Ramaphosa: Vaccine inequality will cost global economy trillions
President Cyril Ramaphosa has warned that vaccine inequality will cost the global economy R2.3 trillion between 2022 and 2025.
He was addressing the opening of the World Trade Organisation (WTO) Public Forum on Tuesday.
"Unequal access to vaccine poses a huge risk to a sustained global recovery, the economist intelligence unit estimates that vaccine inequality will come at a cost of 2.3 trillion dollars to global GDP between 2022 and 2025.
"We, therefore, need to reaffirm the principle of global solidarity and the role of open and inclusive multilateralism.”
As of Monday, Africa recorded more than 8.3 million covid-19 cases.
Vaccine rollout in the continent and other developing countries across the world has been slow.
Less than 4% of the African population is fully vaccinated.
Ramaphosa said this will have an impact on trade.
"Now more than ever before we need a multilateral trading system that promotes inclusive economic growth and development with the World Trade Organisation at its core and leading the process.
The reform of trade-distorting domestic support in agriculture is a long-standing agenda that has become more urgent in the context of Covid-19.”
UN Agencies have reported that global farm subsidies have reached 540 billion dollars a year.
"Without reform, these subsidies could rise to 23 billion by the year 2030. These subsidies affect the competitiveness of agriculture especially in developing economies with damaging consequences for food security livelihoods and local production. We must address these," said Ramaphosa.
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