After five days of intense negotiations, 164 members of the World Trade Organisation agreed to a change in global trading rules, particularly relating to intellectual property (IP) rights for Covid-19 vaccines and food trade. Given the rate at which agricultural yields keep declining, this is a welcome change that is sure to provide some assistance to our struggling economy.
At the table of discussion, the very first change revolved around IP rights for Covid-19 vaccines. The waiver granted will allow developing countries like Pakistan to produce and supply vaccines locally thereby reducing costs significantly, at least in theory. The waiver is expected to last for five years, and there are possibilities for extension. Considering that our positivity ratio climbed to 1.2 percent in the last few days, we must not forget that we are still reeling from the pandemic and that Covid-19 is not likely to die down immediately. Constant vaccinations and booster shots will gradually build up immunity, after which one can say that the virus has become manageable. So this change is bound to suit Pakistan, provided that it takes all the steps to ensure that domestic production and supply remains consistent.
Perhaps more urgent is the WTO’s decision to facilitate food trade across the world through the inclusion of cereals, fertilisers and other agricultural inputs to maximise yields and production. This will ensure that the domestic demand of a country is catered to and that there are opportunities to export surplus produce as well. Through limiting export restrictions, this may be possible and may usher in a new era for Pakistan, or aid the food crisis that is being experienced nationally. For instance, wheat production has decreased exponentially due to a significant reduction in cultivation area, no availability of good-quality fertiliser, droughts and a lack of water in the last year. It then becomes the duty of the government to ensure that such dire circumstances are resolved and the only way to do that is through taking advantage of new changes in global trade policies.
At the table of discussion, the very first change revolved around IP rights for Covid-19 vaccines. The waiver granted will allow developing countries like Pakistan to produce and supply vaccines locally thereby reducing costs significantly, at least in theory. The waiver is expected to last for five years, and there are possibilities for extension. Considering that our positivity ratio climbed to 1.2 percent in the last few days, we must not forget that we are still reeling from the pandemic and that Covid-19 is not likely to die down immediately. Constant vaccinations and booster shots will gradually build up immunity, after which one can say that the virus has become manageable. So this change is bound to suit Pakistan, provided that it takes all the steps to ensure that domestic production and supply remains consistent.
Perhaps more urgent is the WTO’s decision to facilitate food trade across the world through the inclusion of cereals, fertilisers and other agricultural inputs to maximise yields and production. This will ensure that the domestic demand of a country is catered to and that there are opportunities to export surplus produce as well. Through limiting export restrictions, this may be possible and may usher in a new era for Pakistan, or aid the food crisis that is being experienced nationally. For instance, wheat production has decreased exponentially due to a significant reduction in cultivation area, no availability of good-quality fertiliser, droughts and a lack of water in the last year. It then becomes the duty of the government to ensure that such dire circumstances are resolved and the only way to do that is through taking advantage of new changes in global trade policies.
