The 12th Ministerial Conference (MC12) of WTO on June 17, approved a

package of decisions and declarations, also called ‘TRIPS Waiver’, which will
have far more consequences in handling Covid-like endemics in future. Let us
briefly examine the backgr lot has been said about how the WTO’s rules and procedures alone
are not in line with the real world where the international business transactions take place every day.
As many others have pointed out in their articles, the WTO has moved into a critical phase to make
necessary changes and adopt new disciplines, which is happening outside of the WTO. 1 One of the ways
to truly achieve this is for the WTO to have direct and continuous dialogue with the private sector,
namely multinational corporations, and tap into their resource, be it knowledge and expertise in
certain industries, resource management, global logistic environment, etc. Ideally, this in turn will
encourage the private sector to come together and work to set standards on corporate governance at
the global level.

Read more at: https://www.deccanherald.com/opinion/panorama/wto-

decisions-patently-in-favour-of-mncs-1120819.html