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NGOZI Okonjo-Iweala, former Nigerian finance minister and the managing director of the World Bank, has finally been selected as the director general of World Trade Organisation, WTO.
The WTO made the announcement through its official twitter handle @WTO.org. on Monday, February 15.
The WTO tweet stated: “Members made history today (15 February) when the General Council agreed by consensus to select Ngozi Okonjo-Iweala of Nigeria as the organization’s seventh director-general.”
Okonjo-Iweala would resume work on March 1, and will be the first woman, the first Nigerian and the first African to be chosen as director-general of WTO since its inception. Her term which is renewable will expire on August 31, 2025.
“This is a very significant moment for the WTO. On behalf of the General Council, I extend our warmest congratulations to Dr Ngozi Okonjo-Iweala on her appointment as the WTO’s next Director-General and formally welcome her to this General Council meeting,” said David Walker of New Zealand, also the general Council chair, who, together with co-facilitators Amb. Dacio Castillo (Honduras) and Amb. Harald Aspelund (Iceland) led the nine-month director general, DG, selection process.
“Dr Ngozi, on behalf of all members I wish to sincerely thank you for your graciousness in these exceptional months, and for your patience. We look forward to collaborating closely with you, Dr Ngozi, and I am certain that all members will work with you constructively during your tenure as Director-General to shape the future of this organization,” he added.
The elated 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.
“I am honoured to have been selected by WTO members as WTO director-general,” said Okonjo-Iweala. “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.”
Walker extended his thanks to all eight of the candidates who participated in the selection process and particularly to Yoo “for her ongoing commitment to and support for the multilateral trading system and for the WTO”.
The General Council agreed on July 31, that there would be three stages of consultations held over a two-month period commencing September 7.
During these confidential consultations, the field of candidates was narrowed from eight to five and then two. On 28 October, Walker had informed members that based on consultations with all delegations Okonjo-Iweala was best poised to attain consensus of the 164 WTO members and that she had the deepest and the broadest support among the membership.
At that meeting, the United States was the only WTO member which said it could not join the consensus because she said that Okonjo-Iweala does not have the required trade experience despite that her huge knowledge on economic and development matters.
Realnews reports that the general council’s decision today follows months of uncertainty following the initial refusal of the United States to support the consensus around Okonjo-Iweala instead rooting for Yoo Myung-hee, South Korean trade minister.
Realnews reports that on February 5, Myung-hee decided to withdraw her candidacy, prompting newly sworn-in President Joseph R. Biden of the United States of America to strongly support the candidacy of Okonjo-Iweala.
Realnews reports that the WTO began life on January 1, 1995, but its trading system is half a century older. Since 1948, the General Agreement on Tariffs and Trade, GATT, had provided the rules for the system. The second WTO ministerial meeting, held in Geneva in May 1998, included a celebration of the 50th anniversary of the system.
-Feb, 15, 2021 |16:35
Tags: WTO selects Ngozi Okonjo-Iweala as director general
