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Tag: WTO

  • Ngozi Okonjo-Iweala, catalyst and innovator for global finance and trade -Chido Nwangwu

    Ngozi Okonjo-Iweala, catalyst and innovator for global finance and trade -Chido Nwangwu

    By Chido Nwangwu

    She is a bold name member of the Nigerian diaspora — here in the United States, and globally.

    She is a catalyst for progressive change and innovation in the financial centers of the world — especially in development economics.

    Ngozi Okonjo-Iweala, PhD., is the quintessential technocrat who also understands the daily grind of life and living, She is both remarkable for her scholastic achievements as much as for her governance experience.

    The certainty of her manner of speaking and fact-wise content of her policy expositions have combined to make her one of the most sought after economists in the world. Evident is the fact, too, that she sits on the boards of several corporations, and offers advisory and management ideas to organizations.

    Nigeria’s former finance minister Ngozi Okonjo-Iweala was appointed to the board of Twitter, in July 2018..

    Why is she in the news, this time?

    All things being equal — as her fellow economists usually say on matters of demand and supply — she will this February 2021 make history, again.

    She is on track to become the first person of African heritage and the first woman to hold the top position of director-general of the World Trade Organization (WTO).

    Okonjo-Iweala has been listed as one of the 50 Greatest World Leaders by Fortune magazine in 2015; and has been featured as one of TIME magazine 100 of the World’s Leaders!

    The position opened with the sudden, early exit of the man who was there; he left since August 2020. Then the notorious Trump Administration blocked her from moving into the position after she was nominated by the Nigerian government.

    Then, last Friday, her major opponent for the position dropped out of the running. She got the critical nod of the American government now led by Joe Biden and Kamala Harris. In a sunny signal toward the nomination, an official of the U.S government wrote that “The United States takes note of today’s decision by the Republic of Korea’s Trade Minister Yoo Myung-hee to withdraw her candidacy for Director General of the World Trade Organization (WTO). The Biden-Harris Administration is pleased to express its strong support for the candidacy of Dr. Ngozi Okonjo-Iweala as the next Director General of the WTO”.
    Long before this support, some of the WTO key members/blocs, such as China, the European Union, the African Union, Japan and Australia had indicated their support of Okonjo-Iweala.

    Also, she has a strong network of influential friends — largely amassed during her 25 years at the World Bank.

    Mrs. Okonjo-Iweala whom I met and chatted with, briefly, in Maryland during an event by her alma mater Queens School Enugu (Nigeria), almost 10 years ago — has been a major reference point for inspiration and ra ole model for millions of women. Especially, while she was the Finance minister and the Coordinating Minister of the Economy in Nigeria.

    She was Minister of Finance under President Goodluck Jonathan. From July 2003 – June 21, 2006, she held the same position under President Obasanjo. She was appointed into a new position, Coordinating Minister for the Economy, August 17, 2011 – May 29, 2015.

    January 2016, she was appointed the Chair-elect of the Board of Gavi which is involved in provide coronavirus solutions.

    Bob Zoellick, World Bank’s ex-president, is one of the heavyweight friends of the public finance specialist. He wrote a memo to World Bank employees on July 8, 2011, where he commended her for, among other things, pushing African economies to greater reliance on open free-market positions. He noted that “Along with her oversight of the bank’s work in Africa, South Asia, Europe, and Central Asia, and Human Resources, Ngozi has played a pivotal role in overseeing the Bank’s work to help countries hurt by high and volatile food prices…. with Ngozi’s leadership, we put together a food crisis response fund to allow for fast assistance to countries in need. It has helped more than 40 million people in 44 countries.”

    Two of her most recent books are ‘Fighting Corruption is Dangerous : The story behind the headlines – A frontline account from Nigeria’s former finance minister, Ngozi Okonjo-Iweala, of how to fight corruption and lessons learned for governance and development’ — published by MIT Press, (2018) and ‘Reforming the unreformable : Lessons from Nigeria’ (First MIT Press paperback ed. (2012)

    Hopefully, she will begin work at the WTO next week to help create fairer trade relations between African countries and other parts of the world. At another level, it will be new heights of inspiration for many girls. Remember that one of the most influential women of the 20th century, Hillary Clinton, did say, regarding an entirely different issue: ”To all the little girls who are watching this, never doubt that you are valuable and powerful, and deserving of every chance and opportunity in the world to pursue and achieve your own dreams.”

    Okonjo-Iweala has been listed as one of the 50 Greatest World Leaders by Fortune magazine in 2015; and has been featured as one of TIME magazine 100 of the World’s Leaders!
    —————
    Dr. Chido Nwangwu, the Founder of USAfrica multimedia networks and public policy organization since 1992 in Houston, established the first African-owned, U.S-based newspaper published on the Internet USAfricaonline.com. He served as adviser on Africa business to the ex-Mayor of Houston, Dr. Lee P. Brown. Chido is the first continental African to be admitted to the 100 Black Men of America. He is the author of the February 2021 book, MLK, Mandela & Achebe: Power, Leadership and Identity. In July 2017, he was issued a U.S. Congressional Recognition for USAfrica’s 25 years. Chido has been honored by the Washington-D. C.based National Immigration Forum for utilizing multimedia to fight authoritarianism and foster freedom of expression in parts of the African continent.
    He has been profiled by the CNN International for his pioneering works on multimedia/news/public policy projects for Africans and Americans. Chido247@Gmail.com follow @Chido247

  • Its Official! WTO meets next week to confirm Okonjo-Iweala as DG

    Its Official! WTO meets next week to confirm Okonjo-Iweala as DG

    Sequel to recent developments in the tight race for the Director General of the World Trade Organization (WTO), all seems set by the organization to appoint Nigeria’s Ngozi Okonjo-Iweala as its first female and first African leader next week.

    The global trade body announced Tuesday that it would hold a special meeting of its General Council on February 15 “to consider the appointment of the next WTO director-general”.

    TheNewsGuru.com, TNG reports that the announcement comes after United States President Joe Biden’s administration last week offered its “strong support” to Okonjo-Iweala, marking yet another sharp split from his predecessor Donald Trump, who had blocked her nomination for months.

    TNG reports that key WTO ambassadors tapped Okonjo-Iweala back in October as the best pick to lead the organisation but Trump’s administration maintained its opposition to her appointment and said it backed her opponent, South Korea’s trade minister Yoo Myung-hee, instead.

    Since the WTO makes decisions through consensus among all 164 member states, the US position left the process to replace Roberto Azevedo who stepped down a year ahead of schedule last August at a standstill.

    Observers suggested that South Korea had long been under pressure from the United States an ally that has 28,500 troops in the country to defend it from nuclear-armed North Korea to keep Yoo in the race.

    But Seoul suddenly announced last Friday that she was abandoning her bid, just hours before Washington announced its change of position.

    With no further obstacles in her path, Okonjo-Iweala is expected to quickly be tapped for the director-general post at Monday’s meeting.

    It remains unclear if she will be asked to take the reins immediately or if her term would start at a later date.

    Once she does, she will have her hands full.

    Twice Nigeria’s finance minister and its first woman foreign minister, 66-year-old Okonjo-Iweala is seen as a trailblazer in her country.

    A development economist by training with degrees from the Massachusetts Institute of Technology and Harvard, she also spent a quarter of a century at the World Bank, rising to be managing director and running for the top role in 2012.

  • Trump’s trade chief wants WTO reopen selection process for DG

    Trump’s trade chief wants WTO reopen selection process for DG

    Outgoing US President Donald Trump’s trade chief Robert Lighthizer has made the unprecedented suggestion that the World Trade Organisation(WTO) reopen the selection process for a new Director-General.

    According to a BBC report, Lighthizer said the WTO needs “someone with real experience in trade”, as he doubled down on the US opposition against Nigeria’s candidate, Ngozi Okonjo-Iweala, who is supported by majority of countries for the job.

    The U.S. is backing South Korea’s Trade Minister Yoo Myung-hee.

    Both Okonjo and Yoo have been left in limbo for more than five weeks as the WTO needs a consensus.

    The WTO council in late October suspended final decision on the matter indefinitely, perhaps expecting that a change in White House will resolve the logjam.

    The WTO issue will now be one of the most pressing global trade issues that President-elect Joe Biden will have to solve after being sworn in on 20 January 2021.

    A spokesperson for Ngozi Okonjo-Iweala told the BBC that former World Bank chief has the right experience for the WTO job.

    “Dr Okonjo-Iweala looks forward to engaging with the Biden administration and is hopeful that final consensus can soon be reached. The WTO urgently needs to get to work at this time of global crisis,” the spokesperson said.READ ALSO Ramaphosa gives Okonjo-Iweala another job, as AU Special envoy
    The BBC reported that If a new Director-General for the WTO is not appointed before Joe Biden’s inauguration as US President on 20 January, it is likely the process will be delayed for several months as a new US trade team is put in place.

    That includes Katherine Tai, who has been picked to be Mr Lighthizer’s successor, but needs Congressional approval.

    According to Lighthizer, the WTO has “failed to function as a negotiating body”.

    He also pinpoints that “massive reform” is needed for the dispute-resolving Appellate Body, which he feels has evolved into a body creating a common law of trade, “taking away benefits” that members had negotiated for “and putting restraint on things that had been conceded”.

  • WTO job: Okonjo-Iweala sees new hope as South Korea drops candidate

    WTO job: Okonjo-Iweala sees new hope as South Korea drops candidate

    Dr Ngozi Okonjo-Iweala has been given a new hope as South Korea has reportedly dropped its candidate, Yoo Myung-hee for the position of Director General of the World Trade Organization (WTO).

    Washington Trade Daily reported that the South Korea’s trade minister is set to withdraw from the race, quoting several sources familiar with the matter.

    Washington Trade Daily quoted sources as saying South Korea has notified the US of its decision and is expected to make it public “in the coming days.”

    “Washington refused to accept the recommendation made by the selection panel chaired by General Council Chair Ambassador David Walker that Mrs Okonjo-Iweala is the candidate most likely of the two to attract consensus because she clearly carried the largest support by members in the final round and clearly enjoyed broad support from members from all levels of development and from all geographic regions and has done so throughout the process.

    “Yoo from Korea failed to receive enough support from members of all levels of development that is developed, developing and least developing countries, as well as geographically in comparison to the “largest” support received by Mrs Okonjo-Iweala,” the report stated in parts.

    Okonjo-Iweala had secured the popular vote by a wide margin on October 28 but was not named DG because the US opposed her candidacy.

    After the October 28 meeting, WTO also said Okonjo-Iweala had the best chance of getting a consensus.

    A November 8 general council meeting scheduled to consider the appointment of the next DG was postponed.

    Another general council meeting has been scheduled for December 17 to finalize the process.

  • WTO job: Okonjo-Iweala reacts to latest setback

    WTO job: Okonjo-Iweala reacts to latest setback

    Nigeria’s former finance minister, Dr Ngozi Okonjo-Iweala has reacted after the World Trade Organization (WTO) postponed the appointment of its new Director General (DG).

    TheNewsGuru.com (TNG) reports the WTO postponed the appointment until further notice, further delaying the confirmation of Dr Okonjo-Iweala as WTO DG.

    Chair of the General Council, Dr David Walker made the postponement known in a statement, being a communication to the General Council on Friday.

    The statement acknowledged Okonjo-Iweala as the most preferred candidate for the WTO DG job but said that the meeting for her announcement has been rescheduled without a date fixed yet.

    Walker cited reasons that including the health situation and current events, delegations will not be in a position to take a formal decision on November 9 as earlier scheduled.

    The statement reads: “As you know, at the meeting of Heads of Delegation on 28 October, in accordance with the Procedures for the Appointment of Directors-General adopted by the General Council and contained in WT/L/509 and the agreed modalities for Phase 3 of the process in JOB/GC/243, I and the Facilitators – Ambassador Dacio Castillo, Chair of the Dispute Settlement Body and Ambassador Harald Aspelund, Chair of the Trade Policy Review Body – reported the outcome of the third and final round of consultations in the process of appointment of the next Director-General and announced that we were submitting the name of Dr. Ngozi Okonjo-Iweala as the candidate most likely to attract consensus and recommending her appointment by the General Council as the next Director-General of the WTO. My statement can be found in JOB/GC/247.

    “I also announced that a Special Meeting of the General Council would be convened to take a formal decision on the appointment of the next Director-General and a meeting was subsequently convened for 9 November for this purpose with an Airgram circulated to delegations in WTO/AIR/GC/33 which, as you have seen, contains a single item concerning the Appointment of the next Director-General.

    “It has come to my attention that for reasons including the health situation and current events, delegations will not be in a position to take a formal decision on 9 November.

    “I am therefore postponing this meeting until further notice during which period I will continue to undertake consultations with delegations”.

    Reacting, Okonjo-Iweala thanked the WTO for formally recording her leading position as most likely to attract consensus for WTO DG, stressing that every step is important.

    “Thank you @WTO for today’s step in the formal recording of my leading position as Most Likely to Attract Consensus for WTO DG.

    “Every step is important. ‘Look forward to further progress at the appropriate time,” Okonjo-Iweala tweeted shortly after Walker made the postponement public.

  • BREAKING: Okonjo-Iweala’s WTO job suffers delay again

    BREAKING: Okonjo-Iweala’s WTO job suffers delay again

    The World Trade Organization (WTO) has postponed the appointment of its new Director General (DG) until further notice, further delaying the announcement of Dr Ngozi Okonjo-Iweala as DG.

    TheNewsGuru.com (TNG) reports the Chair of the General Council, Dr David Walker made this known in a statement, being a communication to the General Council on Friday.

    The statement acknowledged Okonjo-Iweala as the most preferred candidate for the WTO DG job but said that the meeting for her announcement has been rescheduled without a date fixed yet.

    Walker cited reasons that including the health situation and current events, delegations will not be in a position to take a formal decision on November 9 as earlier scheduled.

    The statement reads: “As you know, at the meeting of Heads of Delegation on 28 October, in accordance with the Procedures for the Appointment of Directors-General adopted by the General Council and contained in WT/L/509 and the agreed modalities for Phase 3 of the process in JOB/GC/243, I and the Facilitators – Ambassador Dacio Castillo, Chair of the Dispute Settlement Body and Ambassador Harald Aspelund, Chair of the Trade Policy Review Body – reported the outcome of the third and final round of consultations in the process of appointment of the next Director-General and announced that we were submitting the name of Dr. Ngozi Okonjo-Iweala as the candidate most likely to attract consensus and recommending her appointment by the General Council as the next Director-General of the WTO. My statement can be found in JOB/GC/247.

    “I also announced that a Special Meeting of the General Council would be convened to take a formal decision on the appointment of the next Director-General and a meeting was subsequently convened for 9 November for this purpose with an Airgram circulated to delegations in WTO/AIR/GC/33 which, as you have seen, contains a single item concerning the Appointment of the next Director-General.

    “It has come to my attention that for reasons including the health situation and current events, delegations will not be in a position to take a formal decision on 9 November.

    “I am therefore postponing this meeting until further notice during which period I will continue to undertake consultations with delegations”.

  • WTO job: Women call for prayers for Ngozi Okonjo-Iweala

    WTO job: Women call for prayers for Ngozi Okonjo-Iweala

    The National Council of Women Societies (NCWS) has called for continuous prayers for the final declaration of Dr Ngozi Okonjo-Iweala, as the 7th Director-General of the World Trade Organisation (WTO).

    On Oct. 28, the General Council of the WTO declared Dr Okonjo-Iweala as the best suited candidate to occupy the position, but the United States of America challenged the declaration and said it would continue to support the next candidate in line, South Korea’s Minister of Trade, Yoo Myung-hee.

    Okonjo-Iweala, Nigeria’s former Minister of Finance got the endorsement of 106 countries including the European Union and ECOWAS as the preferred candidate for the position.

    Following the United States of America’s objection, a follow-up meeting of the Council was slated for Nov. 9 for a final decision to be made.

    National President of NCWS, Mrs Laraba Shoda, said in a statement issued on Monday in Abuja that “our prayer is that come, Nov. 9, Okonjo-Iweala will be declared the consensus director-general of the WTO.

    “This will make her the first African and the first woman to occupy the position.

    “Undoubtedly, Okonjo-Iweala is a shining light and a beam of hope to Nigerian women, African women and to women all around the globe.’’

    Shoda called on Nigerian women, African women and women all around the world to continue to pray for Okonjo-Iweala as her victory would not only be for her, but for the entire womenfolk.

  • Okonjo-Iweala addresses hiccups with WTO job

    Okonjo-Iweala addresses hiccups with WTO job

    Dr Ngozi Okonjo-Iweala, Nigeria’s former finance minister has opened up on the bid to become the Director General (DG) of the World Trade Organization (WTO) after the United States (U.S.) opposed her selection.

    TheNewsGuru.com (TNG) reports the U.S. said it was rather supporting Korean trade minister, Yoo Myung-hee against Okonjo-Iweala, who became an American citizen in 2019.

    After weeks of consultations, three WTO ambassadors known as the “troika” charged with finding a successor to Brazilian Roberto Azevedo, announced at a meeting in Geneva on Wednesday that the former Nigerian finance minister should be the next chief as she had secured cross-regional backing.

    Many members, including China and the U.S. had declined to name their preference publicly before Wednesday although some African, Caribbean and other States had voiced support for Okonjo-Iweala during the four-month selection process.

    The decision for Okonjo-Iweala to become WTO’s DG needs to be approved by consensus, meaning any of the 164 WTO members could block her appointment.

    Meanwhile, the WTO itself has called a meeting for November 9, less than a week after the U.S. election, by which time it hopes to have secured full backing for Nigeria’s Ngozi Okonjo-Iweala.

    In a Twitter post on Thursday, Okonjo-Iweala despite the hiccups said she is humbled to be declared the candidate with the largest, broadest support among members and most likely to attract consensus in the bid.

    “Happy for the success & continued progress of our @wto DG bid. Very humbled to be declared the candidate with the largest, broadest support among members & most likely to attract consensus. We move on to the next step on Nov 9, despite hiccups. We’re keeping the positivity going,” she tweeted.

     

  • UPDATE: Okonjo-Iweala’s WTO job hunt hits new roadblock

    UPDATE: Okonjo-Iweala’s WTO job hunt hits new roadblock

    The celebration of Nigerians and supporters of Ngozi Okonjo-Iweala in the world at large was short-lived on Wednesday after Donald Trump-led government said the United States won’t endorse her appointment to be the next Director-General of the World Trade’s Center (WTO).

    It will be recalled that TheNewsGuru (TNG), had earlier published a report that the WTO panel had appointed Okonjo-Iweala for the WTO job.

    However, a report published by Bloomberg on an ongoing proceeding between WTO delegates indicates that there is one BIG hurdle left for her to cross to become the first woman and African to head the global watchdog in its 25-year history.

    The recommendation of former minister Okonjo-Iweala was made by three WTO ambassadors after consulting with members in a series of closed-door meetings in Geneva as part of an intricate and secretive process that some have compared to a papal succession.

    The WTO ambassadors, led by New Zealand’s Ambassador David Walker, is due to make the formal recommendation to a closed-door meeting of heads of delegations at 3 p.m. (1400 GMT).

    It, however, still needs to be approved by consensus at a meeting of the WTO’s 164 members.

    Many members, such as China and the United States have declined to name their preference publicly although some African, Caribbean and other states have voiced support for Okonjo-Iweala.

     

     

  • BREAKING: WTO set to confirm Okonjo-Iweala 1st female leader of the organization

    BREAKING: WTO set to confirm Okonjo-Iweala 1st female leader of the organization

    The World Trade Organization is today set to confirm Dr Ngozi Okonjo-Iweala as the first female leader of the World Trade Organization (WTO).

    TheNewsGuru.com (TNG) reports Dr Okonjo-Iweala is set to be appointed as the new Director General (DG) of the WTO today.

    She will become the first African and indeed the first woman to head the WTO.

    According to sources from the European Union, she emerged victorious in the contest for the WTO top job over her South Korean rival, Ms Yoo Myung-hee by a wide margin.

    She polled 104 votes from 164 member countries to defeat the South Korea’s trade minister at the final stage of the race.

    Okonjo-Iweala’s victory is expected to be announced formally by the WTO later today.

    She had said she will bring a fresh pair of eyes and ears to the WTO.

     

    Details shortly…