Incoming World Trade Organization leader Dr Ngozi Okonjo-Iweala has highlighted the importance of equal vaccine distribution around the world, warning of more than $9 trillion in global economic losses if less developed countries are denied access.
"No one is safe until everyone is safe," the Nigerian economist and former finance minister said. "Vaccine nationalism at this time just will not pay, because virus variants are coming."
Okonjo-Iweala officially takes up her new role March 1 and will focus on stimulating global economic recovery in the midst of the pandemic, an impossible task if the world's poorest countries are left behind.
"A strong organization is vital if we are to recover fully and rapidly from the devastation wrought by the COVID-19 pandemic," she said.
While more than 39 million doses have been administered in 49 developed nations, one low-income country received just 25, noted organization director general Dr. Tedros Adhanom Ghebreyesus.
An estimated 34.3 million people fell below the poverty line last year as a result of the pandemic, with roughly 56% of them living in African countries according to the organization.
The world could lose as much as $9.2 trillion without improved vaccine distribution to less developed economies, a January 2021 report by the International Chamber of Commerce Foundation found.
Roughly half of the estimated losses will be borne out by rich countries, according to the research.
This is a slight increase from earlier estimates published in the United Nations' World Economic Situation and Prospects report mid-2020 year, which predicted up to $8.5 trillion in losses.
The organization partnered with the Gavi vaccine alliance and the Coalition for Epidemic Preparedness Innovations in June to create COVAX, a program focused on equal access to COVID-19 vaccines.
While developed nations are rolling out vaccination programs, the plan to inoculate the world's poorest 2.5 billion people still has yet to be put into action more than two months after a vaccine first became available.
"The arrival of safe and effective COVID-19 vaccines has thrown the world a lifeline," said Norwegian finance minister Jan Tore Sanner.
"But their rollout has also laid bare a gulf in access between rich and poor countries that threatens to delay the end of the pandemic, costing more lives and further economic damage."
COVAX vaccination deliveries are expected to begin by the end of February.
