During an interview with Iraqi ‘INEWS’ Satellite Channel Abu-Ghazaleh: Global competition over manufacturing COVID-19 vaccine is Commercially Motivated

06-Sep-2020

AMMAN - Iraqi ‘INews’ Satellite Channel hosted HE Dr. Talal Abu-Ghazaleh, founder and chairman of Talal Abu-Ghazaleh Global (TAG.Global), in ‘Ashab Al Qarar’ (Decision Makers) program to discuss regional and global economic issues impacted by Coronavirus (COVID-19) pandemic. 

During the interview, Dr. Abu-Ghazaleh referred to the world's competition over the COVID-19 vaccine production, describing it as a ‘commercial competition’ with the purpose of registering a patent for future financial gains. He further pointed out  that developing the vaccine will be the first step in a long process, since it takes time and various stages to be manufactured at commercial scale, as it must be tried on animals, then on humans in order to assess its effectiveness without complications or side effects. 

Furthermore, Dr. Abu-Ghazaleh explained that the corona pandemic only aggravated the global economic crisis which would have happened this year any way as I have been warning.

The pandemic did worsen the situation due to the disruption of productivity, and rising unemployment as a result of employers’ inability to pay wages and keep their businesses going.

Meanwhile, Dr. Abu-Ghazaleh talked about the indicators and directions of the world economy in which the US economy is considered its main driver, explaining that the US announced that its gross domestic product (GDP) has fallen by a record 33%, followed by the UK announcing that it also suffered a 22.5% fall. He referred to the US trade deficit with China stating that the latter has become the world's top trading nation, controlling 20% of the global GDP.

He also noted that the Chinese goods today have become more preferable in the US than local American products, causing the trade balance between the two countries is in favor of China. He also noted that China has even outperformed globally in various fields, registering nearly half a million new patents every year. 

Regarding his expectations for the next US presidential election, Dr. Abu Ghazaleh said that the US President Donald Trump would likely be reelected for another presidential term according to US research centers.

However, Abu-Ghazaleh believes that President Trump might spark a civil war in the US to secure reelection, which would lead to the cancellation of election in view of the fact the US is an institution-based country.

He also quoted Bill Gates saying that ‘Another crisis looms and it could be worse than the coronavirus’. Dr. Abu-Ghazaleh explained that what Gates meant is the global warming danger, noting that he had previously predicted this threat last year, on the basis of a report of the US Congress that concluded: ‘In ten years, humanity is threatened with extinction if global warming is not addressed’.

Concerning World War III that Abu-Ghazaleh has constantly brought up, he said that it would not be a conventional war like the previous wars we know, since it doesn’t seek to overthrow regimes, occupy or colonize; the US purpose behind the war is to bring China to the negotiating table so that the powers agree on a new, and a shared World Order. 

Dr. Abu-Ghazaleh hopes that the US-China agreement will determine their world domination and supremacy; bring prosperity to the whole world starting from the Arab region; the region that suffered most of the war destruction but owns enormous resources and wealth. 

Responding to an inquiry about the US-China trade war and Iraqi oil fields, Dr. Abu-Ghazaleh said that: ‘At this time, Iraq is not capable of making its own decisions, thus it is a target rather than a party to this conflict: “it is exactly as if the US and China are wrestling in your own backyard, stating that the Arabs have no leverage in this matter because the GDP of the Arab world is low in comparison to global GDP, not to mention, the their weakness militarily. 

With regards to the Beirut Harbor blast, Dr. Abu-Ghazaleh asserted that Lebanon would definitely rise once again as the Lebanese people are well-known for their resilience and the ability to prevail.