The co-sponsors of the waiver proposal include India, South Africa, Indonesia, Pakistan, and other nations.
The said proposal on Trade-Related Intellectual Property Rights (TRIPS) Agreement waiver was submitted at the World Trade Organisation on bygone Friday (21 May). It is now likely to be taken up in an informal meeting of the TRIPS Council on 31 May.
It should be noted though that the proposed waiver is limited in scope to COVID-19 prevention, treatment, and containment. Also, as per the suggestion made by the co-sponsors in the proposal, there will be a provision to annually review the duration of the waiver.
The proposal involves a waiver for vaccines, diagnostics, PPE kits, therapeutics, medical devices, raw materials, components, and the methods and means to manufacture them.
The development gains significance as a waiver could significantly boost the production of commodities like vaccines which are available in short supply.