Hoping for quick resolution on TRIPS waiver for Covid jabs at WTO: Goyal

Commerce & industry minister urges countries to share vaccines liberally with those in dire need of them

India is looking forward to multilateral support and a speedy resolution on its proposal on temporary intellectual property waiver on Covid-19 vaccines at the World Trade Organization (WTO), union commerce and industry minister Piyush Goyal said on Wednesday.

Besides, there is a need for expeditious consensus building, transfer of technology and availability of the raw materials to quickly overcome the Covid-19 induced crisis. The minister also urged countries to share vaccines liberally with those who are in dire need of them.

“I hope we can look at multilateral support and a consensus being developed and quickly (at WTO). Here speed is of the essence and if it takes months to negotiate a consensus or an agreement, or we do negotiate it and we don't get the raw materials for it, then we are back to square one,” the World Economic Forum’s session on global trade outlook.

WTO Director General Ngozi Okonjo-Iweala who was also present at the session said besides TRIPS waiver, countries need to lower export restrictions, and augment production to make vaccine access equitable, increase volume and distribution.

“We can’t afford to take months and years to negotiate something. We are talking about lives being lost. I am hoping members will come to the table quickly and start discussions,” she said, adding that she hopes to see member countries reach some agreement on TRIPS waiver by July and a final outcome by December, when the WTO ministerial council meeting is scheduled.

In October 2020, India and South Africa proposed a temporary, focused and limited waiver on Trade-Related Aspects of Intellectual Property Rights (TRIPS) to help more countries, especially middle and low income nations to access vaccines, amid the Covid-19 crisis. While the developed nations have opposed the proposal, over the last one week countries such as the United States and New Zealand have shown support for a waiver of patent protections for Covid-19 vaccines.

Goyal further said that with enhanced manufacturing and supply of vaccines, India would be at the forefront in supporting the least developed countries and the developing nations in this hour of need.

“We assure all our pharmaceutical companies and other developed countries also that we have always been intellectual property compliant, and will continue to be so for all times to this current situation needs an extraordinary measure,” he said.

Goyal also said that Regional Comprehensive Economic Partnership (RCEP) was not a balanced agreement as it would have hurt India's farmers, small businesses, dairy industry and therefore it was prudent for India not to join RCEP. “India resonates with the countries and entities like the UK, EU, Australia, Canada and the US, in terms of democracy, transparency, rule of law, independence of courts, investment rules, etc. Moreover, Indian trade with them is by and large balanced,” he added.