On 17 June 2022, the WTO General Council adopted a Decision on TRIPS in the context of the COVID-19 pandemic. This decision opens the possibility for local research and development of vaccines against COVID-19. It introduces clarifications on the current flexibilities available regarding compulsory licensing and establishes an exemption to the obligation to supply predominantly the local market when a compulsory license is applied. Latin American countries may face some difficulties in implementing this decision. These difficulties can be related to the appropriate domestic instrument, the remuneration of the rightsholder, the possibility of parallel imports and the protection of test data. This paper indicates possible policy and legal options for an effective national implementation of this decision in these countries.