MOSCOW (Pakistan Point News / Sputnik - 06th June, 2021) Trade ministers from Asia-Pacific Economic Cooperation (APEC) member states signed a joint statement outlining a path to economic recovery following the COVID-19 pandemic, as well as faster vaccine distributions, at a virtual meeting.
"Recognising the role of extensive COVID-19 immunisation as a global public good, we urgently need to accelerate the production and distribution of safe, effective, quality-assured, and affordable COVID-19 vaccines," the joint statement, released on APEC's website on Saturday, read.
The meeting, chaired by New Zealand Minister for Trade and Export Growth Damien O'Connor saw 21 economies issue the COVID-19 Vaccine Supply Chains (Annex 1), which ensures that vaccines and other related goods will be distributed safely and efficiently.
The ministers have also promised that the 12th World Trade Organisation (WTO) Ministerial Conference (MC12) will be successful and will deliver "tangible results for all."
"APEC economies will work proactively and urgently in Geneva to support text-based discussions, including for a temporary waiver of certain intellectual property protections on COVID-19 vaccines, as soon as possible and no later than MC12," the statement added.
The ministers also highlighted that voluntary actions would be considered to help lower the production costs of the COVID-19 vaccines.
In addition, the ministers mentioned that all appropriate actions would be taken to "prevent criminal exploitation of supply chains and to prevent the entry and import of illegal, dangerous, sub-standard or counterfeit COVID-19 vaccines and related goods."
APEC was founded in 1989 to promote free trade throughout the Asia-Pacific region. Participating countries are Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, South Korea, Taiwan, Thailand, the United States and Vietnam.
