WTO: No opposition as Okonjo-Iweala seeks second term

The Director General of World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala is on track to win a second term as director-general with no opposition.

This was contained in a statement released by the chair of the WTO, Mr. Petter Olberg, on Saturday.

Mr. Olberg, a Norwegian Ambassador announced that Okonjo-Iweala was “the only candidate for the role” because “no further nominations for the position” had been received by Friday’s deadline.

70-year-old Okonjo-Iweala declared her plan to run for a second term in September.

Her current term, which started in March 2021, is scheduled to end by August 2025.

Despite early obstacles, she was able to effectively manage the process of the WTO’s 166 member countries reaching a consensus to nominate the Director-General.

Former US President Donald Trump opposed Okonjo-Iweala‘s candidacy during her first term, endorsing a South Korean candidate instead.

However, when President Joe Biden took office, this resistance was overcome, paving the way for her momentous nomination.

Since assuming leadership, the World Trade Organization’s first African and female leader has concentrated on reviving WTO, a global trade organization frequently criticized for its stagnation and bureaucratic inefficiency.

World Trade Organization (WTO)

The World Trade Organization (WTO) is a vital global entity that promotes free trade and economic cooperation among its 166 member countries, accounting for over 98% of global trade, according to report.

Established in 1995, the WTO replaced the General Agreement on Tariffs and Trade (GATT), with the primary objective of ensuring that global trade flows smoothly, predictably, and freely across borders.

Key Objectives of the WTO

– Promote free trade through gradual reduction of tariffs and trade barriers.

– Foster economic cooperation among member countries.

– Encourage fair competition and protect intellectual property rights.

– Support economic development and sustainable growth.

The WTO achieves these objectives through various mechanisms, including multilateral trade agreements, dispute settlement, and trade policy reviews.

Its leadership consists of three main bodies: the Ministerial Conference, the General Council, and the Director-General.

The DG currently held by Ngozi Okonjo-Iweala, the first woman and first African to hold this position.

Benefits of WTO Membership

– Increased trade opportunities and access to new markets.

– Improved economic growth and competitiveness.

– Increased foreign investment and attractive business environment.

– Protection of intellectual property rights and innovation.

However, the WTO has also reportedly faced criticism for promoting the interests of developed countries over developing ones.

This led to concerns about labor and environmental standards.

Additionally, some countries may be forced to open up their markets to foreign competition, potentially harming local industries and causing job losses.

Challenges and Controversies

– Trade disputes and protectionism.

– Environmental and labor concerns.

– Inequitable trade agreements and developing country interests.

– Secrecy and undemocratic decision-making.

Despite these challenges according to source, the WTO remains a critical institution for promoting global trade, economic growth, and development.

Its commitment to fair competition, intellectual property protection, and sustainable development has made it an essential player in the global economy.

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