How Trade Solves Covid-19
The Adam Smith Center is a proud partner of the Geneva Network, an international organisation researching innovation, trade and development issues.
We have just signed onto a great new report that they have released titled
“Joint Declaration on the Importance of Collaboration, Open Trade and Innovation in Tackling Covid-19”.
We are an international coalition of public policy research institutes and think tanks that believe that the solutions to the COVID-19 crisis will come from collaboration, open trade and innovation.
We are concerned that many countries are looking to the failed protectionism of the past to address the crisis. Barriers are being erected that are deepening shortages of medical supplies, undermining innovation and hampering efforts to beat the disease. Now is not the time for countries to look inwards.
The crisis will only be resolved, and economies will only recover if countries are allowed to trade and collaborate freely with each other.
Our policy ideas may be adopted by governments and will help save lives AND the economy. These include:
1. Abolish tariffs on medical supplies and medicines
2. Reject export bans on medical supplies
3. Reduce customs red tape
4. Enable the free flow of relevant health data across borders
5. Maintain transparency in collecting and sharing epidemiological data
6. Increase cooperation with other countries to speed up drug approval
7. Support innovation, including intellectual property rights
See the full declaration here.