People Power Party Proposes "Korea-US Vaccine Swap" Based on Korea-US FTA

"Emergency Vaccine Support from the US, Korea Repays by Mass Production"

Joo Ho-young, Floor Leader of the People Power Party (Photo by Yonhap News)

[Asia Economy Reporter Kim Ji-hee] The People Power Party officially proposed a 'Korea-US Vaccine Swap' on the 27th to secure a large quantity of COVID-19 vaccines.

At a press briefing held at the National Assembly on the same day, Floor Leader Joo Ho-young stated, "It is urgent to secure early vaccines through diplomatic consultations with countries that have purchased additional ample vaccines, rather than contracts with vaccine manufacturers."

The Korea-US Vaccine Swap proposed by the People Power Party is inspired by the 'Korea-US Currency Swap' conducted during the global financial crisis to urgently secure foreign currency liquidity. The plan is for the US to provide emergency vaccine support to Korea, and Korea to repay by mass-producing vaccines based on US technology. In particular, the People Power Party explained that the Korea-US Vaccine Swap is a proposal based on provisions in the Korea-US Free Trade Agreement (FTA).

The party's COVID-19 Countermeasures and Foreign Affairs & Security Special Committee conveyed that Chapter 5 of the Korea-US FTA, titled 'Pharmaceuticals and Medical Devices,' includes content promoting the development of high-quality patented and generic medicines. They emphasized that Korea has sufficient related infrastructure, given its biosimilar production facilities occupying over 20% of the global market and its mRNA vaccine raw material production capabilities.

They added, "According to the Korea Disease Control and Prevention Agency, priority vaccinations for target groups will be completed by November to December next year, and to maximize vaccine effectiveness, it is important to vaccinate many people within a short period to achieve herd immunity."

The People Power Party plans to deliver the vaccine swap proposal to the incoming Biden administration and US congressional think tanks. They also urged the dispatch of a public-private cooperation delegation to specifically negotiate the vaccine swap agreement.

This content was produced with the assistance of AI translation services.