The World Trade Organization has passed agreements aimed at reducing overfishing, including waiving patents for Covid vaccines (WTO).
The 164-country group spent five days negotiating agreements that included pledges on health and food security.
The partial waiver of intellectual property for coronavirus vaccines will allow developing countries to produce and export vaccines.
However, it is only valid for five years and excludes disease treatments and tests.
Ngozi Okonjo-Iweala, Director-General of the World Trade Organization, said the agreements reached at a conference in Geneva would “make a difference in the lives of people all over the world.”
“The outcomes demonstrate that the WTO is in fact capable of responding to emergencies of our time,” she added.
Ms Okonjo-Iweala described the package of the two most high-profile deals on the table – aimed at reducing overfishing and sharing Covid vaccine knowledge – as “unprecedented.”
The World Trade Organization (WTO) is an international organisation with 164 member countries whose main functions are to provide a forum for negotiations to reduce trade barriers and to administer a system of trade rules.
Its rules state that all decisions must be made by consensus, with any single member having a veto.
A series of demands from India, which sees itself as the champion of poor farmers and fishermen as well as developing countries, appeared to paralyse talks at one point, but accommodations were found, according to trade sources.
