The China Mail - WTO chief hails Covid vaccines IP compromise

USD -
AED 3.672499
AFN 65.000083
ALL 81.627341
AMD 360.299412
ANG 1.789785
AOA 916.99983
ARS 1540.730251
AUD 1.422758
AWG 1.8
AZN 1.701994
BAM 1.755348
BBD 2.014118
BDT 124.150744
BGN 1.747831
BHD 0.377397
BIF 2998.985829
BMD 1
BND 1.281553
BOB 11.995315
BRL 5.374899
BSD 1.000013
BTN 95.207367
BWP 13.822349
BYN 2.947868
BYR 19600
BZD 2.01121
CAD 1.398505
CDF 2314.499446
CHF 0.826565
CLF 0.025067
CLP 989.793234
CNY 6.66605
CNH 6.65828
COP 3166.49
CRC 454.76167
CUC 1
CUP 24.000287
CVE 98.962494
CZK 21.788204
DJF 178.075553
DKK 6.69261
DOP 61.263687
DZD 135.351993
EGP 56.012499
ERN 15
ETB 164.121129
EUR 0.895297
FJD 2.243201
FKP 0.751792
GBP 0.74805
GEL 2.567502
GGP 0.751792
GHS 11.639637
GIP 0.751792
GMD 73.481732
GNF 8851.114242
GTQ 7.645879
GYD 209.614159
HKD 7.846749
HNL 26.846168
HRK 6.76901
HTG 131.054259
HUF 327.300989
IDR 18165
ILS 3.11295
IMP 0.751792
INR 95.09175
IQD 1514.988332
IRR 1864650.000078
ISK 121.709681
JEP 0.751792
JMD 158.760361
JOD 0.709014
JPY 157.8255
KES 129.960326
KGS 87.448015
KHR 4079.123325
KMF 441.999979
KPW 899.999961
KRW 1337.929531
KWD 0.31096
KYD 0.833326
KZT 453.3167
LAK 22538.04282
LBP 89552.183883
LKR 332.450795
LRD 170.006148
LSL 16.642015
LTL 2.952739
LVL 0.60489
LYD 6.430565
MAD 9.820184
MDL 18.045072
MGA 4536.867094
MKD 55.267858
MMK 2099.638249
MNT 3597.631144
MOP 8.082337
MRU 40.350562
MUR 47.480214
MVR 15.460218
MWK 1734.092633
MXN 18.788555
MYR 4.0596
MZN 63.892783
NAD 16.642239
NGN 1345.880013
NIO 36.797868
NOK 9.27294
NPR 152.332146
NZD 1.77716
OMR 0.384558
PAB 1.000013
PEN 3.450247
PGK 4.484792
PHP 63.730494
PKR 276.675582
PLN 3.932502
PYG 5858.938516
QAR 3.645363
RON 4.789101
RSD 105.231003
RUB 81.198172
RWF 1478.556267
SAR 3.7541
SBD 8.064705
SCR 13.849957
SDG 601.501107
SEK 9.851299
SGD 1.280302
SHP 0.750582
SLE 22.949896
SLL 20969.504398
SOS 571.526014
SRD 37.644498
STD 20697.981008
STN 21.988674
SVC 8.749697
SYP 13001.999685
SZL 16.643182
THB 33.700498
TJS 9.190174
TMT 3.51
TND 2.999116
TOP 2.40776
TRY 49.837499
TTD 6.779691
TWD 32.552026
TZS 2643.773024
UAH 45.55389
UGX 4360.137679
UYU 40.22581
UZS 12070.435555
VES 887.00815
VND 25814
VUV 119.133003
WST 2.76699
XAF 587.276049
XAG 0.019067
XAU 0.000248497213
XCD 2.70255
XCG 1.802288
XDR 0.707052
XOF 587.276049
XPF 107.036919
YER 236.174965
ZAR 16.62174
ZMK 9001.197762
ZMW 20.200416
ZWL 321.999592
SSP 5745.303054
MXV 2.118114
  • RYCEF

    0.4000

    19.71

    +2.03%

  • CMSC

    0.0000

    20.4

    0%

  • BTI

    0.4200

    56.05

    +0.75%

  • BP

    0.2800

    44.43

    +0.63%

  • RBGPF

    1.6000

    67

    +2.39%

  • RIO

    -0.1500

    94.41

    -0.16%

  • AZN

    -0.4300

    166.15

    -0.26%

  • GSK

    0.4600

    49.7

    +0.93%

  • BCE

    -0.4100

    20.56

    -1.99%

  • NGG

    -0.2500

    75.24

    -0.33%

  • VOD

    -0.0400

    16.58

    -0.24%

  • RELX

    -0.4500

    33.07

    -1.36%

  • BCC

    -0.5500

    76.59

    -0.72%

  • CMSD

    -0.0300

    20.27

    -0.15%

  • JRI

    -0.2500

    10.77

    -2.32%

WTO chief hails Covid vaccines IP compromise
WTO chief hails Covid vaccines IP compromise

WTO chief hails Covid vaccines IP compromise

The World Trade Organization chief hailed Wednesday a breakthrough between the EU, the United States, India and South Africa on waiving intellectual property rights on Covid-19 vaccines.

Text size:

Ngozi Okonjo-Iweala said the compromise was a major step forward in a bid to end the logjam at the global trade body.

However, she cautioned that some of the details on waiving WTO rules on Trade-Related Aspects of Intellectual Property Rights (TRIPS) still needed to be fleshed out -- and it would need the backing of all WTO members to come into force.

"This is a major step forward and this compromise is the result of many long and difficult hours of negotiations," Okonjo-Iweala said.

"But we are not there yet. We have more work to do to ensure that we have the support of the entire WTO membership."

Since October 2020, South Africa and India have called for IP rights to be temporarily lifted for coronavirus vaccines during the pandemic in order to boost production and address the gaping inequality in access between rich and poor nations.

However the idea has met with fierce opposition from pharmaceutical giants and most of their host countries.

They have argued that patents are not the main roadblocks to scaling up production and warn the move could hamper innovation.

- 'Wrong solution': pharma lobby -

Okonjo-Iweala stressed that internal domestic consultations were going on in the four parties to the compromise agreement, and some points still needed smoothing out.

But the former Nigerian finance minister said work would start immediately to widen the discussion to all 164 WTO members.

Switzerland, home to several major pharmaceutical companies, has notably repeatedly voiced its unwillingness to budge.

"In the WTO we decide by consensus, and this has not yet been achieved," Okonjo-Iweala said.

"We are ready to roll up our sleeves again to... bring about a full agreement as quickly as possible."

The International Federation of Pharmaceutical Manufacturers and Associations big pharma lobby group slammed the compromise, saying that weakening patents when supply constraints had eased was a mistake.

The IFPMA said 12 billion vaccine doses had been produced within a year of the first jab being authorised, and the industry was now pumping out more than a billion doses per month.

"The challenge now is how to get the vaccines into the arms of people who need them, rather than vaccine supply," the group said.

"The TRIPS waiver is not only the wrong solution, it is also an outdated proposal, that has been overtaken by events."

The IFPMA said the waiver was "unnecessary and irrelevant" and could undermine innovation in response to future pandemics.

- EU 'climbdown' -

Max Lawson, co-chair of the People's Vaccine Alliance coalition campaigning for wider access to Covid vaccines, said the TRIPS waiver proposals did not go far enough.

"After almost 18 months of stalling and millions of deaths, the EU has climbed down and finally admitted that intellectual property rules and pharmaceutical monopolies are a barrier to vaccinating the world," he said.

But Lawson said the proposal was a half-measure and did not address IP rights on Covid-19 treatments.

"Every barrier to accessing these crucial vaccines and treatments must be cleared away," he said.

W.Tam--ThChM