Here is what awaits the next WTO leader
At least two of the African candidates for the top job at the World Trade Organization will go for their interviews before delegates at its headquarters in Geneva in Switzerland today.
Thu, 16 Jul 2020 10:56:07 GMT
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AI Generated Summary
- The new WTO leader must address the destabilization caused by the COVID-19 pandemic and the disruption of global supply chains.
- The candidate will have to navigate ongoing trade disputes between the US and China, finalize trade rules from the Doha Round, and promote global trade over nationalism.
- The US-China trade tensions persist regardless of leadership changes, with key issues such as intellectual property rights and supply chain reconfigurations at play.
At least two of the African candidates for the top job at the World Trade Organization will go for their interviews before delegates at its headquarters in Geneva in Switzerland today. Kenyan Government Minister Amina Muhammad and the former Nigerian Finance Minister and Gosi Okonjo Uriyela will have 15 minutes each to put forward their case for the job. Then each will be grilled for 75 minutes by delegates about their vision for the future of World Trade.
The roots of the World Trade Organization lie in the formation of GATT, the General Agreement on Tariffs and Trade in 1947. These were the post-Second World War years seen as important in the rebuilding of the world economy through the opening up of trade. On the 1st of January 1995, this entity became the World Trade Organization with 164 member states. Its agreements cover goods, services, and intellectual property. They spell out the principles of liberalization and the permitted exceptions, promoting lower customs tariffs and settling trade disputes.
In the coming weeks, the WTO will be looking for fresh leadership in the shape of a new general secretary in the midst of a global crisis. The successful candidate must address various challenges, including sorting out the simmering trade tensions between the United States and China, navigating the impact of COVID-19 on global trade, modernizing World Trade Agreements, and gaining support from governments and powerful trading blocks like the European Union.
There are three African candidates vying for the position: former Nigerian Foreign and Finance Minister Ngozi Okonjo- Iweala, former diplomat Hamid Mamdu from Egypt, and Kenya's former WTO General Counsel Chair and current government minister, Amina Mohamed. International Relations Analyst Brook Spector highlighted several key areas the new WTO leader must focus on.
Spector emphasized the urgent need to address the destabilization of the international trading system caused by the COVID-19 pandemic, which disrupted global supply chains and created a surge in demand for essential medical supplies without adhering to established trading rules. Additionally, the new leader must tackle ongoing trade disputes between the US and China, as well as finalize trade rules from the Doha Round. A broader, long-term objective would be to steer countries back to a global view of trade over nationalism.
Regarding the US-China trade tensions, Spector noted that these issues are independent of the current leaders in the two countries. While a potential Biden presidency could alter the approach to these conflicts, fundamental issues such as intellectual property rights, foreign shareholdings, and dispute resolution within China remain. The pandemic has prompted companies to reevaluate their reliance on Chinese supply chains, offering opportunities for other countries to emerge as alternative suppliers but posing broader geopolitical challenges.
The new WTO leader faces a daunting task of restoring stability to global trade amid heightened tensions and shifting economic landscapes. The successful candidate will have to navigate complex geopolitical realities and balance diverse interests to revitalize international trade relations and uphold the principles of the WTO.