WTO talks: World Bank opposes COVID-19 vaccine intellectual property waiver

His comments on the subject, made during a call with reporters on World Bank economic forecasts, came as WTO negotiations over the proposed waiver resumed in Geneva.

Asked whether he backs a WTO vaccine IP waiver, which India, South Africa and other emerging market countries argue is needed to expand vaccine access, Malpass said: "We don't support that, for the reason that it would run the risk of reducing the innovation and the R&D in that sector."

$1 trillion free trade agreement enters force

The Trade Facilitation Agreement (TFA) is aimed at cutting red tape and making the international flow of goods more seamless. It spans all 164 members of the World Trade Organization, including the U.S.

It will slash paperwork and ease border delays and transit bottlenecks. The World Trade Organization said it will reduce by over a day and a half the time needed to import goods, and cut nearly two days from the time needed to export goods.