FedChamber Urges WTO and G7 with Global Economic Organizations to "Expand Vaccine Distribution"

[Image source=AP Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] The Federation of Korean Industries (FKI), together with the U.S. Chamber of Commerce, the Canadian Chamber of Commerce, and the European Economic Chamber of Commerce, a coalition of major economic organizations from key European countries including the UK, Germany, and France, jointly proposed measures to expand COVID-19 vaccine distribution to the World Trade Organization (WTO) and G7 leaders in line with the opening of the Group of Seven (G7) summit, the organization announced on the 13th.

The global economic organizations participating in this proposal pointed out that for the rapid worldwide distribution of vaccines, priority should be given to the redistribution of surplus vaccines, removal of unnecessary trade barriers related to vaccine production and distribution, and efficient supply chain management, rather than prolonged discussions over inter-country disagreements such as vaccine intellectual property waivers. They emphasized the need for these measures to be implemented as quickly and effectively as possible. They delivered a joint statement urging such actions to the WTO and G7 governments on the occasion of the G7 meeting.

The major global economic organizations stressed in their statement that "now is the time for big action," expressing concern that delayed vaccine distribution could lead to a tragedy where millions of doses expire and go to waste. They further emphasized that if the WTO prioritizes immediate measures such as deregulation and removal of trade barriers on medical supplies, it would yield positive outcomes.

Meanwhile, at the B7 summit held last May, FKI Chairman Huh Chang-soo and Vice Chairman Kwon Tae-shin attended as representatives of the Korean business community upon invitation from the UK Confederation of British Industry (CBI), the host country. At that meeting, economic leaders from various countries requested WTO Director-General Ngozi Okonjo-Iweala to prevent export restrictions that hinder vaccine production and distribution, and adopted a 'B7 Summit Joint Statement' containing these requests, which was scheduled to be delivered at the G7 summit.

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