Trade Rule Changes.
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...
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