Editing by Rosalba O’Brien)

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post