TRIPS Waiver Not Enough?
After receiving a temporary waiver of Trade-Related Aspects of Intellectual Property Rights (TRIPS), the pharma industry veterans are now pitching to go one step ahead and establish more licensing and tech transfer arrangements.
They argued that the situation is quite grim on the vaccination front. Besides, technology transfer is necessary to speed up the production of COVID-19 vaccines.
Another point of view also suggests that India has a considerable knowledge base on vaccine platforms. Hence, the patent waiver may not be of much help, and technology transfer is the only way forward.
With technology transfer, more countries will be able to increase the production of COVID-19 vaccines. It, in turn, will increase the supply of vaccines across India and around the world.
India-UK Trade Pact
India and the UK have signed nine pacts during the recent summit of the Prime Ministers. This will help to strengthen the bilateral ties. Under this, both the countries have embarked on a 10-year road map to elevate the ties between the two countries.
It includes the launch of an enhanced trade partnership (ETP) and establishing a comprehensive free trade agreement (FTA). Both the countries have set the target to double the annual trade from 24 billion pounds to 50 billion pounds by 2030.
Stronger ties with the UK will help India to reduce its dependency on trade with China. It is also in best of the interest of India to secure bilateral ties. This will help to secure India's trade interest which has been often compromised in multilateral trade agreements like RCEP.
Downside Risk For India
The International Monetary Fund fears downside risk to India's growth potential due to the sharp uptick in COVID-19 cases.
The IMF had earlier forecasted 12.5% growth in India's economic output for FY22. But, it is likely to revisit that forecast in July. The IMF believes that developments in India are likely to have spillover effects on the global economy.
Apart from IMF, several domestic, as well as international agencies, had predicted double-digit growth for India in FY22. But, that is set to change as the country is currently struggling to contain the virus. While scientists are already warning of an inevitable third wave.