The Office of the U.S. Trade Representative did not immediately respond to CNBC’s request for clarification. President Joe Biden at the White House on Wednesday affirmed that the White House would back the World Trade Organization’s IP waiver proposal. “Yes, I’m going to talk about that later today. Yes,” Biden said shortly before Tai’s statement was released. Read more: Rich countries are refusing to waive the rights on Covid vaccines as global cases hit record levels
World Trade Organization leaders reportedly urged member nations this week to quickly hash out the details of an agreement to temporarily ease the rules protecting intellectual property behind coronavirus vaccines. The waiver, proposed by South Africa and India, could remove obstacles to ramping up the production of vaccines in developing countries. Stocks of major pharmaceutical companies that have produced vaccines, including Moderna, BioNTech and Pfizer, dropped sharply after news of the potential waivers first broke.
WTO decisions are based on consensus, so all 164 members must agree. “As our vaccine supply for the American people is secured, the Administration will continue to ramp up its efforts – working with the private sector and all possible partners – to expand vaccine manufacturing and distribution. It will also work to increase the raw materials needed to produce those vaccines,” the statement added.
In recent weeks, India has grappled with a staggering rise in new coronavirus infections. Over the weekend, India reported 400,000 daily cases, bringing the nation’s cumulative total to 20,665,148 cases, according to figures compiled by Johns Hopkins. The spike may have been triggered by a highly contagious Covid variant, known as B.1.617, which was first identified in the country. The variant has since been identified in other countries, including the United States. Joseph Prezioso | AFP | Getty Images
Edith Arangoitia, 46, (who came as a companion to her elderly mother) is vaccinated with the Pfizer-BioNTech Covid-19 vaccine by Doctor Galen Harnden at La Colaborativa in Chelsea, Massachusetts on February 16, 2021. The Biden administration’s move comes as coronavirus infections surge to their highest levels in countries that have struggled to procure or distribute vaccines, highlighting a contrast with other nations, including the U.S., Canada and Britian.
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