📚 WTO Nations Agree To Ease Patent Rights To Boost Covid-19 Vaccine Supplies in Poorer Nations

The member countries of the World Trade Organization agreed Friday on a narrow measure aimed at boosting the supplies of Covid-19 vaccines in developing countries, wrapping up a bitter fight over corporate patent rights governing critical medical products during a pandemic. WSJ: The compromise measure on intellectual property rights will make it easier for companies in developing nations such as South Africa to manufacture and export a patented Covid-19 vaccine -- under limited circumstances -- without a consent from the patent holder if they have the approval of their own governments. Meeting for the first time in nearly five years, trade ministers from more than 100 countries also agreed on measures to reduce fisheries subsidies to protect fish stocks and pledged to minimize export restrictions on food items amid shortages triggered by the war in Ukraine. An existing ban on the collection of customs duty on digitally-transmitted products like music and movies was continued, to the relief of U.S. officials who had feared a possible change in the status quo would harm U.S. businesses.

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