Competitive markets

ICC welcomes G7 focus on COVID-19 vaccines

  • 19 February 2021
New partnership looks to help SMEs thrive in post-COVID-19 world

Calling for global action plan to beat the pandemic, ICC, the institutional representative of over 45 million businesses – has issued a statement following the conclusion of the G7 leaders’ summit.

ICC Secretary General John W.H. Denton AO said:

“G7 leaders have sent a very welcome signal today of their intent to correct the failings in international cooperation that have blighted the response to Covid-19 over the past year. But warm words alone won’t mitigate the severe downside risk posed to the global economy by the very real prospect of a prolonged pandemic in the developing world.

“A global action plan to beat the virus – and beat it everywhere – is still missing. To take just one example: the additional $5 billion pledged today for multilateral vaccine distribution efforts is truly welcome, but where is the plan to bridge the remaining $20 billion shortfall to make the tools needed to beat the pandemic available to everyone, everywhere?

“This isn’t just a matter of the G7 showing solidarity with the developing world: in an interdependent global economy, investing in efforts to end the pandemic globally is the surest domestic stimulus any government can provide.

“What’s more, the billions in new funding pledged today risk becoming hollow commitments without a broader strategy to share supplies and prime manufacturing and distribution networks. The operational challenge of producing vaccines at the scale needed should not be underestimated. The facility of the supply chain that underpins vaccine production is fast becoming a matter of acute urgency – something that can only be addressed through joined-up action between governments and the private sector globally.”