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Tasks before WTO DG Okonjo-Iweala
By Chikodi Okereocha
Former Minister of Finance Dr. Ngozi Okonjo-Iweala was on Monday confirmed as the Director-General of the World Trade Organisation (WTO), making her the first woman and the first African to head the Switzerland-based trade body.
The decision on her appointment was taken at a special meeting of the Organisation’s General Council. Okonjo-Iweala, said the organisation, will assume duties on March 1, while her term will expire on August 31, 2025, but it could be renewed.
Although there has been an avalanche of felicitations and congratulatory messages by national and global leaders and groups following her emergence as WTO DG, the tasks before Okonjo-Iweala are indeed, enormous.
For instance, the Minority Caucus of the House of Representatives, yesterday, said Okonjo-Iweala’s emergence as WTO DG in spite of all the opposing huddles “has reinforced global confidence in her competence and proficiency to head the world body”.
The Caucus, in a statement by the Minority Leader, Hon. Ndudi Elumelu, said: “Indeed, the election of Dr. Okonjo-Iweala to head the WTO is well-deserving, given her huge experience, competence, commitment and track record of performance in global finance and economy as evinced in her successes as Nigeria’s minister of finance, Managing Director of the World Bank and various other international development bodies. “We commend the global community for having confidence in Dr. Okonjo-Iweala and particularly, the United States President, His Excellency Joe Biden, for the unwavering support given to her by his administration, which is clearly in recognition of Dr. Okonjo-Iweala’s competence.
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“In the same vein our Caucus commends the understanding and spirit of sportsmanship exhibited by the South Korean Trade Minister, Yoo Myung-hee, in withdrawing from the race; another loud testament to Dr. Okonjo-Iweala’s suitability for the task ahead.”
However, the lawmakers urged Okonjo Iweala to, as usual, hit the ground running and bring to bear her skills, connections and wealth of experience in the onerous task of leading the WTO at this trying period in the history of the global economy.
The caucus urged the new WTO DG to have a special focus on Africa and the developing world, particularly at this time of economic recession, which has been worsened by the adverse effect of the COVID-19 pandemic.
Indeed, Okonjo Iweala could not have emerged as WTO DG at a more time challenging time. Beyond the economic recession and the COVID-19 pandemic, the 66-year old acclaimed economist and development expert came at a time the WTO needed urgent leadership and direction.
For instance, the global trade body has evidently been at a crossroads after many countries seemed to have taken a step back from long-standing norms governing international trade. The trade war between the U.S and China, world’s two biggest economies, has continued to fester.
As if that is not enough, WTO’s appellate body has been paralysed for months after the U.S, under the immediate past administration of Donald Trump prevented the appointment of new judges thereby rendering it unable to rule on any trade disputes.
In October last year, all geographic regions at the trade body supported Okonjo-Iweala’s WTO candidacy except the U.S. The then Trump administration said it would continue backing the South Korean candidate Myung-hee. This halted the selection process because WTO decisions are made on the basis of a consensus of its members.
However, it was not until new U.S President Joe Biden’s administration backed the Nigerian Born Harvard-trained economist for the WTO top job, and of course, Myung-hee’s decision to pull out of the race, that the coast was finally cleared for Okonjo-Iweala’s emergence as WTO DG.
Interestingly, the newly appointed WTO DG is not unaware of the arduous task before her. She has already articulated her priorities following the confirmation of her appointment, identifying the COVID-19 pandemic as a major focus area, for instance. Okonjo-Iweala said she would work with members of the board to address the economic and health challenges arising from the 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,” she said.
The WTO DG said she looks forward to working with WTO members to shape and implement the policy responses needed 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,” she said.
