Lagos, Nigeria (CNN Business)Ngozi Okonjo-Iweala was confirmed as director-general of the World Trade Organization on Monday, becoming the first woman and the first African to lead the global trade body.
Okonjo-Iweala was appointed by the WTO after the last remaining rival candidate, South Korean trade minister Yoo Myung-hee, withdrew from the race. She will take up her post on March 1, initially for a term that runs until August 2025.
An economist and former finance minister of Nigeria, Okonjo-Iweala enjoyed broad support from WTO members including the European Union, China, Japan and Australia. The United States, under the Trump administration, had favored Yoo.
The WTO was established in 1995 with the aim of promoting open trade for the benefit of all. It negotiates and administers rules for international trade and tries to resolve disputes among its 164 members.
But the organization has struggled to prevent trade spats among member states, most notably the United States and China. The Geneva-based body has been without a permanent director general since Roberto Azevêdo stepped down a year earlier than planned in August.
Okonjo-Iweala has acknowledged the need for reform.
“It feels exciting and it feels daunting at the same time. I look forward to the challenge … deep reforms are needed to rebrand and reposition the organization,” she said during an interview with CNN’s Christiane Amanpour.
Source: First Black woman to lead WTO says she will prioritize fair trade, access to Covid-19 vaccines
