Director-General of the World Trade Organization, Ngozi Okonjo-Iweala (right), speaking at the session “Global Trade Revival” Qatar Economic Forum.
Doha: Director-General of the World Trade Organization (WTO) Ngozi Okonjo-Iweala confirmed that trading activity will remain at lower levels than before unless the mechanisms of globalization are reviews. She added that another important condition is the reintegration of countries whose international trading activity dropped like African countries as well as other marginalized and poor countries.
During the session “Global Trade Revival” Qatar Economic Forum, Powered by Bloomberg that was held via video communication today, the Director-General explained that WTO faces great challenges in providing the materials needed to manufacture vaccines, dealing with export restrictions and removing obstacles, restoring its negotiating function, and making it able to revitalize trade, especially with regard to fisheries, sea development, and settling trade disputes between countries even after the significant slowdown and negative growth rates for global trade pre-pandemic that deteriorated further after the spread of COVID-19.
The Director-General of WTO reviewed the role of the organization in raising global trade to pre-COVID-19 levels and examining the future of the rules-based global trading system. She also outlined the role of the organization in achieving sustainable development and improving the climate by encouraging trade in recycled materials and launching programs and initiatives to reduce carbon emissions and others.
