Okonjo Iweala Stresses Importance of Global Value Chain for Trade, Job Creation
LAGOS PORT
By Our Reporter
The Director General of the World Trade Organisation, Dr. Mrs Ngozi Okonjo Iweala, has stressed the importance of global value chain for job creation and inclusion.
Okonjo Iweala who spoke during the ongoing World Bank/International Monetary Fund Spring meetings in Washington DC, said that the coronavirus was a big lesson for the world to know how important global value chains can be.
She described global chain as the backbone of trade, explaining that they make up to 45 to 55 percent of world trade, adding that they were the forces for inclusion of jobs and as well as help in raising incomes.
She was quoted saying, “Actually, studies have shown that when you have global value chains spreading, per capita income
“During the pandemic, when we had to deal with vaccines, we had these meetings with the CEOs of the vaccine manufacturers, Pfizer, Moderna, and so on. And what they said; the mRNA vaccine, the Pfizer one is spread over 19 countries”.
“Let’s not just talk about China plus one when we’re thinking of diversification of supply chains, when they say plus one, it means Indonesia or India. Let’s talk about China plus Morocco, China plus India, China plus Nigeria, China plus Senegal, China plus Bangladesh, China plus Brazil, Costa Rica.
“With this kind of approach global value chains can really be a force for inclusion.”
The Director General of the World Trade Organisation, Dr. Mrs Ngozi Okonjo Iweala, has stressed the importance of global value chain for job creation and inclusion.
Okonjo Iweala who spoke during the ongoing World Bank/International Monetary Fund Spring meetings in Washington DC, said that the coronavirus was a big lesson for the world to know how important global value chains can be.
She described global chain as the backbone of trade, explaining that they make up to 45 to 55 percent of world trade, adding that they were the forces for inclusion of jobs and as well as help in raising incomes.
She was quoted saying, “Actually, studies have shown that when you have global value chains spreading, per capita income
“During the pandemic, when we had to deal with vaccines, we had these meetings with the CEOs of the vaccine manufacturers, Pfizer, Moderna, and so on. And what they said; the mRNA vaccine, the Pfizer one is spread over 19 countries”.
“Let’s not just talk about China plus one when we’re thinking of diversification of supply chains, when they say plus one, it means Indonesia or India. Let’s talk about China plus Morocco, China plus India, China plus Nigeria, China plus Senegal, China plus Bangladesh, China plus Brazil, Costa Rica.
“With this kind of approach global value chains can really be a force for inclusion.”
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