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Delighted Okonjo-Iweala promises to revive global economy as WTO chief

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The newly appointed Director-General of the World Trade Organisation (WTO), Ngozi Okonjo-Iweala, has expressed delight on her appointment to lead the 164-member organization.

Okonjo-Iweala, who reacted to her appointment in a statement obtained from WTO by Ripples Nigeria, promised to put in place policies that would tackle the impact of COVID-19 pandemic on global economies.

She also stressed the need to shape policies that would aid the fight against the pandemic that threw many economies including Nigeria into recession.

The former World Bank deputy managing director said she would work with WTO member nations to immediately address the economic and health consequences of COVID-19 pandemic.

She said: “I am honoured to have been selected by WTO members as WTO Director-General. A strong WTO is vital if we are to recover fully and rapidly from the devastation wrought by the COVID-19 pandemic.”

WTO members have been divided by trade terms, which some members feel doesn’t favour all.

The recent trade dispute has been between China and United States, with both countries engaging in trade war and hurting each others’ economy with tariff hikes.

The disagreement between China and the US had weakened the position of WTO, as members were sidestepping the body in trade negotiations.

READ ALSO: Okonjo-Iweala appointed WTO DG

The disagreement also played a role in the delay of the WTO chief’s appointment.

The appointment should have been confirmed last year but was delayed till on Monday following the emergence of Joe Biden as US President.

Former US President, Donald Trump, had rejected the Nigerian as consensus candidate for the WTO’s top job and declared his support for the South Korean candidate, Yoo Mhung-hee.

Speaking further on her plans, Okonjo-Iweala added: “I look forward to working with members to shape and implement the policy responses we need to get the global economy going again.

“Our organization faces a great many challenges but working together we can collectively make the WTO stronger, more agile, and better adapted to the realities of today.”

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