Role of the WTO in Regulating World Trade in Medicinal Products and Equipment during the COVID-19 Pandemic

Abstract

Peculiarities of international trade in medicinal products and equipment during the COVID-19 pandemic are considered. The purpose of the article is theoretical and methodological substantiation of the role of the WTO agreements within international trade in medicinal products and equipment during the COVID-19 pandemic, development of important priorities of international trade policy in this area. The methodological basis of the article is a set of general and special research methods. In particular, the shortcomings of international trade in medicinal products and equipment in 2020 were identified by using the logical and semantic method. The export of medical equipment and devices in 2020 is analyzed and the main problems that exist in this area are outlined. The WTO agreements regulating international trade in medicinal products and equipment are analyzed. It is stated that the WTO is an effective regulator of international trade and should take all measures to further provision of stable functioning of the system of international trade relations, liberalization of international trade, ensuring transparency of trade procedures and the abolition of trade restrictions. It is concluded that the COVID-19 pandemic stressed the strengthening of cooperation and efforts to reduce barriers to international trade. Global integration of all activities and international cooperation are important to overcome the impact of the COVID-19 virus on the health and economic. It is emphasized that aspects of the settlement of trade disputes related to the export of medical equipment and devices during the COVID-19 pandemic can be considered as a perspective area of further research.

Keywords

• medical equipment and devices
• international law
• international trade
• export
• wto agreements
• wto