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‘Dr Okonjo-Iweala’s selection a very significant moment for WTO’

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The General Council of the World Trade Organisation has called the selection of Nigeria’s Dr Ngozi Okonjo-Iweala as the WTO’s first African and female Director-General a very significant moment for the global body.

The former Senior World Bank Official and Nigeria’s former Finance Minister was the consensus pick after outmuscling South Korea’s candidate Yoo Myung-hee who withdrew her candidacy earlier in February.

Nigeria’s Ngozi Okonjo-Iweala becomes the first woman, African to lead WTO:

The General Council decision follows months of uncertainty that arose when the United States initially refused to join the consensus around Dr Okonjo-Iweala and threw its support behind the South Korean candidate instead.

Ms Yoo’s decision on 5 February to withdraw her candidacy allowed the new administration of President Joe Biden to drop the US objection to the Nigerian’s confirmation, initiated under his predecessor, announcing rather its strong support to her selection earlier in February.

WTO appoints Nigeria’s Ngozi Okonjo-Iweala as Director-General:

This was a historic moment. David Walker of New Zealand and Chair of the WTO’s General Council says, “I, as General Council Chair, supported by the facilitators thereby recommend formally that the GC agree to appoint Dr Ngozi Okonjo-Iweala of Nigeria as the next DG of the WTO starting on 1 March 2021 until 31 August 2025.

“It is so agreed. Wow, this is a very significant moment for the WTO. On behalf of the GC I extend our warmest congratulations to Dr Ngozi Okonjo-Iweala on her appointment. ”

The 66-year old economist defying the odds, including initial US opposition to her consensus appointment.

“It has been a long and tough road, full of uncertainty but now it’s the dawn of a new day and the real work can begin. Today WTO members are making history, for the first time in the 73 years of GATT and WTO you are selecting a woman and an African as WTO DG. This is groundbreaking and positive. I’m grateful for the trust you have in me, not just as a woman and an African but also in my knowledge, experience and as some of you have said, courage and passion to work with you to undertake the wide-ranging reforms the WTO needs to reposition itself for the future.”

‘Vaccine nationalism’

On Monday Okonjo-Iweala warned against ‘vaccine nationalism’ that would slow progress in ending the COVID-19 pandemic and could erode economic growth for all countries – rich and poor.

She told Reuters in an interview at her home in a suburb of Washington, “No one is safe until everyone is safe. Vaccine nationalism at this time just will not pay, because the variants are coming. If other countries are not immunized, it will just be a blow back,” she said. “It’s unconscionable that people will be dying elsewhere, waiting in a queue, when we have the technology.”

New WTO Director-General Ngozi Okonjo-Iweala addresses the media:

Reform

Dr Okonjo-Iweala takes the helm of the multilateral institution in need of widespread reform during a period of intense pressure on the world trading system – from the COVID-19 pandemic that has seen a rise in protectionism no less on the equitable distribution of vaccines, to tensions between China and the United States among others.

“The challenges facing the WTO are numerous and tricky, but they are not insurmountable. There is hope. There is light at the end of the tunnel if we work together in a transparent manner that builds trust, builds bridges, diffuses political tensions and encourages convergence. The pandemic and its economic fallout have highlighted the interdependence of countries, the importance of multilateralism and the need to strengthen collaboration to achieve fair and balanced trade agreements that provide opportunities for all WTO members, particularly for the least developed countries and small island states. By working together, we can build that trust and we can achieve a stronger, more relevant and inclusive trading system.”

SA’s Trade and Industry Minister Ebrahim Patel on Dr Okonjo-Iweala’s historic appointment:

Rising uncertainty

While history is in the offing, Dr Okonjo Iweala will take the helm of an organisation responsible as an arbiter on global trade at a time of rising uncertainty due to the coronavirus pandemic and the devastating impacts it has wrought in the global trading system, the movement of goods and the palpable rise in protectionism between countries and regions.

Dr Okonjo-Iweala has indicated a key priority for her would be to work with member states to quickly address the economic and health consequences brought about by the COVID-19 pandemic that’s required to get the global economy functioning optimally again.

The reform-minded Okonjo-Iweala will have to hit the ground running in an organisation known for its dysfunction, particularly in resolving disputes between countries. -Additional reporting by Reuters 

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