Notwithstanding the need to ensure that markets remain open and predictable, the World Trade Organisation (WTO) has warned that failure to ensure wider access to COVID-19 vaccines could undermine the global economic and trade recovery.
The WTO in its mid-year report on trade-related developments presented to members noted that despite strong monetary and fiscal policy support from governments, and the arrival of effective vaccines against COVID-19, which have been important factors in the rebound, COVID-19 continues to pose a threat to the global economy and to public health, as vaccine production remains insufficient, contributing to significant disparities in access across countries.
“The multilateral trading system has shown resilience despite the severity of the global health and economic crisis caused by the COVID-19 pandemic. As a platform for transparency, the WTO has a central role to play in ensuring that supply chains are kept open — which is an essential part of increasing vaccine production and distribution on the scale needed to end the pandemic.
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