THE International Chamber of Commerce (ICC) urged the Philippine business community to “pressure” the government to eliminate trade barriers that may hamper the delivery of Covid-19 doses.
ICC Secretary-General John W.H. Denton said on Friday during the “Vaccine Summit: Equitable Distribution and Safety” event that vaccine rollout is a must for the global economy to regain its lost output amid the pandemic.
With this, he highlighted that all must go well in order to inoculate everyone.
“I also call on you [Filipino business community] to put pressure wherever you can on government to remove these export restrictions that get in the way of getting the services and supplies that we need to the Philippines,” Denton said, referring to the Covid-19 vaccines.
The ICC official said that governments across the world can reduce legal barriers, lift export restrictions and even eliminate tariffs on pharmaceutical and medical goods. These, in addition to streamlining the customs procedures to ease trade facilitation, he explained.
Denton shared that manufacturers are “struggling” to secure inputs for the production of Covid-19 vaccine, including raw materials, active ingredients, enzymes and glass bottles.
“[Trade] barriers have complicated distribution unnecessarily, broken down relations, trust between nations, and prevented poor countries from vaccinating even to a minor degree. I think you are seeing that in the Philippines,” he said.
“We can do so much more to strengthen the global vaccine supply chain, including establishing a global clearing house, which is the ICC has been calling for,” Denton said, noting the proposed establishment aims to address bottlenecks in the vaccine supply chain.
Denton, in addition, said the global clearing house can provide matchmaking services for businesses, especially because there are at least 200 generic medicine manufacturers that can produce essential drugs.
He stressed that setting up a Covid-19 vaccine facility should not be seen as a mere donation but an investment as this can address the economic recovery.
“I do call on the Filipino business community to stand up and put pressure wherever you can on governments, on local level and globally, to achieve, fully fund the CoVax facility,” he added.
Equitable distribution
Meanwhile, ICC vowed that it would champion the “equitable distribution” of Covid-19 vaccines, noting that vaccine nationalism should be avoided to allow a worldwide recovery.
He said vaccine nationalism occurs when “rich countries jumping the queue, hoarding supplies and raging to vaccinate their own populations ahead of others.”
Denton said it was not only “mean-spirited and poorly directed” but it can do more harm to the economy. It can actually cost the global economy almost $9 trillion this year alone, he said.
“If we are to grow the economy, enable global trade and advance the calls of peace and unity for our citizens, we must react and must resolve this pandemic as quickly and fairly as possible,” he added.
Philippine Chamber of Commerce and Industry President Benedicto V. Yujuico agreed that a massive vaccine rollout is key to economic recovery.
He noted this can help in boosting consumer confidence anew, which can lead to more consumption.