Ngozi Okonjo-Iweala, former
managing director of the World Bank, has revealed what she would tell the US
president or president-elect if she becomes the director-general of the World
Trade Organisation (WTO).
President Donald Trump has widely
criticized the WTO as unfair to US interests, but with an election for
September 2020, it is not possible he may or may not be the US president when
the WTO DG race is concluded.
But speaking at the WTO
headquarter in Geneva, Okonjo-Iweala said if she is elected DG, she would
explain to whoever the US president by then why the country should not leave
the WTO.
“I would say to the president
that the WTO delivered for all countries, including the United States in the
past,” she said.
“It is because of the
multilateral rules-based trading system that we have had prosperity and lifting
of millions out of poverty, and it’s been shared prosperity.
“We could do it again. I would
say to him or him that where the trading system has failed, we need to fix it
so that it can be more inclusive, it can benefit more people.
“Surely, it is not the time now
to leave the WTO that matters, we need an institution that can promote a rules-based
system. Remember the trade wars of the past — we don’t want that.
“We want peace, security, and
stability. That is why the WTO is needed, with its ability to arbitrate
disputes within members.
“Don’t leave now, let’s try to
fix what needs fixing, and if we didn’t have the WTO, we would have to invent
it. That is what I would say to him.”
‘WHAT I WOULD DO TO MAKE THE
SOUTH BENEFITS FROM TRADE’
Responding to a question from
TheCable, the former World Bank MD, stated her position on fair trade and what
she would do to see that countries from Africa and the rest of the global south
benefit from the multilateral trading system.
“The multilateral trading system
and the WTO are in place to serve all members, and the hallmark of the WTO is
fair, open, transparent, predictable, and stable trade.
“So the expectation is that trade
should benefit all members, and where it does not, where the south has been
left behind, we should deploy the instruments that are available to make sure
we enable countries in the south to trade more, to derive more benefits from
the multilateral trading system than they have.
“Were I to be selected as DG, I
will be very keen to make sure that instruments like aid for trade which
involves technical assistance, capacity building, and working with other
organisations such as the World Banks, the regional development banks, to be
able to deliver to countries what they need to improve the investments within
their borders.
“So that they can process their
goods more, create more jobs, and have more to trade, that is what I would be
doing to make sure the south improves its position and benefits from the
multilateral trading system.”
She reiterated her experience in
trade, development economics, finance, and how she remains the most qualified
candidate for the WTO top job.
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