Moneycontrol

Budget 2021

Associate Partners:

  • SMC
  • Samsung
  • Volvo

Moneycontrol

Budget 2021

Associate Partners:

  • SMCSamsungVolvo
Webinar :Join an expert panel for a webinar on Smart investments for a secure retirement January 28, 2021. Register now!
you are here: HomeNewsWorld

Coronavirus pandemic: G20 trade ministers agree to ensure uninterrupted flow of vital medical supplies

According to a joint statement issued after a video conference, the ministers agreed to support the availability and accessibility of essential medical supplies at affordable prices, on an equitable basis, where they are most needed and will guard against profiteering and unjustified price increases.

March 31, 2020 / 12:11 PM IST

Trade and investment ministers of the G-20 group have agreed to ensure fair trade and continued flow of vital medicines as well as other essential goods to tackle COVID-19 pandemic.

According to a joint statement issued after a video conference, the ministers agreed to support the availability and accessibility of essential medical supplies at affordable prices, on an equitable basis, where they are most needed and will guard against profiteering and unjustified price increases.

The ministers also called for working together for a free and fair international trade.

"As we fight the pandemic both individually and collectively and seek to mitigate its impacts on international trade and investment, we will continue to work together to deliver a free, fair, non-discriminatory, transparent, predictable and stable trade and investment environment, and to keep our markets open.

"We are actively working to ensure the continued flow of vital medical supplies and equipment, critical agricultural products, and other essential goods and services across borders, for supporting the health of our citizens," the statement said.

Close

COVID-19 Vaccine

Frequently Asked Questions

View more
How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

View more
Show

The ministers stated that they will take immediate necessary measures to facilitate trade in those essential goods.

They also agreed to implement those measures, upholding the principle of international solidarity, considering the evolving needs of other countries for emergency supplies and humanitarian assistance.

"We will ensure smooth and continued operation of the logistics networks that serve as the backbone of global supply chains. We will explore ways for logistics networks via air, sea and land freight to remain open, as well as ways to facilitate essential movement of health personnel and business people across borders, without undermining the efforts to prevent the spread of the virus," they said in the statement.

It added that the countries will continue monitoring and assessing the impact of the pandemic on trade.

They also called upon the international organizations to provide an in-depth analysis of the impact of COVID-19 on world trade, investment and global value chains.

"We will continue working with them to establish coordinated approaches and collect and share good practices to facilitate flows of essential goods and services," the statement added.

The leaders of the G20 last week pledged to inject $5 trillion into the global economy to counter the pandemic amid forecasts of deep recession.

The G20 is a grouping of developed and developing countries. Its members include India, the US, Italy, France, China, Japan and Turkey.
PTI
first published: Mar 31, 2020 11:55 am

stay updated

Get Daily News on your Browser
Sections