(3 minutes read)
· The World Trade Organization’s incoming chief, Ngozi Okonjo-Iweala, has cautioned against “vaccine nationalism’ telling that that would slow progress in addressing the COVID-19 and could derail efforts towards economic growth for all countries
· Ngozi Okonjo-Iweala said that top priority of WTO will be to address the pandemic and called on the members to accelerate efforts to lift export restrictions which are slowing trade in needed medicines and supplies
· Many African leaders have come heavily on vaccine nationalism maintaining that world cannot be safe of the virus, if it was not totally eradicated from all corners
The World Trade Organization’s incoming chief, Ngozi Okonjo-Iweala, has cautioned against “vaccine nationalism’ telling that that would slow progress in addressing the COVID-19 and could derail efforts towards economic growth for all countries.
Ngozi Okonjo-Iweala said that the top priority of WTO will be to address the pandemic and called on the members to accelerate efforts to lift export restrictions which are slowing trade in needed medicines and supplies. Many African leaders have come heavily on vaccine nationalism maintaining that the world cannot be safe of the virus, if it was not totally eradicated from all corners.
The Nigerian born economist, who will take over the mantle of the world’s trade body on March 1 said that organizations like WTO could contribute more to arrest the spread of the pandemic. According to her, the global economy would lose around US$ 9 trillion in potential output if poor countries were not in a position to vaccinate their citizens. Therefore, she argued that being too much nationalistic in vaccine administration could lead to both economic and human miseries.
The WTO DG designate said that ending the pandemic and handling its economic side effects would be her top priority. The WTO, she said, should evolve solutions as to how vaccines, therapeutics and diagnostics are made accessible to all countries, particularly the poor countries.
