Calling for the "reglobalization" of trade: WTO chief Ngozi Okonjo-Iweala
Sep 30, 2023
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Ian Bremmer interviews Ngozi Okonjo-Iweala, the first woman and first person from Africa to lead the World Trade Organization. They discuss the challenges of global trade, the pandemic's impact on supply chains, the need for fair trade for developing countries, and the broken dispute resolution mechanism at the WTO.
Reimagining globalization is crucial to bring marginalized individuals and countries into the mainstream of global trade.
The vulnerabilities exposed during the pandemic emphasize the need to diversify and decentralize supply chains for a more resilient global system.
Deep dives
Reimagining Globalization for Inclusive Trade
Globalization has been successful in lifting billions of people out of poverty. Rather than abandoning it, the focus should be on reimagining globalization to bring marginalized individuals and countries into the mainstream of global trade.
Building Global Resilience through Decentralized Supply Chains
The vulnerabilities exposed during the pandemic highlight the need to diversify and decentralize supply chains. This shift towards re-globalization involves both reshoring production and developing interdependence among countries to create a more resilient global system.
Africa's Role in Re-Globalization
Africa, with its significant potential, is pursuing steps towards greater integration and reducing trade barriers through initiatives like the African Continental Free Trade Area. By removing barriers to investment and trade, Africa can attract businesses and play a meaningful role in re-globalization.
Ian Bremmer sits down with World Trade Organization Director General Ngozi Okonjo-Iweala, the first woman and first person from Africa to lead the organization, for a conversation about the good, the bad, and the future of global trade on the GZERO World podcast. In the last half century, globalization has dramatically increased economic output, created hundreds of millions of jobs, and lifted millions of people out of poverty. But development between countries has been uneven, and global inequality is on the rise. Covid-19 and the war in Ukraine disrupted exposed weaknesses in the supply chain. And rising tension between the US and China has led to a world economy that’s becoming increasingly fractured. But is the way out of a crisis not less trade, but more? How do we make sure the future of trade is fair to countries in the Global South, who are reeling from runaway debt and bearing the brunt of climate change?