#LWS2021: WTO DG Okonjo-Iweala on how to address inequality by less developed countries

The global trade landscape has been significantly impacted by the COVID-19 pandemic, with small and medium-sized businesses bearing the brunt of the economic fallout. This has underscored the importance of creating more equitable and sustainable trade partnerships, particularly between more developed and less developed nations. In a recent interview with CNBC Africa, Ngozi Okonjo-Iweala, the Director-General of the World Trade Organization (WTO), shared insights on addressing inequalities and promoting growth for African small businesses on a global stage. Okonjo-Iweala emphasized the need to focus on marginalized populations, particularly micro, medium, and small enterprises, and the role of trade in integrating them into regional and global value chains. By developing supportive trade rules and facilitating investment in these businesses, countries can empower marginalized populations to participate in global trade. The Director-General highlighted the importance of supporting women in trade, who often make up a significant portion of small business owners, by leveraging e-commerce platforms and creating rules that strengthen their participation in the global market. Reflecting on her experience with Nigeria's Vision 2020 initiative, Okonjo-Iweala emphasized the importance of diversification to achieve sustainable growth through trade. She underscored the need for African countries, including Nigeria, to focus on increasing production and moving away from traditional sectors like fossil fuels. By exploring opportunities in renewable energy, agriculture, and services, African nations can enhance their competitive advantage in the global market. In addressing the challenges of inequity and fostering sustainable growth through trade, Okonjo-Iweala stressed the significance of multilateral negotiations facilitated by organizations like the WTO. By engaging in multilateral trade agreements, African nations can avoid unfavorable bilateral relationships with richer countries and leverage collective bargaining power to advance their trade interests on a global scale. As the first African woman to lead the WTO, Okonjo-Iweala's insights shed light on the strategies and policies needed to empower small businesses, promote gender equality in trade, and drive inclusive growth for African economies. By prioritizing the needs of marginalized populations and embracing innovation in trade practices, countries can overcome the challenges of inequality and chart a sustainable path towards economic prosperity.