Zürcher Nachrichten - WTO chief hails Covid vaccines IP compromise

EUR -
AED 3.784692
AFN 73.198448
ALL 97.52768
AMD 411.285686
ANG 1.854032
AOA 941.270843
ARS 1067.244138
AUD 1.66332
AWG 1.854724
AZN 1.72798
BAM 1.953832
BBD 2.077108
BDT 124.994086
BGN 1.953502
BHD 0.388397
BIF 3042.834761
BMD 1.030402
BND 1.408481
BOB 7.108839
BRL 6.292252
BSD 1.028864
BTN 88.33002
BWP 14.418475
BYN 3.366609
BYR 20195.879422
BZD 2.066418
CAD 1.481383
CDF 2957.253758
CHF 0.938904
CLF 0.037393
CLP 1031.783021
CNY 7.554497
CNH 7.574521
COP 4457.519101
CRC 521.574585
CUC 1.030402
CUP 27.305653
CVE 110.154035
CZK 25.121922
DJF 183.195456
DKK 7.461486
DOP 62.95658
DZD 140.004901
EGP 52.138962
ERN 15.45603
ETB 129.624747
FJD 2.40027
FKP 0.81606
GBP 0.835966
GEL 2.859392
GGP 0.81606
GHS 15.142746
GIP 0.81606
GMD 73.158381
GNF 8892.093166
GTQ 7.939003
GYD 215.153263
HKD 8.016476
HNL 26.223978
HRK 7.390977
HTG 134.214797
HUF 414.468889
IDR 16716.21183
ILS 3.774349
IMP 0.81606
INR 88.54126
IQD 1349.826635
IRR 43379.924605
ISK 145.039346
JEP 0.81606
JMD 161.107706
JOD 0.73097
JPY 162.914286
KES 133.1799
KGS 89.644981
KHR 4157.811575
KMF 492.023583
KPW 927.361234
KRW 1504.891776
KWD 0.317735
KYD 0.857336
KZT 541.854156
LAK 22475.647466
LBP 92324.020464
LKR 304.503255
LRD 192.942625
LSL 19.412744
LTL 3.042509
LVL 0.62328
LYD 5.074723
MAD 10.351931
MDL 18.97988
MGA 4842.889646
MKD 61.500649
MMK 3346.705539
MNT 3501.3059
MOP 8.242996
MRU 41.035755
MUR 48.2738
MVR 15.878359
MWK 1785.207737
MXN 21.062489
MYR 4.637838
MZN 65.853311
NAD 19.412744
NGN 1590.600421
NIO 37.826339
NOK 11.776341
NPR 141.327632
NZD 1.841334
OMR 0.396673
PAB 1.028864
PEN 3.889798
PGK 4.133461
PHP 60.226922
PKR 287.169787
PLN 4.276699
PYG 8141.798255
QAR 3.751177
RON 4.972824
RSD 117.065002
RUB 107.677565
RWF 1427.106786
SAR 3.86768
SBD 8.688662
SCR 15.214057
SDG 619.271538
SEK 11.514232
SGD 1.410981
SHP 0.81606
SLE 23.492236
SLL 21607.018098
SOS 588.872975
SRD 36.167628
STD 21327.241261
SVC 9.001932
SYP 2588.916216
SZL 19.400457
THB 35.744699
TJS 11.254363
TMT 3.606407
TND 3.314287
TOP 2.413305
TRY 36.442947
TTD 6.976972
TWD 33.944569
TZS 2565.700859
UAH 43.510469
UGX 3810.161785
USD 1.030402
UYU 45.244422
UZS 13384.922259
VES 54.833835
VND 26156.755058
VUV 122.33139
WST 2.846782
XAF 655.296878
XAG 0.034189
XAU 0.000387
XCD 2.784713
XDR 0.792202
XOF 653.27507
XPF 119.331742
YER 256.73226
ZAR 19.513235
ZMK 9274.855421
ZMW 28.779009
ZWL 331.789027
  • RIO

    0.4400

    58.63

    +0.75%

  • SCS

    0.1000

    11.3

    +0.88%

  • CMSC

    -0.1300

    23.1

    -0.56%

  • BCC

    -0.8200

    117.4

    -0.7%

  • NGG

    -0.6200

    57.98

    -1.07%

  • BCE

    -0.2300

    23.63

    -0.97%

  • RYCEF

    7.2200

    7.22

    +100%

  • BTI

    -0.0400

    36.74

    -0.11%

  • GSK

    -0.3400

    33.75

    -1.01%

  • CMSD

    -0.0600

    23.4

    -0.26%

  • JRI

    0.0000

    12.22

    0%

  • RBGPF

    59.3100

    59.31

    +100%

  • AZN

    -0.0600

    66.58

    -0.09%

  • VOD

    -0.2000

    8.21

    -2.44%

  • RELX

    0.7900

    46.77

    +1.69%

  • BP

    -0.7100

    31.12

    -2.28%

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