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G20 ministers agree world trade to foster sustainable development, enhance women’s role

Brasilia, Brazil Reuters Ministers from the G20 group of largest economies agreed on Thursday that international trade and investments should foster sustainable development and enhance the participation of women in world trade. They also agreed on the need to speed up reform of the World Trade Organization to achieve a “faster, more agile and effective,” […]

Tariffs tend to hit the poor harder, WTO says

Brussels, Belgium Reuters Import tariffs tend to disproportionately hit low-income households, the World Trade Organization said in a report on Monday, countering what it sees as backlash against open markets and rising protectionism. WTO Director-General Ngozi Okonjo-Iweala said the 2024 World Trade Report reaffirmed trade’s role in reducing poverty and sharing prosperity “contrary to the […]

WTO chief warns of rocky road to deals amid “polycrisis”

WTO Director General Ngozi Okonjo Iweala

Geneva, Switzerland Reuters World Trade Organization chief Ngozi Okonjo-Iweala expressed cautious optimism on Sunday that more than 100 trade ministers meeting in Geneva would achieve one or two global deals this week, but warned the path there would be bumpy and rocky. The director-general from Nigeria said the world had changed since the WTO’s last […]

IMF, World Bank, WFP and WTO urge coordinated action on food security

Argentina Buenos Aires buying produce

Washington DC, US Reuters The World Bank, International Monetary Fund, UN World Food Program and World Trade Organization on Wednesday called for urgent, coordinated action on food security, and appealed to countries to avoid banning food or fertiliser exports. In a joint statement, the leaders of the four institutions warned that the war in Ukraine […]

As Omicron spreads, calls mount to waive COVID vaccine patents

India Mumbai coronavirus mural

London, UK Thomson Reuters Foundation The emergence of the Omicron variant has reignited calls for patent waivers for COVID-19 vaccines to help developing nations get more jabs in arms as they battle to control the pandemic. Supporters say a waiver would save lives in poorer countries and help prevent the emergence of more deadly and […]

Find $US75 billion to head off next pandemic, top panel tells G20

WTO Ngozi Okonjo Iweala

Venice, Italy Reuters COVID-19 is probably only a forerunner of increasingly dangerous pandemics in the future and governments need to find $US75 billion over the next five years to prepare for them, a panel of experts told finance ministers of the Group of 20 rich countries on Friday. In a report to the G20 meeting […]

WTO to start vaccine supply negotiations amid clash on patents

Switzerland Geneva WTO headquarters

Geneva, Switzerland Reuters World Trade Organization members agreed on Wednesday to start formal negotiations on a plan to boost COVID-19 vaccine supply to developing countries, but face rival proposals – one with and one without a waiver of intellectual property rights. South Africa and India, backed by many emerging nations, have been pushing for eight […]

WTO vaccine waiver could take months to negotiate, faces opposition: experts

WTO Director General Ngozi Okonjo Iweala

Washington DC, US Reuters World Trade Organization negotiations on a waiver of intellectual property rights for COVID-19 vaccines could take months – provided they can overcome significant opposition from some member countries, trade experts say. The talks also are likely to focus on a waiver that is significantly narrower in scope and shorter in duration […]

Put idle capacity to work now making vaccines, says WTO head

Coronavirus multiple vaccine vials

Geneva, Switzerland Reuters The world cannot act soon enough to put idle manufacturing capacity to work making COVID-19 vaccines to help redress a massive imbalance in global supply, the head of the World Trade Organization said on Wednesday. WTO director-general Ngozi Okonjo-Iweala said equitable access to vaccines, diagnostics and treatments was “both the moral and […]