India wants urgent World Trade Organization General Council meeting this month to discuss Covid package
They will also talk about the proposed patent waiver.
Posted 03.01.22, 15:19
India has called for an emergency meeting of the General Council of the World Trade Organization (WTO) this month in Geneva to deliberate on the response plan proposed by the world trade body, including the proposed patent waiver, to deal with the pandemic amid rising coronavirus infections around the world, an official said.
The General Council is the highest decision-making body of the WTO in Geneva. It meets regularly to exercise the functions of the WTO. It is made up of representatives (usually ambassadors or equivalent) from all member governments and has the power to act on behalf of the Ministerial Conference which only meets approximately every two years.
The WTO is a 164-member multilateral body that formulates rules for global exports and imports and adjudicates disputes between two or more countries on trade-related issues.
Expressing disappointment at the lack of progress on the proposed TRIPs (Trade Related Aspects of Intellectual Property Rights) waiver to deal with the pandemic, India called for including this proposal in the response plan. proposed by the WTO.
In October 2020, India and South Africa submitted the first proposal, suggesting a waiver for all WTO members on the implementation of certain provisions of the TRIPS Agreement in relation to prevention, containment or treatment of Covid-19.
In May 2021, a revised proposal was submitted. TRIPS entered into force in January 1995. It is a multilateral agreement on intellectual property (IP) rights such as copyright, industrial designs, patents and the protection of undisclosed or undisclosed information. trade secrets.
“We have requested an emergency General Council meeting to discuss the WTO’s response plan to deal with the Covid-19 pandemic, including a proposed patent waiver. The WTO will start its meetings from January 10 and we suggested calling the meeting immediately, âthe official said. .
Developing countries will be up to $ 8 trillion poorer by 2025 due to the Covid-19 crisis, and the burden of vaccination, according to a UNCTAD report on trade and development delayed estimated at $ 2.3 trillion in terms of lost revenues will be borne mainly by developing countries.