SUBSCRIBE

CATEGORIES

EU Commission proposes extending vaccine export-control scheme

imageStock Markets50 minutes ago (Sep 27, 2021 06:01AM ET)

(C) Reuters.

BRUSSELS (Reuters) – The European Commission has proposed extending the period of its scheme for monitoring and potentially limiting exports of COVID-19 vaccines from the bloc, a European Commission spokesperson told Reuters on Monday.

If not prolonged, the scheme would expire this week. It is unclear whether the 27 EU states will support the proposal, which requires a qualified majority to be adopted.

“Discussions are ongoing with member states, so we cannot comment further,” the spokesperson said. If extended, the scheme would remain in place until the end of the year.

The scheme has already been extended twice after its initial launch at the end of January, despite criticism from some smaller states that feared it was not necessary and could damage the bloc’s competitiveness.

Under EU rules, the Commission could appeal against a possible rejection by EU governments.

The EU Commission established the mechanism amid the bloc’s vaccine supply crisis and in a bid to curb exports by pharmaceutical companies deemed not to be respecting their commitments with the EU.

The mechanism has, however, allowed the export of hundreds of millions of shots made in the EU towards dozens of countries around the world.

It has been formally used to block only one shipment of 250,000 AstraZeneca (NASDAQ:AZN) doses to Australia in March, after the Anglo-Swedish firm cut supplies to the EU.

EU Commission proposes extending vaccine export-control scheme

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.