🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

'Last few tweaks' being made to COVID IP waiver deal -WTO chief

Published 04/14/2022, 05:16 PM
Updated 04/14/2022, 06:01 PM
© Reuters. FILE PHOTO: World Trade Organization (WTO) director-general Ngozi Okonjo-Iweala attends a news conference in Geneva, Switzerland, October 4, 2021. REUTERS/Denis Balibouse

By Emma Farge

GENEVA (Reuters) -The head of the World Trade Organization told Reuters on Thursday that negotiations on an intellectual property deal for COVID-19 vaccines were ongoing between the four parties, saying they were seeking to agree on the proposal's final terms.

Since the draft compromise emerged in the media a month ago, pressure from civil society groups has been rising for the parties - the United States, the European Union, India and South Africa - to walk away from the deal. Other public figures have also criticised it such as German Chancellor Olaf Scholz and former U.N. Secretary-General Ban Ki-moon, saying it is too narrowly focused on vaccines.

"People are saying the text is now being rejected. It is not true," Director-General Ngozi Okonjo-Iweala told Reuters by telephone. "They are still trying to iron out the last things. It's just the last few tweaks," she said, without elaborating.

Okonjo-Iweala, who took over the top job a year ago with a mandate to reinvigorate the 27-year-old institution, has been brokering the talks for the past few months in an effort to break a more than year-long stalemate at the WTO.

India and South Africa, backed by dozens of other WTO members, had proposed a broad waiver of IP rights for COVID-19 drugs and vaccines, but failed to overcome opposition from members like Britain and Switzerland who argued that pharmaceutical research required such protections.

The compromise proposal that Okonjo-Iweala referred to, if finalised among the four negotiators, still needs to be presented to all 164 WTO members which each hold a veto.

© Reuters. FILE PHOTO: World Trade Organization (WTO) director-general Ngozi Okonjo-Iweala attends a news conference in Geneva, Switzerland, October 4, 2021. REUTERS/Denis Balibouse

No date has yet been fixed for that meeting.

Okonjo-Iweala said in the same interview that she plans to meet U.S. Trade Representative Katherine Tai next week to discuss a ministerial trade conference at the WTO's Geneva headquarters in June and to brief U.S. Congress.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.