NATIONAL: I remain hopeful of WTO DG after Biden’s inauguration

A FORMER Minister of Finance, Ngozi Okonjo-Iweala, has said she has not lost hope of becoming the next Director General of the World Trade Organisation despite stiff opposition from the United State of America under the administration of the outgoing President Donald Trump.

She noted that her optimism had been buoyed up by the emergence of Joe Biden as the incoming President of the US, adding that she would be announced as DG, WTO after his swearing-in on January 20.

She said this during her interview with Arise Television on Friday.

Iweala, who described the post as a “very challenging international assignment”, stressed that the inception of Biden’s administration would mark a change in the position of the US.

Iweala had come close to the coveted position after securing support from several countries, but a last-minute objection from the US stalled proceedings, with the Trump administration calling for “someone with real experience in trade”.

Iweala said, “Because of the rules that  they have to agree everything by consensus, if a country doesn’t join the consensus then sometimes it becomes difficult. In this case the United States did not join for reasons that no one can really understand.”

“The majority of the 162 countries were in a consensus behind my candidacy. But let’s look forward, we are very hopeful that with the new administration coming in, we can begin to finalise this aspect of the DG WTO position,”

The  Managing Director of the World Bank, admitted to “having butterflies” as the race for the job reached its climax.

She said, “It was a very difficult race, it took place over five months and when I started it I was very honoured to be nominated by the country and then by the continent,”

She added,  “I didn’t know it would be so gruelling. It was a very tough competition over five months with different stages. There were times I had butterflies in my stomach about whether I was going to make it.”

“It was a bit tough, but thank God we made it.”

Though the US said, months ago, that it was supporting South Korean trade minister, Yoo Myung-hee, to become the Director-General of the World Trade Organisation because she is a “trade expert” the European Union and WTO’s ambassadors backed Okonjo-Iweala for the position.

US Trade Representative, Robert Lighthizer, while giving reasons for opposing Okonjo-Iweala, who gained American citizenship in 2019, said WTO needs “someone with real, hands-on experience in the field”.

But Okonjo-Iweala had while addressing the WTO in July explained that she is a trade expert.

She said, “I am a development economist and you cannot do that without looking at trade. Trade is a central part of development. So, I have been doing it. My whole career at the World Bank, I was working on trade policy reform in middle and low-income countries at the bank.

“As finance minister, the customs service in my country reported to me. And that is all about trade facilitation. I helped my country’s negotiation with my trade minister on the ECOWAS common external tariffs. I don’t know how much more trade you can have than that.

“So those who say I don’t have trade, they are mistaken. I think the qualities I have are even better, because I combine development economics with trade knowledge, along with finance, and you need those combinations of skills to lead the WTO. I think I have the skills that are needed. I am a trade person.”

If she eventually gets a majority backing, she would be the first woman and the first African to lead the global trade body in its 25-year history.