News Article(permalink)
Here are some facts about the World Trade Organization (WTO), which on Monday appointed Nigerian economist Ngozi Okonjo-Iweala as its first female and first African head. - Established in January 1995 to help global commerce flow as freely and fairly as possible. It also oversees trade rules agreed by its members. - The WTO has been led by six men: three European, one New Zealander, a Thai and Brazilian Roberto Azevedo, who stepped down a year ahead of the end of his term for personal reasons. - The director general is named for four years by its member states. - Based in Geneva, it has 164 members. - Its decisions are taken by consensus, with each member having a right of veto, which can make the decision-making process arduous. - The WTO replaced the General Agreement on Tariffs and Trade (GATT) which had laid down the rules of commerce since 1948. The GATT was part of a framework of international organisations created after World War II to discourage policies such as protectionism considered to have aggravated the Great Depression of the 1930s. - In her new position as WTO head, Okonjo-Iweala will not only have to deal with the global economic crisis but also the crisis of confidence in multilateralism and trade liberalisation, against a background of a trade war between China and the United States. - The other priority will be to rebuild the WTO's dispute settlement system, which was torpedoed by the US administration of Donald Trump. bur-doc-ang/jmy/eab/jxb
Author:
Factors
Political Leaning
Emotion
Sentiment
Date published
2021-02-15
Entities
ProtectionismGeneral Agreement on Tariffs and TradeNgozi Okonjo-IwealaGenevaTrade warGreat DepressionGreat RecessionFree tradeEconomistWorld Trade OrganizationPresidency of Donald TrumpWorld War IIGeneral officerThailandNigeriansUnited StatesChinaRoberto AzevêdoMultilateralismUnited Nations Security Council veto power

