I am sure global pharma industry will support India”s WTO proposal of IP waiver for COVID-19: Goyal


PTI, Feb 25, 2021, 1:05 PM IST

New Delhi: Commerce and Industry Minister Piyush Goyal on Thursday expressed hope that global pharmaceutical industry will show “big heart” and support India’s proposal in the WTO for relaxing certain provisions in a multilateral agreement on intellectual property with a view to containing the pandemic.

In October 2020, India and South Africa submitted a proposal suggesting a waiver for all WTO (World Trade Organisation) members on the implementation, application and enforcement of certain provisions of the TRIPS Agreement in relation to the prevention, containment or treatment of COVID-19.

The agreement on Trade-Related Aspects of Intellectual Property Rights or TRIPS came into effect in January 1995. It is a multilateral agreement on intellectual property (IP) rights such as copyright, industrial designs, patents and protection of undisclosed information or trade secrets.

“I am sure the industry will show big heart across the world and support the TRIPS waiver that India has proposed at the WTO so that the entire world can come out of the COVID-19 pandemic much faster and bring back the ”V ”shaped recovery to the entire world,” Goyal said at a FICCI webinar on pharmaceuticals.

He said that the developed world is under pressure as a host of WTO members including least developed countries and African nations are supporting this proposal.

On one hand, the developed countries “talk about supporting each other and multilateral fight against COVID-19 pandemic, but on the other hand, they are looking at protecting the interests of a few companies,” he rued.

The minister said the world is fighting the pandemic which could potentially cost USD 9 trillion to the world economy and many sectors like tourism, hospitality, and travel have collapsed.

He said the proposal of India and South Africa would allow more and more countries to get equitable access to medicines and other products.

The waiver, proposed by the two countries, would cover obligations in four sections of Part II of the TRIPS Agreement — Section 1 ( copyright and related rights), Section 4 (industrial designs), Section 5 (patents) and Section 7 (protection of undisclosed information).

Further Goyal also said following best standards and quality norms would help boost growth of the pharma industry.

Waiver is a legal instrument provided for exceptional circumstances under the WTO, which is a Geneva-based body dealing with global trade norms and adjudicating trade disputes.

Since COVID-19 pandemic is an extremely exceptional crisis, the proposed limited, temporary and proportionate waiver from certain provisions of TRIPS Agreement, is within the framework of multilateral trading system.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Suriya-starrer ‘Kanguva’ mints Rs 58.62 crore in worldwide gross on day one

Mangaluru: Car catches fire near Kadri Police Station

J-K: 2 teenage boys driving SUV die in road accident; sparks calls to curb underage driving

Forest department creating hurdles in development of Gadchiroli district: Gadkari

700 kg drugs seized, 8 Iranians caught in anti-narcotics operation along Gujarat coast

Kumaraswamy demands SIT probe into allegation of Rs 50 cr for 50 Cong MLAs

SC directs Centre to respond on rehabilitation framework for victims of sex trafficking

Related Articles More

Maharashtra Elections | CM Shinde using Marathi TV serials for campaigning, Congress alleges

Misuse of social media platforms by terrorists to be borne in mind by courts while sentencing: HC

Forest department creating hurdles in development of Gadchiroli district: Gadkari

Ensure level playing field in campaigning: Congress to EC after Rahul’s chopper delay

PM Modi wants to destroy constitution, alleges Rahul Gandhi

MUST WATCH

| ₹50 LAKH SEIZED FROM TIRE |

New Technology In Kambala

Lakshdeepotsava 2024 Shree Krishna Mutt

Punganur Cow

Rangoli design


Latest Additions

Maharashtra Elections | CM Shinde using Marathi TV serials for campaigning, Congress alleges

Davanagere: Home Guard saves passenger from being crushed under moving train

World Diabetes Day 2024: Kasturba Hospital Manipal Hosts Zumba Session at Malpe Beach to Raise Diabetes Awareness

Suriya-starrer ‘Kanguva’ mints Rs 58.62 crore in worldwide gross on day one

1951 Rolls Royce ordered by Nehru for Baroda ‘maharani’ becomes flashpoint in marital dispute

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.