The Economics Show Can the WTO stay relevant? With Ngozi Okonjo-Iweala
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Feb 3, 2025 In a compelling conversation, Ngozi Okonjo-Iweala, the first woman and first African Director-General of the WTO, discusses the resilience of globalization amidst rising protectionism and the challenges US trade policies pose. She outlines her vision for engaging with the new US administration, emphasizes the importance of representation for women and African nations in global trade, and tackles the complexities of WTO governance. Okonjo-Iweala defends the WTO's achievements and advocates for reforms to support smaller nations in the evolving trade landscape.
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US-Colombia Tariff Resolution
- Okonjo-Iweala cites a recent example of a tariff threat between the US and Colombia, resolved through negotiation.
- This demonstrates how dialogue and compromise can lead to mutually beneficial solutions in trade disputes.
Globalization's Changing Pace
- Globalization has slowed down since the 2008 financial crisis, changing from a 2:1 to a 1:1 ratio with global growth.
- Despite this, global trade remains resilient, exceeding pre-pandemic levels and demonstrating adaptability.
WTO's Vital Role
- The WTO plays a vital role in global trade by establishing agreements beyond tariffs, fostering trust and facilitating smooth operations.
- Agreements like the Sanitary and Phytosanitary Measures and Technical Barriers to Trade ensure product safety and standard harmonization, crucial for international commerce.