WTO: Okonjo-Iweala’s appointment to raise Nigeria trade profile in international community––Experts
By Joshua Elekwachi, Abuja
Professor of capital Market, Professor, Uche Uwaleke has revealed that the appointment of Dr. Ngozi Okonjo-Iweala’s as Director-General of World Trade Organization (WTO) will raise trade profile of Nigeria in the international community.
In a chat with our correspondent, he said the avalanche of congratulatory messages from world leaders to Dr Okonjo Iweala on her emergence as the D-G of the WTO is a testimony to the fact that she represents a round peg in a round hole.
He said her appointment would position Nigeria to play prominent roles in Africa especially in relation to the African Continental Free Trade Area (AfCFTA) and the Africa Agenda 2063 both of which are expected to receive support from the WTO.
He stressed that the WTO has been criticized for not catering for the interest of developing member countries.
He said, “I have no doubt that she will use her good Office to ensure that developing countries are not made dumping grounds and that the age-long trade asymmetry which favours developed countries is looked into.”
He further stated that there is also the big issue of rebuilding trust in the organisation given that many member states have lost confidence in the dispute settlement mechanisms.
According to him, “It is gratifying to note that she has promised to address this.
“Leveraging her experience, she has also promised to take on other issues tangential to trade which are not specifically part of the WTO primary mandate. These include climate change and access to vaccines including COVID-19.
“Given her exposure and personal relationship with the heads of other international organisations such as the World Bank and the IMF, it is expected that these bodies will collaborate more in the area of reducing poverty and improving peoples welfare particularly in developed countries.
“Confirming his confidence on the former minister of finance to perform he hinted that indeed the entire world is full of expectations and is yearning for reforms in the WTO and he is confident Dr Okonjo- Iweala, given to her antecedents, will not disappoint.”
Also, a development expert, Kurti Abraham said the appointment of Dr. Okonjo-Iweala definitely would bring about reforms in the operations of WTO and restructuring of the organization.
He explained it might be of more advantage to developing countries and least developed countries noting that Africa might experience an improved trading condition and implementation of trade agreements and transparency which could facilitate economic development.
He advised Nigerians to put in mind her expertise will be in high demand to broker international trade talks because we are talking of more than 160 countries and most countries that supported her, did so with interest in mind.
According to him, Nigerian government might need to put all measures in place so the country can benefit from her emergence as the DG of WTO saying the country should see her more of her professional standing than a Nigerian remembering she is an economist and international development expert and WTO is strictly about trade and negotiation which heading such organization might demand more of ingenuity than knowledge.
