Business
Okonjo-Iweala reacts to appointment as WTO DG
Nigerian former Minister of Finance, Dr. Ngozi Okonjo-Iweala on Monday reacted to her new appointment as the Director-General of the World Trade Organisation, reiterating her commitment to shaping and implementing policy responses needed to get the global economy going again.
Dr. Okonjo-Iweala, who is expected to resume her new position on March 1, 2021 on Monday make history as the first woman and the first African to head the organisation.
Reacting to her appointment, Okonjo-Iweala said a key priority for her would be to work with members to quickly address the economic and health consequences brought about by the COVID-19 pandemic.
According to her, a strong WTO was vital for full recovery from the devastation wrought by the COVID-19 pandemic.
She said she looked forward to working with members to shape and implement the policy responses needed to get the global economy going again.
In her words: “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 organization 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.”
As the Director-General of WTO, a position that wields limited formal power, Okonjo-Iweala, 66, will need to broker international trade talks in the face of persistent U.S.-China conflict, respond to pressure to reform trade rules and counter protectionism exacerbated by the Covid-19 pandemic.
Okonjo-Iweala pledged to find common ground among the trade body’s disparate membership. She hopes to score some early negotiating wins — such as a multilateral accord to curb harmful fishing subsidies — as a means to restore trust and build momentum for larger deals.
The new DG of WTO graduated magna cum laude from Harvard University in 1976 and earned her doctorate in economics from the Massachusetts Institute of Technology in 1981.
After moving to Washington, she quickly rose through the ranks at the World Bank and in 2013 was named managing director — the organization’s highest unelected position.
