Covid Vaccine Production: Momen seeks global support for LDCs

Foreign Minister AK Abdul Momen has sought financial and technical support for Least Developed Countries (LDCs) to produce Covid-19 vaccines and other lifesaving medicines.

"Meaningful transfer of technology, access to aid for trade, exemption from intellectual property rights so that LDCs can produce Covid-19 vaccines and other life-saving medicines," he said.

The foreign minister delivered a statement virtually at the United Nations Headquarters in New York on Thursday, a foreign ministry press release said yesterday.

Momen was the keynote speaker at the thematic discussion on enhancing international trade and regional integration for the LDCs.

The foreign minister highlighted the importance of providing support to the graduating LDCs, including providing them with continued LDC-specific support for 12 years after graduation.

He called on the Developed and Developing country Member States of the UN to help the graduating LDCs for their smooth and sustainable graduation.

Momen said although the Istanbul Programme of Action for the LDCs announced its target in 2011 of doubling the share of LDCs in global trade in one decade, unfortunately during the last 10 years, the share of LDCs in the global trade has rather decreased.

The foreign minister stressed the need for South-South and Triangular Cooperation in the area of trade and technological cooperation for benefitting the LDCs.

He also highlighted the catalytic role that aid for trade can play in helping the LDCs while referring to the ongoing pandemic of Covid-19 and its impact on LDCs' economies.

Referring sharp decrease in the income of LDCs from the service sector during the pandemic, he strongly advocated for providing support to the LDCs in the area of digital infrastructure, in particular e-commerce.

Momen also called for immediate implementation of all decisions of the WTO Ministerial Meetings in favour of the LDCs, including removal of non-tariff and different standards-related barriers.

He stressed the importance of the transfer of technologies to LDCs, as provided for in WTO rules to address the digital divide between developed countries and LDCs.