WASHINGTON: Minister of Finance Nirmala Sitharaman on Friday met the Director General of WTO Ngozi Okonjo Iweala here in the US in the midst of Indian proposals for temporary neglect of intellectual crowd rights throughout the world.
The meeting between Sitharaman and Iweala took place on the sidelines of the World Bank and an IMF annual meeting.
“Minister of Finance of the SMT The meeting assumed that India together with South Africa has encouraged temporary neglect of intellectual property rights on vaccines and drugs Covid-19 globally.
India in June suggested to members of the World Trade Organization (WTO) to start text-based negotiations about the temporary travel neglect proposal to handle Covid-19 pandemic.
In October 2020, India and South Africa have submitted the first proposal, suggesting neglecting for all WTO members about the implementation of certain provisions of travel agreements with respect to prevention, detention or treatment of Covid-19.
In May this year, the revised proposal was delivered by 62 co-sponsors, including India, South Africa and Indonesia.
Agreements on associated aspects of trade in intellectual property rights or travel come into force in January 1995.
This is a multilateral agreement on intellectual property rights (IP) such as copyright, industrial design, patent and protection of trade information that is not disclosed.