KOTRA Holds 'Trade and Vaccine Forum' with WTO, Korean and European Vaccine Companies

[Asia Economy Reporter Jeong Hyunjin] KOTRA held the 'Trade and Vaccine Forum' on the 29th in Geneva, Switzerland, attended by international organizations such as the World Trade Organization (WTO), Korean and European vaccine and therapeutic companies, and research institutes, to strengthen vaccine cooperation with international organizations and European companies and to explore trade support measures for ending the COVID-19 pandemic.

The event, hosted by the Ministry of Trade, Industry and Energy, involved the WTO based in Geneva and the Coalition for Epidemic Preparedness Innovations (CEPI), an international non-governmental organization funding vaccine development projects. It consisted of a trade and vaccine seminar for expanding global vaccine and therapeutic production and supply, a business roundtable, and inter-company consultations. Considering the emergence of COVID-19 variants, the event connected the Swiss site remotely, with 17 Korean companies participating both online and offline.

At the trade and vaccine seminar for expanding global vaccine and therapeutic production and supply, vaccine companies such as Lonza discussed with attending international organizations issues related to the global trade environment and supply chain entry difficulties, as well as trade support measures. In particular, discussions with the WTO focused on activating global vaccine supply through trade support measures such as expedited customs clearance and restrictions on export control measures.

At the business roundtable, 13 vaccine and raw material companies from Switzerland and Germany presented their cooperation demands with Korea, including joint vaccine research, contract manufacturing (CMO), and clinical trial collaboration. Based on these cooperation demands, KOTRA plans to support cooperation and commercialization between Korean and overseas companies.

Sonsu Deuk, Vice President of KOTRA, said, "In line with the government's 'K-Global Vaccine Hub' initiative, we are focusing on partnership projects with the United States and Europe, leaders in COVID-19 vaccines." He added, "Next year, we plan to expand the global cooperation target countries for our companies and promote customized support projects to further strengthen the entry of our vaccines into the global supply chain."