Ngozi Okonjo-Iweala
By Olayiwola Mercy
Ngozi Okonjo-Iweala, the World Trade Organization (WTO) director-general, has stated that the tariffs imposed by the Trump administration have caused the greatest disruption in trade in 80 years. She emphasized that this disruption is not limited to the US, as developing nations also have legitimate grievances with the global trading system. Okonjo-Iweala pointed out that the system was built for interdependence, not overdependence, and urged nations to diversify their sources of demand and supply.
The WTO chief’s comments come amid ongoing trade tensions and concerns about protectionism. She highlighted the need for nations to work together to address these challenges and promote a more inclusive and sustainable global economy. Okonjo-Iweala stressed that the current trade landscape is complex, with many countries facing challenges in accessing markets and navigating trade rules.
Okonjo-Iweala also highlighted Africa’s potential, citing the IMF’s projection of 4% growth in 2025 and 2026. She emphasized the continent’s vast resources, including 67% of the world’s arable land and 22% of the global working population. The WTO chief expressed optimism about Africa’s prospects, noting that the continent is poised to become a major player in the global economy.
The WTO director-general stressed the need for careful thinking and reform of the WTO to address criticisms and make the organization more flexible and transparent. She emphasized that the WTO must be able to respond effectively to the needs of its members, particularly developing countries. Okonjo-Iweala’s remarks underscore the need for cooperation and multilateralism in addressing global trade issues.
As the global economy continues to evolve, Okonjo-Iweala’s comments serve as a reminder of the importance of collaboration and reform in promoting sustainable growth and development. The WTO’s role in facilitating trade and promoting economic cooperation is crucial, and Okonjo-Iweala’s leadership is expected to shape the organization’s approach to addressing global trade challenges.
