Africa’s WTO Moment
Support our newsroom by MAKING A CONTRIBUTION HERE
If she is chosen to head the World Trade Organization, former Nigerian finance minister Ngozi Okonjo-Iweala, an experienced development economist, would make a broken institution relevant again. She has the gravitas to build bridges between the US and China, on the one hand, and between the WTO and Africa, on the other.
BOSTON – The selection of the World Trade Organization’s next director-general has entered its final phase, with two candidates left in the running: Ngozi Okonjo-Iweala, a former Nigerian finance and economy minister and a former managing director of the World Bank, and Yoo Myung-hee, South Korea’s trade minister. In view of the WTO’s current challenges, Okonjo-Iweala is the better choice.
The WTO faces two major crises: an institutional crisis caused by the great-power rivalry between the United States and China, and a crisis of globalization – of which the WTO, as the overseer of global trade rules, is a major symbol.
Sino-American trade tensions have paralyzed the organization, with the US blocking the appointment of new judges to its appellate body, which rules on trade disputes among member countries. Moreover, the COVID-19 crisis, another source of great-power tension, has prompted many firms to consider reshoring production in order to reduce their reliance on pandemic-hit Chinese suppliers, thus disrupting the global supply chains that are critical to world trade.
If chosen to head the WTO, Okonjo-Iweala has the leadership credentials to restore relevance to a broken organization. The WTO needs a tested global leader who is well versed in the role of trade in development, rather than a trade bureaucrat who might lack the broader view. With her experience at the World Bank (where the US and China are major players) and as a reformist finance minister in Nigeria, the Harvard and MIT-educated Okonjo-Iweala has a rare combination of political leadership skills and proven technocratic competence.
The WTO needs a leader who can build consensus, because the organization’s design doesn’t allow for top-down leadership. And Okonjo-Iweala has the gravitas to build bridges between the US and China, on the one hand, and between the WTO and Africa, on the other.
Despite being widely regarded as the world’s next frontier for investment and development, Africa is essentially an onlooker in the world trading system, accounting for a meager 2% of global exports. Although the continent is a growing market for the products of globalization, it does not benefit much from world trade, owing to its limited presence in globalized value chains. Instead, Africa trades mainly in agricultural goods and natural resources, whereas most world trade is in manufacturing and services.
Africa needs to trade with the world on the same basis that other regions do, but the global trading system is keeping the continent underdeveloped. In particular, industrialized countries levy low tariffs on imports of African raw commodities, but higher ones on finished African goods – higher, in fact, than for similar goods imported from other regions.
Today’s world trade is thus rigged against Africa. To help redress this imbalance, the WTO’s special and differential treatment provisions for least-developed countries should permit African governments to provide temporary tariff protection for infant domestic manufacturers within WTO rules. We could call such necessary and temporary measures “smart protectionism.”
More generally, it is time to make the WTO work for all member countries, not just for the great powers or countries whose global economic success was built on trade protectionism but now seek to “kick away the ladder” for developing economies. This structural rebalancing, which will expand the global sphere of prosperity, is best mediated by a WTO leader who is not from a major trading power.
Furthermore, African countries currently do not use the WTO’s dispute-settlement system, because they are too weak to take on donor countries, whether Western powers or China. So, Chinese products, for example, have been “dumped” in African markets with no consequences. Okonjo-Iweala has the skills to build a consensus on giving Africa a fairer shake in the global trading system.
Much will also depend on the outcome of the US presidential election on November 3. President Donald Trump believes that China has gamed global trade to the detriment of US national interests, while China thinks America has rejected the WTO’s rules-based regime. Resolving this tension will require both powers to find the political will to compromise. It will also require a global development leader such as Okonjo-Iweala, who has served on international development commissions with current and former heads of government, to facilitate a rapprochement. But regardless of who wins on November 3, the COVID-19 pandemic will inexorably weaken globalization as the US and other countries seek to shorten and localize supply chains.
Meanwhile, the importance of world trade to human development will again become apparent when billions of doses of COVID-19 vaccines become available, most likely sometime in 2021. As chair of the board of Gavi, the Vaccine Alliance, Okonjo-Iweala has played an important leadership role in negotiations to make vaccines widely available in developing countries.
The WTO’s predecessor, the General Agreement on Tariffs and Trade, was originally conceived as part of the post-World War II Bretton Woods system, but weak domestic political support in the US delayed its establishment. The International Monetary Fund has been headed since its founding by Europeans, and the World Bank by Americans. This realpolitik blocked Okonjo-Iweala’s bid to lead the World Bank nearly a decade ago.
It is past time to eliminate such a spoils system, and for the developing world finally to have its chance. And in Okonjo-Iweala, Nigeria and the world have a highly competent candidate to lead the WTO.
Kingsley Chiedu Moghalu, a former deputy governor of the Central Bank of Nigeria, is a senior fellow at the Council on Emerging Market Enterprises at The Fletcher School of Law and Diplomacy at Tufts University.
The text has been adapted from Project Syndicate website
continuously i used to read smaller content which as well clear their motive, and that is also happening with this paragraph which I am
reading now.
I think this is one of the most significant info for me.
And i am glad reading your article. But wanna remark on some general things, The site style is wonderful, the articles is really great : D.
Good job, cheers
Thanks for the auspicious writeup. It if truth be told was
a entertainment account it. Look complex to far delivered
agreeable from you! However, how could we keep in touch?
Hi there would you mind letting me know which webhost you’re working with?
I’ve loaded your blog in 3 different browsers and I must say this blog
loads a lot faster then most. Can you recommend a good hosting provider at
a fair price? Thanks, I appreciate it!
I’m not sure why but this blog is loading extremely slow for me.
Is anyone else having this issue or is it a issue on my end?
I’ll check back later on and see if the problem still exists.
It is in reality a great and helpful piece of info. I?m satisfied that you simply shared this helpful information with us. Please keep us up to date like this. Thank you for sharing.
Another thing I’ve really noticed is the fact that for many people, low credit score is the response to circumstances above their control. Such as they may have already been saddled by having an illness and because of this they have more bills for collections. It may be due to a occupation loss and the inability to go to work. Sometimes separation and divorce can truly send the funds in the undesired direction. Many thanks sharing your thinking on this site.
One thing is always that one of the most frequent incentives for applying your card is a cash-back or maybe rebate supply. Generally, you’ll receive 1-5 back upon various expenditures. Depending on the card, you may get 1 back again on most purchases, and 5 back again on buying made at convenience stores, gasoline stations, grocery stores and also ‘member merchants’.
Hey there, I think your blog might be having browser compatibility issues. When I look at your blog in Opera, it looks fine but when opening in Internet Explorer, it has some overlapping. I just wanted to give you a quick heads up! Other then that, great blog!
Thanks for your advice on this blog. 1 thing I want to say is that purchasing gadgets items from the Internet is certainly not new. Actually, in the past 10 years alone, the market for online electronics has grown significantly. Today, you could find practically almost any electronic gadget and devices on the Internet, which include cameras plus camcorders to computer spare parts and game playing consoles.
Wow, marvelous weblog structure! How long have you been blogging for? you made running a blog glance easy. The total look of your site is excellent, let alone the content!
I like the valuable information you provide in your articles. I?ll bookmark your blog and check again here regularly. I’m quite sure I will learn plenty of new stuff right here! Best of luck for the next!
What?s Happening i am new to this, I stumbled upon this I’ve found It positively useful and it has helped me out loads. I hope to contribute & assist other users like its aided me. Good job.
I have seen a great deal of useful points on your web-site about pcs. However, I’ve the thoughts and opinions that notebooks are still not quite powerful sufficiently to be a good choice if you usually do tasks that require a great deal of power, such as video modifying. But for internet surfing, statement processing, and the majority of other popular computer functions they are just great, provided you never mind the screen size. Appreciate sharing your notions.
Oh my goodness! an incredible article dude. Thank you However I’m experiencing challenge with ur rss . Don?t know why Unable to subscribe to it. Is there anybody getting identical rss downside? Anybody who is aware of kindly respond. Thnkx
Please let me know if you’re looking for a article author for your weblog. You have some really good posts and I believe I would be a good asset. If you ever want to take some of the load off, I’d really like to write some content for your blog in exchange for a link back to mine. Please send me an email if interested. Regards!
Thanks for the marvelous posting! I seriously enjoyed reading it, you happen to be a great author.I will remember to bookmark your blog and will eventually come back at some point. I want to encourage one to continue your great writing, have a nice day!
Hi it’s me, I am also visiting this site regularly, this site
is genuinely good and the people are truly sharing nice thoughts.
I?m impressed, I need to say. Really rarely do I encounter a blog that?s both educative and entertaining, and let me let you know, you’ve hit the nail on the head. Your idea is outstanding; the problem is one thing that not enough people are speaking intelligently about. I am very happy that I stumbled across this in my seek for something relating to this.
You’re so interesting! I don’t believe I’ve read a single thing like this before. So great to find somebody with some original thoughts on this issue. Seriously.. thank you for starting this up. This web site is one thing that is needed on the web, someone with some originality!
Wow! This can be one particular of the most useful blogs We’ve ever arrive across on this subject. Actually Great. I’m also a specialist in this topic therefore I can understand your hard work.
Stunning story there. What occurred after? Thanks!
Thanks for the tips you have shared here. One more thing I would like to mention is that computer system memory requirements generally rise along with other improvements in the engineering. For instance, any time new generations of cpus are made in the market, there’s usually a matching increase in the shape calls for of both personal computer memory as well as hard drive space. This is because the software program operated by these processor chips will inevitably surge in power to leverage the new technological know-how.
Hi, the whole thing is going perfectly here and ofcourse every
one is sharing facts, that’s genuinely excellent, keep up writing.
of course like your web-site but you need to check the spelling on several of your posts. Many of them are rife with spelling problems and I find it very bothersome to tell the truth nevertheless I?ll certainly come back again.
hello!,I like your writing very much! share we communicate more about your article on AOL? I require an expert on this area to solve my problem. May be that’s you! Looking forward to see you.
Thanks for these tips. One thing I also believe is the fact that credit cards giving a 0 monthly interest often lure consumers together with zero interest, instant endorsement and easy on the web balance transfers, however beware of the real factor that may void your own 0 easy streets annual percentage rate and throw one out into the terrible house quick.
You actually make it seem so easy with your presentation but I find
this matter to be really something which I think I would never understand.
It seems too complex and very broad for me. I’m looking
forward for your next post, I’ll try to get the hang of it!
A motivating discussion is definitely worth comment. I do believe that you need to write more about this subject, it might not be a taboo subject but typically folks don’t talk about such issues. To the next! All the best!!
great post, very informative. I wonder why the other specialists of this sector do not notice this. You must continue your writing. I’m sure, you have a great readers’ base already!
We are a group of volunteers and starting a new scheme in our community. Your website provided us with valuable information to paintings on. You’ve performed an impressive job and our entire neighborhood will be grateful to you.
These days of austerity along with relative stress about having debt, lots of people balk up against the idea of employing a credit card in order to make purchase of merchandise as well as pay for any gift giving occasion, preferring, instead only to rely on the actual tried plus trusted way of making repayment – raw cash. However, if you possess cash available to make the purchase entirely, then, paradoxically, that is the best time to be able to use the card for several causes.
great points altogether, you simply gained a new reader. What would you suggest in regards to your post that you made some days ago? Any positive?
I don’t even know how I ended up here, but I thought this post was good.
I do not know who you are but definitely you’re going to a famous blogger if you are not already 😉 Cheers!
In line with my observation, after a in foreclosure process home is marketed at a bidding, it is common for that borrower to still have a remaining unpaid debt on the mortgage. There are many financial institutions who make an effort to have all service fees and liens paid back by the up coming buyer. Nevertheless, depending on specific programs, rules, and state legislation there may be a few loans which are not easily sorted out through the shift of financial products. Therefore, the obligation still lies on the borrower that has acquired his or her property foreclosed on. Many thanks sharing your notions on this blog site.
Woah! I’m really loving the template/theme of this site. It’s simple, yet effective. A lot of times it’s tough to get that “perfect balance” between user friendliness and visual appeal. I must say that you’ve done a amazing job with this. Additionally, the blog loads very quick for me on Safari. Outstanding Blog!
Mood changes can include euphoria and extreme depression and may alter the way
Hi there to every one, it’s in fact a pleasant for me
to pay a visit this web page, it consists of precious Information.
I have read several excellent stuff here. Certainly value bookmarking for revisiting. I wonder how a lot attempt you set to create any such great informative web site.
Hey very cool site!! Man .. Beautiful .. Amazing .. I will bookmark your blog and take the feeds also?I am happy to find a lot of useful information here in the post, we need work out more techniques in this regard, thanks for sharing. . . . . .
I am extremely impressed with your writing skills and also with the layout on your blog. Is this a paid theme or did you customize it yourself? Either way keep up the nice quality writing, it?s rare to see a great blog like this one these days..
Hey there! This is my first visit to your blog! We are a collection of volunteers and starting a new project in a community in the same niche. Your blog provided us useful information to work on. You have done a wonderful job!
https://nexalive.com/nasdaq-listed-bitcoin-mining-firm-marathon-to-raise-500m-in-debt/
http://www.factorytapestry.com is a Trusted Online Wall Hanging Tapestry Store. We are selling online art and decor since 2008, our digital business journey started in Australia. We sell 100 made-to-order quality printed soft fabric tapestry which are just too perfect for decor and gifting. We offer Up-to 50 OFF Storewide Sale across all the Wall Hanging Tapestries. We provide Fast Shipping USA, CAN, UK, EUR, AUS, NZ, ASIA and Worldwide Delivery across 100+ countries.
I have learned some important things as a result of your post. I might also like to mention that there is a situation that you will make application for a loan and do not need a co-signer such as a Federal Student Aid Loan. But when you are getting financing through a classic loan provider then you need to be made ready to have a cosigner ready to assist you to. The lenders may base their decision on a few issues but the greatest will be your credit worthiness. There are some creditors that will in addition look at your job history and come to a decision based on this but in many cases it will depend on your rating.
Greate pieces. Keep writing such kind of information on your blog.
Im really impressed by your site.
Hi there, You’ve performed a great job. I will certainly digg it and personally recommend to my friends.
I am sure they will be benefited from this site.
Wow that was strange. I just wrote an extremely long comment but after I clicked submit my comment didn’t appear. Grrrr… well I’m not writing all that over again. Anyhow, just wanted to say fantastic blog!
Does your website have a contact page? I’m having trouble locating it but, I’d like to shoot you an email. I’ve got some recommendations for your blog you might be interested in hearing. Either way, great website and I look forward to seeing it expand over time.
We’re a gaggle of volunteers and opening a brand new scheme in our community. Your web site offered us with valuable info to work on. You’ve performed a formidable activity and our whole neighborhood will probably be thankful to you.
This design is steller! You definitely know how to keep a reader amused. Between your wit and your videos, I was almost moved to start my own blog (well, almost…HaHa!) Excellent job. I really enjoyed what you had to say, and more than that, how you presented it. Too cool!
Thanks for your marvelous posting! I definitely enjoyed reading it, you can be a great author.I will remember
to bookmark your blog and will come back at some
point. I want to encourage that you continue your great posts,
have a nice afternoon!
Almanya’nın en iyi medyumu haluk hoca sayesinde sizlerde güven içerisinde çalışmalar yaptırabilirsiniz, 40 yıllık uzmanlık ve tecrübesi ile sizlere en iyi medyumluk hizmeti sunuyoruz.
I like what you guys are up also. Such intelligent work and reporting! Carry on the excellent works guys I?ve incorporated you guys to my blogroll. I think it will improve the value of my website 🙂
I don?t even understand how I finished up here, however I thought this submit used to be great. I don’t recognize who you might be but definitely you are going to a famous blogger if you happen to are not already 😉 Cheers!
Currently it seems like Expression Engine is the top blogging platform out there right now. (from what I’ve read) Is that what you’re using on your blog?
Excellent post. I used to be checking continuously this weblog and I’m inspired! Extremely useful information specially the final phase 🙂 I take care of such info a lot. I was seeking this particular information for a very lengthy time. Thank you and best of luck.
I will right away grab your rss as I can’t find your e-mail subscription link or newsletter service. Do you have any? Kindly let me know so that I could subscribe. Thanks.
Thanks for your posting. One other thing is always that individual American states have their own personal laws that will affect householders, which makes it quite difficult for the the nation’s lawmakers to come up with a fresh set of rules concerning foreclosed on property owners. The problem is that every state possesses own guidelines which may have interaction in a damaging manner in relation to foreclosure procedures.
Excellent read, I just passed this onto a colleague who was doing some research on that. And he actually bought me lunch as I found it for him smile So let me rephrase that: Thank you for lunch!
bookdecorfactory.com is a Global Trusted Online Fake Books Decor Store. We sell high quality budget price fake books decoration, Faux Books Decor. We offer FREE shipping across US, UK, AUS, NZ, Russia, Europe, Asia and deliver 100+ countries. Our delivery takes around 12 to 20 Days. We started our online business journey in Sydney, Australia and have been selling all sorts of home decor and art styles since 2008.
A powerful share, I simply given this onto a colleague who was doing a bit analysis on this. And he in actual fact bought me breakfast as a result of I discovered it for him.. smile. So let me reword that: Thnx for the deal with! However yeah Thnkx for spending the time to debate this, I feel strongly about it and love reading more on this topic. If attainable, as you turn into expertise, would you thoughts updating your blog with extra particulars? It’s extremely helpful for me. Massive thumb up for this weblog publish!