Zürcher Nachrichten - WTO chief hails Covid vaccines IP compromise

EUR -
AED 4.323624
AFN 75.940287
ALL 95.687478
AMD 441.242259
ANG 2.107224
AOA 1080.758104
ARS 1611.497818
AUD 1.640802
AWG 2.120604
AZN 2.006077
BAM 1.955544
BBD 2.375189
BDT 144.991026
BGN 1.96385
BHD 0.444942
BIF 3506.541132
BMD 1.177296
BND 1.500804
BOB 8.148934
BRL 5.86235
BSD 1.179346
BTN 109.436679
BWP 15.822929
BYN 3.349562
BYR 23075.00039
BZD 2.37179
CAD 1.622138
CDF 2719.554043
CHF 0.92023
CLF 0.026225
CLP 1032.124042
CNY 8.02651
CNH 8.025203
COP 4245.599931
CRC 537.829619
CUC 1.177296
CUP 31.198342
CVE 110.250573
CZK 24.292918
DJF 210.002519
DKK 7.478542
DOP 70.700748
DZD 156.180562
EGP 61.083007
ERN 17.659439
ETB 184.137404
FJD 2.6116
FKP 0.870549
GBP 0.870523
GEL 3.183245
GGP 0.870549
GHS 13.031295
GIP 0.870549
GMD 86.535785
GNF 10346.646031
GTQ 9.01882
GYD 246.727713
HKD 9.228882
HNL 31.3339
HRK 7.540232
HTG 154.429791
HUF 361.795271
IDR 20179.264435
ILS 3.484549
IMP 0.870549
INR 109.020489
IQD 1544.897834
IRR 1555796.58282
ISK 143.712969
JEP 0.870549
JMD 186.4556
JOD 0.834749
JPY 186.772161
KES 151.993381
KGS 102.954982
KHR 4717.38268
KMF 492.110114
KPW 1059.557114
KRW 1727.140685
KWD 0.363031
KYD 0.982771
KZT 552.967638
LAK 26018.595189
LBP 105605.880343
LKR 372.771219
LRD 216.991604
LSL 19.329071
LTL 3.476249
LVL 0.712135
LYD 7.457024
MAD 10.880676
MDL 20.272347
MGA 4891.359913
MKD 61.631935
MMK 2471.647055
MNT 4208.271742
MOP 9.512755
MRU 47.136832
MUR 54.497475
MVR 18.20144
MWK 2044.932399
MXN 20.380292
MYR 4.653267
MZN 75.294007
NAD 19.329071
NGN 1580.496695
NIO 43.394321
NOK 11.029737
NPR 175.099086
NZD 2.001864
OMR 0.452675
PAB 1.179346
PEN 4.057269
PGK 5.112331
PHP 70.124501
PKR 328.817071
PLN 4.231614
PYG 7513.016842
QAR 4.299437
RON 5.098167
RSD 117.334646
RUB 89.747056
RWF 1723.174504
SAR 4.416574
SBD 9.460335
SCR 17.72868
SDG 707.555258
SEK 10.789215
SGD 1.495288
SHP 0.87897
SLE 28.990957
SLL 24687.302663
SOS 674.011798
SRD 44.391165
STD 24367.648971
STN 24.496794
SVC 10.31865
SYP 130.147098
SZL 19.323471
THB 37.81518
TJS 11.120745
TMT 4.126422
TND 3.422652
TOP 2.834646
TRY 52.795135
TTD 8.009952
TWD 37.061709
TZS 3055.00648
UAH 51.917706
UGX 4367.428475
USD 1.177296
UYU 46.913861
UZS 14311.127236
VES 564.698282
VND 31004.088534
VUV 137.732352
WST 3.196578
XAF 655.871172
XAG 0.014569
XAU 0.000243
XCD 3.181702
XCG 2.125422
XDR 0.815693
XOF 655.871172
XPF 119.331742
YER 280.907036
ZAR 19.209
ZMK 10597.080419
ZMW 22.436064
ZWL 379.088812
  • RBGPF

    -13.5000

    69

    -19.57%

  • JRI

    0.1800

    13.09

    +1.38%

  • RIO

    0.4400

    100.15

    +0.44%

  • BCC

    4.2400

    83.04

    +5.11%

  • RYCEF

    0.5600

    17.66

    +3.17%

  • NGG

    -0.6000

    86.92

    -0.69%

  • AZN

    4.3300

    204.8

    +2.11%

  • BCE

    -0.0700

    24.09

    -0.29%

  • GSK

    1.2200

    58.35

    +2.09%

  • RELX

    0.4700

    36.68

    +1.28%

  • CMSC

    0.1500

    22.77

    +0.66%

  • CMSD

    0.1800

    23.08

    +0.78%

  • BP

    -3.0400

    44.59

    -6.82%

  • BTI

    0.5400

    56.68

    +0.95%

  • VOD

    -0.2200

    15.48

    -1.42%

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.

P.Gashi--NZN