February 28, 2021 5:44:55 am
India on Saturday said if members of the WTO would fail to deliver on a proposal on waiving certain intellectual property (IP) obligations to deal with Covid-19 pandemic, it would impact global growth and livelihood.
In October 2020, India and South Africa submitted a proposal suggesting a waiver for all WTO (World Trade Organization) members on the implementation, application and enforcement of certain provisions of the TRIPS Agreement in relation to the prevention, containment or treatment of Covid. The agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) came into effect in January 1995. It is a multilateral agreement on IP rights such as copyright, industrial designs, patents and protection of undisclosed information or trade secrets.
“If we fail in the next one or two quarters or not delivering on that, let me tell you that it is not the question of equity, we are coming in the way of global growth and livelihood. It is not that we are coming in the way of life.
“It is a very simple economics that for a commercial interest of, let us say $30 to $40 billion of annual vaccine output of few companies, we are coming in the way of $6-7 trillion of global GDP output in 1 year,” Indian Ambassador and Permanent Representative to the WTO, Brajendra Navnit, said at the Asia Economic Dialogue.
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