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The Economics Show
Can the WTO stay relevant? With Ngozi Okonjo-Iweala
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.
30:34
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Quick takeaways
- Ngozi Okonjo-Iweala highlights globalization's resilience through continued trade growth despite challenges like the Covid-19 pandemic and rising protectionism.
- The WTO's essential role in ensuring international trade standards aids in preventing protectionist abuses while facilitating economic growth for developing countries.
Deep dives
The Evolving Landscape of Globalization
Globalization has shown resilience despite challenges, with trade in goods, services, and data continuing to thrive. While some express concerns about a slowdown in globalization, key indicators suggest that the fundamentals remain strong. The Director General of the WTO, Dr. Ngozi Okonjo-Iweala, notes that while growth rates have decreased since the financial crisis, overall global trade has exceeded pre-pandemic levels. The projection for global goods trade growth remains positive, indicating that regionalization and decentralization of supply chains could enhance global trading resilience.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode