(4 Minutes Read)
The meeting is taking place at a time when the global economy is picking up after the pandemic and from shadows cast by the Russian-Ukraine war.
The World Trade Organization (WTO) Ministerial Conference kicked off in Abu Dhabi today (26th February) as the member nations started discussing issues including banning subsidies, overfishing, anomalies in cotton pricing, and digital taxation. The meeting is taking place at a time when the global economy is picking up after the pandemic and from shadows cast by the Russian-Ukraine war.
While addressing the member countries, Director General WTO Ngozi Okonjo-Iweala warned of the daunting task ahead to consolidate the recovery. She said that the recovery from pandemic blues and the war in Ukraine had taken a toll on food and energy security.
Geopolitical tensions have worsened. Parts of Africa and the Arab world are facing conflicts. Conflict in Sudan has displaced close to 8 million people internally and across borders. The same was the case with conflicts taking place in the Democratic Republic of Congo and elsewhere in the world.
The WTO’s General Council chairperson Ambassador Athaliah Lesiba stressed the need for collective action amidst economic uncertainties and geopolitical tensions. She underscored the importance of steering the WTO towards effectively addressing contemporary challenges. Higher prices for food, energy, fertilizer, and other essentials continued to weigh on people’s purchasing power, resulting in political frustration, she added. Shipping disruptions in vital waterways like the Red Sea and the Panama Canal, a new source of delays and inflationary pressure, offer a real-time reminder of the risks posed to global trade and output by security problems and the climate crisis, she further added. Referring to the geopolitical developments, Lesiba said that elections are scheduled this year in over 50 countries.
The outcome of these deliberations and elections is set to significantly influence the trajectory of the WTO and the global economy, underscoring the importance of proactive and collaborative efforts to navigate the challenges ahead. The biennial meeting will end on February 29 in the United Arab Emirates.
Read Also:
https://trendsnafrica.com/wto-calls-for-re-globalization/
https://trendsnafrica.com/world-trade-to-be-affected-by-russia-ukraine-war-wto/
Ambassador Athaliah Lesiba Molokomme hails from Botswana. She was the Attorney General of Botswana until 2017 and is the first woman to hold that position. Molokomme has been committed to advocacy for women’s rights at conferences, workshops, and seminars around the world. Dr. Athaliah Molokomme was appointed as Permanent Representative of Botswana to the UN in Geneva and Ambassador to Switzerland in May 2018.
Dr. Ngozi Okonjo-Iweala is the Director General of the World Trade Organisation (WTO). She is an economist and international development expert with over 30 years of experience. She was Chair of the Board of Gavi, the Vaccine Alliance (2016 – 2020), the African Risk Capacity (2014 – 2020), and Co-Chair of The Global Commission on the Economy and Climate. Previously, she served as Senior Advisor at Lazard and sat on the Boards of Standard Chartered PLC and Twitter Inc. Dr Okonjo-Iweala was appointed as an AU COVID-19 Special Envoy and WHO COVID-19 Special Envoy. She hails from Nigeria, now settled in the US and is a citizen of that country.
