HighlightTrending StoryWorld News

WTO DG, Nigeria’s Dr Okonjo-Iweala, takes office, to hit the ground running

354

 

 

Nigeria’s Dr Ngozi Okonjo-Iweala on Monday assumed office as the helms person at the World Trade Organisation (WTO) amid hopes of spurring the beleaguered organization into greater heights.

The challenges are towering including the pandemic-fuelled global economic crisis.

The DG is hitting the ground running, with her first day on the job in Geneva coinciding with the annual meeting of WTO’s General Council.

Delegates are expected to agree that the organisation’s next ministerial conference, which had been scheduled for last year but was postponed due to the pandemic, will be held in Geneva in December.

The question remains whether the new WTO chief, considered a strong-willed trailblazer, will be able to mould the organisation in her image before then.

While some observers voice hope that Okonjo-Iweala will inject much-needed energy, others stress she has little wiggle room to make dramatic change, given that WTO decisions are made by member states — and only when they can reach consensus.

 

 

One of her first tasks will be to nominate four new deputy directors to help recharge the organisation’s negotiating mechanisms.

Okonjo-Iweala has said that one of her main objectives is to push long-blocked trade talks on fishery subsidies across the finish line in time for the ministerial conference, but with negotiations dragging on, that could be a tough sell.

And in the midst of a global economic crisis triggered by the Covid-19 pandemic, she has plenty of other challenges on her plate.

Okonjo-Iweala has voiced concern about growing protectionism and nationalism during the coronavirus crisis and insists trade barriers must be lowered to help the world recover.

Among the issues to be discussed Monday is a controversial push for the WTO to waive intellectual property rights for Covid-19 vaccines.

 

 

Dozens of nations say this would help boost production and access and would rein in the pandemic sooner, but the notion has been fiercely rejected by pharmaceutical giants and the countries that host them.

Okonjo-Iweala chaired the Gavi vaccine alliance before running for the WTO and has made tackling the pandemic another of her priorities.

In a likely bid to avoid a row on day one, Ngozi has called for flexibility, encouraging voluntary licensing agreements, such as the one agreed between AstraZeneca and the Serum Institute of India, whereby the SII factory manufactures the pharmaceutical giant’s Covid-19 vaccines.

The Ottawa Group, which brings together the EU and 12 countries including Brazil, Canada and Switzerland, will meanwhile demand that countries commit not to hinder the flow of medical goods during the pandemic, and remove customs duties on those considered essential.

 

 

 

Another daunting challenge facing the new director-general will be following through on her vow to breathe life back into the appeals branch of the WTO’s dispute settlement system

The Appellate Body, sometimes called the supreme court of world trade, ground to a halt in December 2019 after years of relentless US opposition.

The United States, along with European countries and Canada, want an overhaul at the WTO, believing it has not responded correctly to the trade distortions caused by China.

Okonjo-Iweala, the first woman and first African to ever lead the global trade body had said a day after her nomination in February: “The WTO is too important to allow it to be slowed down, paralysed and moribund.”

The 66-year-old Nigerian former finance minister takes the helm after the WTO was left adrift for seven months following the sudden departure of Brazilian career diplomat Roberto Azevedo last August, a year ahead of schedule.

Following a lengthy selection process, development economist Okonjo-Iweala, who spent 25 years at the World Bank, was finally anointed by the WTO’s 164 members on February 15.

From an initial eight candidates, she was the clear favourite among the last two standing in November. However, her appointment was delayed by former US president Donald Trump blocking her nomination.

The inauguration of President Joe Biden made it possible for her to receive the consensus required to end the impasse.

Leave a comment

Related Articles

House of Reps appoints new deputy chief whip

Following the passing away of former Deputy Chief Whip Adewunmi Onanuga, the...

Alleged N20bln fraud: Court grants Ex-AMCON boss, Kuru N50m bail, adjourns until March 7

Justice Ramon Oshodi of the Lagos State Special Offences Court in Ikeja,...

Updated: CBN Increases ATM Fees, Scraps Free Withdrawal Policy

The Central Bank of Nigeria (CBN) has announced a significant revision to...

Africa Must Prioritize Energy Access Amid Global Transition, says Petroleum Minister Lokpobiri

Nigeria’s Minister of State for Petroleum Resources, Sen. Heineken Lokpobiri, has said...

Reps Call for Military Intervention in Borno Communities Amid Boko Haram Resurgence

Following recent Boko Haram attacks that left scores of people killed and...

Flying Eagles Return to Camp for Egypt Friendlies Ahead of U20 AFCON

Ahead of AFCON, Nigeria’s U20 boys and seven-time African champions, the Flying...

Unresolved crisis: PDP suffers another defection as House of Reps member joins APC

Rep. Amos Magaji (Jaba/Zango Kataf Federal Constituency, Kaduna) of the Federal House...

Three weeks after vandalism, TCN begins repairs of Abuja transmission line

Three weeks after vandals damaged an underground transmission line near Millennium Park...

Daniel Bwala opens up on his past vociferous criticism of Tinubu’s govt.

Mr. Daniel Bwala, the Special Adviser to the President on Policy Communications,...

Supreme Court ruling fails to resolve Rivers Assembly leadership crisis

Human rights lawyer Femi Falana has clarified that the Supreme Court’s decision...

Nigeria Sees Significant Growth in Non-Oil Exports, Reaching $5.45 Billion in 2024

Nigeria’s non-oil exports have seen a significant boost, reaching $5.45 billion in...

Ogun plans large-scale ranching project to boost meat production

Ogun Gov. Dapo Abiodun, has unveiled plans to set up ranching facilities,...

Nigeria’s business sector sees uptick in January, indicating economic recovery

Nigerian businesses kicked off in the new year on a positive note,...

FG Unveils Diaspora City Project to Foster Connections with Nigerians Abroad

In a bid to reconnect with Nigerians abroad to their roots, the...

NAFDAC cracks down on counterfeit medicines, seizes fake drugs in Anambra market

The National Agency for Food, Drug Administration and Control (NAFDAC) has launched...

CONMESS: South-West clinical lecturers begin indefinite strike

The Medical and Dental Consultants’ Association of Nigeria (MDCAN), South-West Zone, has...

Nigerian Army Cracks Down on Oil Thieves, Destroys 24 Illegal Refineries

The Nigerian Army has dealt a significant blow to oil thieves in...

Just in: Supreme Court reserves judgement on appeal seeking to nullify Rivers LG poll

A five-member panel led by Justice Uwani Abba-Aji of the Supreme Court...

Just in: Atiku leads PDP heavyweights in closed-door meeting with Obasanjo in Abeokuta

Former Vice President Atiku Abubakar led a delegation to meet with his...

Just in: Supreme Court dismisses Gov. Fubara’s suit against 27 pro-Wike lawmakers in Rivers

The Supreme Court has dismissed the suit filed by Rivers Gov. Siminalayi...