The novel Coronavirus pandemic (COVID-19) has raised major concerns for the management of global public goods, particularly those surrounding public health. Apparently, after China, the U.S. has become the new epicentre of COVID-19 with more than 140,000 confirmed cases. The U.S. administration on March 29th has even reported troubling mortality estimates of up to 200,000 deaths. That, if not prevented, will horrendously exceed the worst mortality of more than 10,000 deaths by far in Italy. American experts have even cautioned that COVID-19 could ‘possibly become a seasonal cyclic thing’ and could last till 2025 after an initial pandemic wave.
 
As an aftermath of this global pandemic, the United Nations Conference on Trade and Development (UNCTAD) has estimated that the global economic loss could be to the tune of US$2tn and indicated a drop in foreign direct investments by 30 to 40 per cent this year. World over countries will be further constrained to roll out rapid, scalable protection and counter measures to stem its health and economic impacts.
 
Governments in the U.S., Europe, the U.K. and India, among others, have even declared extraordinary counter measures and relief funds. Even more, the modern telecommunication technologies have inspired the world leaders to come together to take stock of the crisis, exchange experiences and coordinate regional and multilateral efforts. Examples include initiatives declared at the virtual summits of South Asian Association for Regional Cooperation (SAARC) and the Group of 20 major economies of the world on March 15th and March 26th, respectively.
 
Moreover, in the words of Angel Gurría, Secretary General of the Organisation for Economic Co-operation and Development (OECD), the global efforts should focus on making economies resilient, more importantly protect their healthcare systems from current and future shocks.
 
While it is time for a rules-based global architecture to address current and future challenges regarding the management of global public goods, the U.S. sanctions on Iran, among others, could risk the pandemic to worsen. Iran is one of the worst affected countries from COVID-19 and instead of easing out the sanctions, the U.S. on March 19th has tightened them brazenly. When countries are taking unprecedented measures in their fight against COVID-19, the Trump Administration should have shown some compassion for the Iranian people. It would otherwise make the region prone to larger humanitarian and geo-political crisis, with security risks.
 
Finally, while there is a galore of rules, mechanisms for greater accountability on the part of countries as well as regional/global bodies to deal with future crises are too weak. We need to realign our thinking as a universal brotherhood. The virus has not made any distinctions.