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<p>WEF Davos 2024 came to a close with delegates across the globe highlighting challenges impacting the global economy, but also showcasing best solutions and policies to steer trade in a positive direction. This highlights special brings together key voices from WEF as they discuss the AfCFTA.</p>


WEF Davos 2024: Rebuilding Trust: Highlights Special

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<p>Experimentation and creativity are critical to increasing access to and use of financial services for individuals and small businesses, particularly in emerging markets where the financial inclusion gap is greatest. Drawing on examples of local pilots that have made a tangible difference to communities in different parts of the world, how can we leverage these successes at a time when resilience to economic crises is dangerously low?</p>


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DAVOS 2024: Comparing Notes on Financial Inclusion

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<p>AI is a hot topic this week at Davos. Leaders from across business and government highlight the challenges faced by global economies and address questions around opportunities and risks. One of the concerns raised is that jobs will change globally over the next five years, raising the pertinent questions around what the future holds for the youth and how best to maximize AI in trade.</p>


DAVOS 2024: Day Four Highlights

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<p>Seismic change is underway in Africa. The United Nations projects that sub-Saharan Africa will account for more than half of the growth of the world’s population by 2050.  As such, Africa is set to play a bigger role in shaping contemporary geopolitical and economic affairs. CNBC Africa brings you the stakeholder dialogue on An African Economy of Scale, from Davos Switzerland.</p>


DAVOS 2024: An African Economy of Scale

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<p>The World Economic Forum’s Annual Meetings continues on the third day with sessions focusing on green finances, artificial intelligence and how economies can be more resilient against high inflation. A new World Economic Forum report calls for a new approach to economic growth and a balance between long-term sustainability and equity. The CNBC Africa team brings daily updates from Davos, Switzerland on the happenings impacting Africa’s future.</p>


DAVOS 2024: Day Three Highlights

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<p>The services sector generates two-thirds of global GDP and over half of all jobs, yet trade in services costs twice that of trade in goods, with 40 per cent of these costs due to opaque and outdated regulations. Recent landmark agreements including the WTO Reference Paper on Services Domestic Regulation and the AfCFTA Protocol on Trade in Services are now coming into effect and giving much-needed impetus to global efforts to reduce restrictions in the sector. How can we reform outdated restrictions and build back trust in the services economy?</p>


DAVOS 2024: Frictionless Services


<ul class="wp-block-list"><li>WTO seeks deal after 18-month deadlock</li></ul>



<ul class="wp-block-list"><li>China voices an objection to proposal</li></ul>



<ul class="wp-block-list"><li>Chief hopes for deal by June ministerial</li></ul>



<ul class="wp-block-list"><li>Recasts, adds China comment, bullets</li></ul>



<p>By Emma Farge</p>



<p>GENEVA, May 6 (Reuters)&nbsp;&#8211;&nbsp;The first World Trade Organization meeting to discuss a draft agreement to temporarily waive intellectual property rights for COVID-19 vaccines went &#8220;very well&#8221;, its chair said on Friday, although some members voiced reservations.</p>



<p>The WTO&#8217;s 164 members on Friday discussed the &#8220;outcome document&#8221; that stems from months of negotiations between the main parties &#8211; the United States, the European Union, India and South Africa &#8211; in an effort to break an 18-month deadlock over the issue.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2WV1EH&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a></p>



<p>&#8220;It went very well and here&#8217;s why I say that. No member rejected the outcome as completely unacceptable,&#8221; Ambassador Lansana Gberie from Sierra Leone, who chairs the council tasked with finding an agreement on the waiver, told Reuters after the closed-door meeting.</p>



<p>&#8220;Most said this could be developed into a negotiating text and that&#8217;s the trajectory we have to follow.&#8221;</p>



<p>However, two Geneva trade sources said after the meeting that some delegations had said the proposal fell short since it was too narrowly focused on vaccines, echoing criticism from some civil society groups.</p>



<p>And while China voiced broad support for the document it also raised an objection to some of the wording that appeared to exclude it from the waiver on the basis of its global share of vaccine exports, the two sources said.</p>



<p>China&#8217;s statement sent by its WTO mission in Geneva called the wording &#8220;an unreasonable and arbitrary criterion&#8221;.</p>



<p>The waiver idea, proposed by India and South Africa in October 2020, is supported by the majority of members of the global trade body.</p>



<p>But some wealthy countries including Britain and Switzerland have in the past raised objections on grounds that it could harm pharmaceutical research.</p>



<p>WTO Director-General Ngozi Okonjo-Iweala, who has been involved in brokering the talks and wants a deal by the June ministerial conference, says an agreement would be &#8220;hugely important&#8221;.</p>



<p>The new draft deal, which has unresolved areas, must pass by consensus and any member of the organisation has the right to a veto.</p>



<p>One delegate described Friday&#8217;s meeting as the moment the deal would &#8220;float or sink&#8221;.</p>



<p>Privately, some delegates have said a lack of public support for the deal by the main negotiating parties has sapped confidence among other members.</p>



<p>(Reporting by Emma Farge; Editing by Raissa Kasolowsky and Edmund Blair)</p>


106984847-16387957942021-12-05t225115z_715541588_rc2g8r9ppg6q_rtrmadp_0_health-coronavirus-usa-children

WTO meeting on COVID vaccine rights waiver went ‘very well’ -chair

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<p>At the State House visit to President Buhari, the Director General of the World Trade Organisation Dr Ngozi Okonjo-Iweala says the African Continental Free Trade Agreement provides a unique opportunity for Nigeria to improve its standing on trade. She also urged the government to add value to products to create jobs and trade more.</p>


WTO Director General: AfCFTA provides a unique opportunity for Nigeria to improve trade

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<p>At the Forbes Africa Leading Women Summit, the Director General of World Trade Organisation, Ngozi Okonjo-Iweala says that her recipe for success has been enjoying the job that she does and giving it her all. She joined Forbes Africa’s Peace Hyde to talk about this and more.</p>


#LWS2021: Okonjo-Iweala on her definition of success

WTO Director-General, Okonjo-Iweala on her definition of success

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<p>Last week, Ngozi Okonjo-Iweala started the job as the first female, first African to lead the World Trade Organization. She comes as the role of the trade body has been questioned. How much power does she hold to fix things? Keith Rockwell, Spokesperson of WTO joins CNBC Africa for more.</p>


COVID-19: WTO cites vaccine rollout as top priority for Ngozi Okonjo-Iweala

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<p>The World Trade Organisation unanimously confirmed Ngozi Okonjo-Iweala on Monday as the first woman, first African in history to lead the organization. The Nigerian economist is expected will take the job on March 1. What does her appointment mean for Africa? Career Diplomat, Paul Batibonak, joins CNBC Africa for more.</p>


Ngozi’s appointment as WTO chief is a proud moment for Africans

Okonjo-Iweala’s appointment as WTO chief is a proud moment for Africans, says Paul Batibonak

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<p>Nigeria’s Former Finance Minister, Ngozi Okonjo-Iweala, has been selected as the Director General of the World Trade Organisation, a position she will occupy until August 2025. This comes in a year where Africa is forging ahead with the continental trade pact.  Meanwhile, Nigeria’s headline inflation rose to 16.47 per cent in January from 15.75 per cent in December. Bismarck Rewane, CEO of Financial Derivatives joins CNBC Africa for more.</p>


Financial Derivatives CEO: What Okonjo-Iweala’s WTO appointment means for Africa

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<p>Following her selection as the Director General of the World Trade Organisation, Dr Ngozi Okonjo-Iweala, the first woman and African to hold this position, highlighted her top priorities at a press conference.</p>


Okonjo-Iweala lists her top priorities as WTO Director General

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<p>The COVID-19 pandemic has presented unprecedented challenges to global supply chains with the World Trade Organization (WTO) reporting a drop in trade of between 13 per cent and 32 per cent in Africa but could revival present an opportunity for Africa to build stronger trade institutions? Zachary Kaplan, Head of Sustainable Business Group at Dai Global.</p>


COVID-19: How Africa can rebuild trade institutions for a robust recovery


<p></p>



<p>GENEVA (Reuters) &#8211; Former Nigerian finance minister Ngozi Okonjo-Iweala and South Korean trade minister Yoo Myung-hee are the final candidates to head the World Trade Organization, ensuring the watchdog will have the first female leader in its 25-year history.</p>



<p>The WTO said on Thursday the two women were the remaining candidates for director-general after the field was cut from five to two, confirming what Reuters reported on Wednesday.</p>



<p>The winner will replace Brazilian Roberto Azevedo, who stepped down a year earlier than expected at the end of August.</p>



<p>ADVERTISEMENT</p>



<p>The WTO, under fire by the U.S. President Donald Trump’s administration which froze its appeals body by blocking its appointment of judges, aims to find a successor for Azevedo by early November. It is also trying to navigate worsening U.S.-China trade relations.</p>



<p>“Both of the women that are in the final round are remarkably well-qualified. This is something on which everyone has agreed,” WTO spokesman Keith Rockwell told reporters, making the announcement at its Geneva headquarters.</p>



<p>RELATED COVERAGE<a href="https://www.reuters.com/article/us-trade-wto-explainer/explainer-how-the-next-wto-chief-will-be-chosen-and-the-task-ahead-idUSKBN26T1YK"></a><a href="https://www.reuters.com/article/us-trade-wto-explainer/explainer-how-the-next-wto-chief-will-be-chosen-and-the-task-ahead-idUSKBN26T1YK">Explainer: How the next WTO chief will be chosen and the task ahead</a></p>



<p>Okonjo-Iweala, 66, a former Nigerian finance and foreign minister, is an economist and development specialist now serving as board chair of global vaccine alliance Gavi. She has said the WTO should play a role in helping poorer countries access COVID-19 drugs and vaccines.</p>



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2020/08/hqdefault-11.jpg" alt="" class="wp-image-377986" width="689" height="527"/><figcaption>Nigeria’s Okonjo-Iweala shares her vision for global trade</figcaption></figure>



<p>Yoo, 53, South Korea’s trade minister, is pitching herself as a seasoned operator on trade in increasingly protectionist times after clinching deals with the United States, China and others, while supporting global trading rules.</p>



<p></p>



<p>Kenyan sports minister Amina Mohamed, Saudi royal court adviser Mohammad Al-Tuwaijri and British ex-international trade minister Liam Fox dropped out of the race after failing to garner sufficient backing from the WTO’s 164 members.</p>



<p>The WTO will hold a third and final selection round on Oct. 19-27, with a view to having a director-general in place by early November, when the U.S. presidential election also takes place.</p>



<p>“I don’t think the domestic political situation of any country has really entered into this at all, as far as I can tell,” Rockwell said when asked if the U.S. vote had had an impact.</p>



<p>The winning candidate will face formidable challenges with rising global tensions and protectionism during a COVID-induced slowdown, as well as pressure to drive reforms.</p>



<p>WTO negotiations on cutting subsidies on fishing are due to conclude in December, Rockwell said, adding: “It’s clear that whichever woman assumes this job will have a very full plate from day one.”</p>


Okonjo-Iweala

Nigerian, South Korean women to vie for WTO leadership


<p>NAIROBI (Reuters) &#8211; Kenya’s candidate to become the next head of the World Trade Organisation pledged on Thursday to integrate climate change issues into the WTO agenda if selected.</p>



<p>Amina Mohamed, who is the East African nation’s sports minister, progressed to the second round of selection to become the next director-general of the WTO, along with four other candidates, on Friday.</p>



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2020/07/amina-2.jpeg" alt="" class="wp-image-375886" width="686" height="701"/></figure>



<p>“How is it possible that the WTO does not discuss climate change?&#8230; WTO must be a part of the global conversation on climate change,” she told an online media briefing from Geneva.</p>



<p>Mohamed, who was involved in the development of green financial instruments when she was the deputy head of the U.N. agency for the environment (UNEP), said she would make the WTO’s trade and environment committee active.</p>



<p>“At the end of the day, it is about the bottom line, but that bottom line can actually be improved by going green because that is the future,” she said.</p>



<p>The committee’s first task, if she wins the selection contest, would be to draw up rules for the international trade of environmental goods and services like solar panels and wind turbines, she said.</p>



<p>It will also look to replicate climate change mitigation initiatives, like the carbon tax in Europe, which is now being adopted by other states in places like Africa.</p>



<p>“The WTO can do that on a grander scale&#8230; so that the impact of the measures that we are putting in place can be felt,” Mohamed said, adding that the measures will be accompanied by incentives for firms like other tax breaks.</p>



<p>The wider adoption of those climate change mitigation measures will make the globe reap their benefits sooner, because “we don’t have to wait for 50 years” to feel the impact of individual states or trade blocs are doing, she said.</p>



<p>In the second round of selection, the WTO’s 164 members will give their preferences from Sept 24 to Oct 6, whittling the candidates down to two. The organisation has said it wants to select the winner by early November.</p>


Amina Mohamed

Kenya’s WTO candidate says she will focus on climate change if selected

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<p>Africa’s largest global trading partner is China; however the vulnerability of global supply chains has intensified with onslaught of the U.S-China trade tensions.</p>


WTO

WEF Davos 2024: Rebuilding Trust: Highlights Special

DAVOS 2024: Comparing Notes on Financial Inclusion

DAVOS 2024: Day Four Highlights

DAVOS 2024: An African Economy of Scale

DAVOS 2024: Day Three Highlights

DAVOS 2024: Frictionless Services

WTO meeting on COVID vaccine rights waiver went ‘very well’ -chair

WTO Director General: AfCFTA provides a unique opportunity for Nigeria to improve trade

WTO Director-General, Okonjo-Iweala on her definition of success

COVID-19: WTO cites vaccine rollout as top priority for Ngozi Okonjo-Iweala

Okonjo-Iweala’s appointment as WTO chief is a proud moment for Africans, says Paul Batibonak

Financial Derivatives CEO: What Okonjo-Iweala’s WTO appointment means for Africa

Okonjo-Iweala lists her top priorities as WTO Director General

COVID-19: How Africa can rebuild trade institutions for a robust recovery

Nigerian, South Korean women to vie for WTO leadership

Kenya’s WTO candidate says she will focus on climate change if selected

How the U.S-China trade tensions impacts Africa’s free trade agreement

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WTO

WEF Davos 2024: Rebuilding Trust: Highlights Special

DAVOS 2024: Comparing Notes on Financial Inclusion

DAVOS 2024: Day Four Highlights

DAVOS 2024: An African Economy of Scale

DAVOS 2024: Day Three Highlights

DAVOS 2024: Frictionless Services

WTO meeting on COVID vaccine rights waiver went ‘very well’ -chair

WTO Director General: AfCFTA provides a unique opportunity for Nigeria to improve trade

WTO Director-General, Okonjo-Iweala on her definition of success

COVID-19: WTO cites vaccine rollout as top priority for Ngozi Okonjo-Iweala

Okonjo-Iweala’s appointment as WTO chief is a proud moment for Africans, says Paul Batibonak

Financial Derivatives CEO: What Okonjo-Iweala’s WTO appointment means for Africa

Okonjo-Iweala lists her top priorities as WTO Director General

COVID-19: How Africa can rebuild trade institutions for a robust recovery

Nigerian, South Korean women to vie for WTO leadership

Kenya’s WTO candidate says she will focus on climate change if selected

How the U.S-China trade tensions impacts Africa’s free trade agreement

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