Okonjo-Iweala promises to Reform WTO

16 Feb Okonjo-Iweala promises to Reform WTO

Dr. Ngozi Okonjo-Iweala, yesterday, spoke about her plans for the World Trade Organisation, which includes working with other members of the organisation in reforming and rebranding the global trade body.

In her acceptance speech after the WTO’s General Council agreed by consensus to select her as the organisation’s seventh director-general, she also highlighted the need for procedural reforms so that the WTO would better serve its members.

According to her, the rulebook of the organisation is outdated and its rules lag behind those of some regional and bilateral trade agreements, which are incorporating many innovations.

She said: “It has been a long and tough road, full of uncertainty, but now it is the dawn of a new day and the real work can begin.

“Some WTO rules and procedures also need to be revisited, including the procedure for appointing director-general.”

According to her, the WTO secretariat should be strengthened, to enable it to provide cutting-edge services to members.

She explained: “An important change would be to move away from the current silo way of working, to a more team-based and task-based approach.

“The secretariat has to be fit-for-purpose to take account of the changing dynamics of the global economy and priorities of members.

“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, build bridges and diffuses political tension and encourages convergence.”

She said the pandemic and its economic fallouts have highlighted the interdependence of countries, the importance of multilateralism and the need to strengthen collaboration in order to achieve fair and balanced agreements that provides opportunities for all WTO members, particularly the least developed countries.

“I am passionate about these goals and I look forward to working closely with all of you in the coming months and years, to help build the WTO that we all want,” she added.

Okonjo-Iweala said a key priority for her would be to work with members to quickly address the economic and health consequences of the COVID-19 pandemic.

“I am honoured to have been selected by WTO members as WTO director-general.

“A strong WTO is vital if we are to recover fully and rapidly from the devastation wrought by the COVID-19 pandemic.

“I look forward to working with members to shape and implement the policy responses we need to get the global economy going again.

“Our organisation faces a great many challenges but working together we can collectively make the WTO stronger, more agile and better adapted to the realities of today,” former Nigeria’s finance minister said.

She said the pandemic had heightened the burdens and accelerated the role of e-commerce, expected to grow significantly in the coming years.

Okonjo-Iweala said the WTO would work to address the nexus between trade and climate change, adding that it will be important for members to broaden negotiations on environment, goods and services.

“This would help promote trust and encourage members to explore further ways in which trade can contribute positively to an improved climate,” she added.

Okonjo-Iweala also noted that improving access to markets for least-developed countries was also paramount, stressing the need to level the playing field so as to provide opportunities for small-scale farmers.

“We must also strengthen disciplines on industrial subsidies. In that regard, it would be important to ensure that subsidies granted by members to their state-owned enterprises in certain situations do not distort competition,” she stated.