As DG, Okonjo Iweala Unveils Agenda to Reform WTO
*Buhari, Atiku, others hail her emergence as DG
Nigeria’s former Finance Minister, Dr. Ngozi Okonjo-Iweala, who on Monday formally emerged as the Director-General of the World Trade Organisation (WTO), has promised to reform the organisation.
Iweala in her acceptance speech after the General Council of the WTO agreed by consensus to select her as the organisation’s seventh director-general, said there was the need for procedural reforms in the world body.
This she said will serve members of the WTO better, adding that the rulebook of the WTO is outdated.
According to her, the rule book lags behind those of some regional bilateral trade agreements, adding that updating will take account of the 21st century realities, including e-commerce and the digital economy.
She said, “Some WTO rules and procedures also need to be revisited, including the procedure for appointing director-general.
“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.”
Among those who congratulated the new WTO DG include President Muhammadu Buhari, former Vice President Atiku Abubakar and President of the Senate, Dr. Ahmad Lawan.
Others were the House of Representatives Speaker, Hon. Femi Gbajabiamila; President of the European Central Bank, Ms. Christine Lagarde.
Okonjo Iweala is expected to start work on March 1, 2021 for a four year tenure, ending on August 31 2025.
Nigeria’s former Finance Minister, Dr. Ngozi Okonjo-Iweala, who on Monday formally emerged as the Director-General of the World Trade Organisation (WTO), has promised to reform the organisation.
Iweala in her acceptance speech after the General Council of the WTO agreed by consensus to select her as the organisation’s seventh director-general, said there was the need for procedural reforms in the world body.
This she said will serve members of the WTO better, adding that the rulebook of the WTO is outdated.
According to her, the rule book lags behind those of some regional bilateral trade agreements, adding that updating will take account of the 21st century realities, including e-commerce and the digital economy.
She said, “Some WTO rules and procedures also need to be revisited, including the procedure for appointing director-general.
“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.”
Among those who congratulated the new WTO DG include President Muhammadu Buhari, former Vice President Atiku Abubakar and President of the Senate, Dr. Ahmad Lawan.
Others were the House of Representatives Speaker, Hon. Femi Gbajabiamila; President of the European Central Bank, Ms. Christine Lagarde.
Okonjo Iweala is expected to start work on March 1, 2021 for a four year tenure, ending on August 31 2025.
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