Nigeria’s former Finance Minister, Ngozi Okonjo-Iweala on Monday was confirmed as the next Director-General of the World Trade Organisation.
She made history as the first woman and the first African to lead the international trade body.
Her term is scheduled to start on March 1.
The term, which is renewable, will expire on August 31, 2025.
“This is a very significant moment for the WTO,” said General Council Chair David Walker of New Zealand who, together with co-facilitators Amb. Dacio Castillo (Honduras) and Amb. Harald Aspelund (Iceland) led the nine-month DG selection process.
“On behalf of the General Council, I extend our warmest congratulations to Dr Ngozi Okonjo-Iweala on her appointment as the WTO’s next Director-General and formally welcome her to this General Council meeting.
“Dr Ngozi, on behalf of all members I wish to sincerely thank you for your graciousness in these exceptional months, and for your patience.
“We look forward to collaborating closely with you, Dr Ngozi, and I am certain that all members will work with you constructively during your tenure as Director-General to shape the future of this organization.”
Reacting to her appointment, Okonjo-Iweala said a key priority for her would be to work with members to quickly address the economic and health consequences brought about by the COVID-19 pandemic.
She said she was honoured to have been selected by the WTO members as DG.
“I am honoured to have been selected by WTO members as WTO Director-General,” said Okonjo-Iweala.
According to her, a strong WTO was vital for full recovery deom the devastation wrought by the COVID-19 pandemic.
She said she looked forward to working with members to shape and implement the policy responses needed to get the global economy going again.
In her words: “A strong WTO is vital if we are to recover fully and rapidly from the devastation wrought by the COVID-19 pandemic.
“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.”
South Korean Trade Minister Yoo Myung-hee had been the only other remaining contender for the post but pulled out when it became clear that new US President Joe Biden was swinging firmly behind Okonjo-Iweala’s candidacy.
The organisation has been leaderless since Brazilian career diplomat Roberto Azevedo stepped down last August, a year ahead of schedule.
The process of picking one of eight candidates to succeed him had been expected to wrap up by November, but the administration of former US President Donald Trump blocked the consensus to appoint Okonjo-Iweala.
Okonjo-Iweala, who boasted US, EU and African backing, was not at the WTO’s Geneva headquarters for Monday’s meeting, but was scheduled to hold an online press conference after its conclusion.
She will take over an organisation mired in multiple crises and struggling to help member states navigate the severe global economic slump triggered by the coronavirus pandemic.
Okonjo-Iweala argued during the race that she was best placed out of the eight candidates for the post to steer the WTO through the crises, calling herself a reform candidate.
She warned that growing protectionism and nationalism had been spurred on by the pandemic and insisted barriers needed to be lowered to help the world recover.
Even before Covid-19 battered the global economy, the WTO was weighed down by stalled trade talks and struggled to curb trade tensions between the United States and China.
The WTO also faced relentless attacks from Washington under Biden’s predecessor Donald Trump. Among other things, Trump brought the WTO’s dispute settlement appeal system to a grinding halt in late 2019.