Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

U.S. trade chief Tai says recovery depends on addressing global vaccine inequity

Published 05/04/2021, 11:14 AM
Updated 05/04/2021, 07:51 PM
© Reuters. FILE PHOTO: U.S. Trade Representative Katherine Tai testifies before the Senate Appropriations Subcommittee on Commerce, Justice, Science, and Related Agencies during a hearing on the proposed budget for fiscal year 2022 for the Office of the U.S. Trade R

By David Lawder

WASHINGTON (Reuters) -U.S. Trade Representative Katherine Tai said on Tuesday that making vaccines more widely available throughout the world is needed to end the coronavirus pandemic and foster economic recovery.

In remarks to a Council of the Americas conference, Tai said the world had made real strides toward ending the pandemic but that a lot of work lies ahead.

"That includes making the vaccine widely available and addressing the global inequity in vaccine access," she said. "This is not just a public health requirement. Our economic recovery depends on it."

Tai is due to discuss demands from developing countries for a World Trade Organization waiver of intellectual property rights on coronavirus vaccines during a WTO General Council meeting later this week.

She has been meeting with the chief executives of the major vaccine manufacturers in recent days to discuss the waiver proposal and ways to boost vaccine production and distribution..

White House Chief of Staff Ron Klain said https://www.cbsnews.com/news/transcript-ron-klain-on-face-the-nation-may-2-2021 on Sunday that Tai would "start talks on how we can get this vaccine more widely distributed, more widely licensed, more widely shared," adding that more details would be offered in coming days.

A majority of Democrats in the U.S. House of Representatives, and many liberal Democratic senators have urged President Joe Biden's administration to support the vaccine intellectual property waiver, arguing it would help save lives and prioritize people over drug company profits.

The pharmaceuticals industry sees the proposed waiver as too broad and would set a precedent that would erode incentives to develop future vaccines.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Democratic Representative Earl Blumenauer, head of the Ways and Means trade subcommittee, told reporters that Tai and other U.S. officials were trying to develop a path forward, and narrowing the scope of the proposed waiver could help reassure industry.

Representative Rosa DeLauro told reporters she spoke with Commerce Secretary Gina Raimondo earlier on Wednesday and saw "some positive signs" the Biden administration was committed to aiding other countries in the current humanitarian crisis.

A dozen House of Representatives Republicans wrote https://republicans-judiciary.house.gov/wp-content/uploads/2021/05/2021-05-04-GOP-Courts-IP-to-USTR-re-WTO-TRIPS-Waiver.pdf to Tai on Tuesday to urge her to continue to oppose the IP rights waiver, arguing it would not meaningfully improve vaccine availability.

"The scope of the requested waiver is overbroad and unjustified in light of the economic harm it would cause and the negligible benefits it would provide," wrote the members, led by House Judiciary Committee senior Republican Darrell Issa.

Latest comments

She has been meeting with executives of jabs manufacturers to receive her bribes
The fact that she mentioned vaccines, goes to show, she is deep state
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.