Finance Minister Nirmala Sitharaman on Friday met the Director General of WTO Ngozi Okonjo Iweala right here within the US amidst India’s proposal for a short lived waiver of mental property rights on COVID-19 vaccines and medicines worldwide.

The assembly between Sitharaman and Iweala occurred on the sidelines of the World Bank and IMF annual conferences.

Union Finance Minister Smt. @nsitharaman interacts with Dr. Ngozi Okonjo Iweala @NOIweala, Director General @WTO on the sidelines of @[email protected] Annual Meetings 2021 in Washington D.C., at present, the Ministry of Finance mentioned on Twitter.

The assembly assumes significance as India together with South Africa has been pushing for a short lived waiver of mental property rights on COVID-19 vaccines and medicines globally.

India in June advised to the World Trade Organisation (WTO) members to start text-based negotiations on the short-term TRIPs waiver proposal to take care of the COVID-19 pandemic.

In October 2020, India and South Africa had submitted the primary proposal, suggesting a waiver for all WTO members on the implementation of sure provisions of the TRIPs Agreement in relation to the prevention, containment or therapy of COVID-19.

In May this 12 months, a revised proposal was submitted by 62 co-sponsors, together with India, South Africa and Indonesia.

The settlement on Trade-Related Aspects of Intellectual Property Rights or TRIPs got here into impact in January 1995. It is a multilateral settlement on Intellectual Property (IP) rights corresponding to copyright, industrial designs, patents and safety of undisclosed info or commerce secrets and techniques.

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