India for quick result of TRIPS waiver for Covid vax, diagnostics

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NEW DELHI: India has called for a swift outcome to the proposed TRIPS waiver for Covid-19 vaccines, therapeutics and diagnostics at the World Trade Organization (WTO), an official statement said on Saturday.
Addressing a meeting on Friday attended by the trade and economy ministers of the BRICS countries, Trade and Industry Minister Piyush Goyal also insisted on finding a permanent, adequate and equitable to public stockholding programs for food security purposes.
He also called for the adoption of new emerging technologies in a rapidly changing world while finding solutions to the challenges of data protection and cybersecurity; and ensure sustainable consumption and production patterns.
The minister “underlined, among other things, the need for a permanent, adequate and equitable solution to the programs of public stockholding for food security purposes; the first results of the proposed exemption from TRIPS for vaccines”, indicates the press release.
In October 2020, India and South Africa had submitted the first proposal, suggesting a waiver for all WTO (World Trade Organization) members on the implementation of certain provisions of the Trade Agreement. TRIPS regarding the prevention, containment or treatment of COVID-19.
In May of this year, a revised proposal was submitted by 62 co-sponsors, including India, South Africa and Indonesia.
The Agreement on Commercial Aspects of Intellectual Property Rights or TRIPS entered into force in January 1995. It is a multilateral agreement on intellectual property (IP) rights such as copyright, designs. industry, patents and the protection of undisclosed information or trade secrets.
In addition, the minister said the BRICS countries should work together to strengthen the multilateral system, stating that there is a need to achieve a balanced and inclusive outcome at the next WTO ministerial conference.
The BRICS countries have approved the Professional Services Trade Cooperation Framework with the aim of strengthening national capacities and global competitiveness, promoting participation in intra-BRICS mobility of professionals and improving trade in professional services.
All BRICS members could for the first time reach consensus to work together to protect genetic resources, traditional knowledge, he added.
“In this era of exponential leaps in the use of electronic commerce and online electronic transactions, the convergence to draw a common course of action among the BRICS countries will help promote the exploration of practical options to ensure the protection of consumers. consumers, ”he said.

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