A Much Needed Change for the World Trade Organization 

On February 15th of this year, history was made when Ngozi Okonjo-Iweala was chosen as the Director-General of the World Trade Organization. Hailing from Nigeria, she shatters barriers as she becomes the first woman and the first African to hold the position of Director-General. While the global economy has started to recover from the economic ramifications of COVID-19, developing countries have been left to fend for themselves and have seen high rates of economic inequality and instability. In a time where people desperately need change and effective policies, Dr. Okonjo-Iweala represents optimism and hope for countries that have been left behind. By lifting developing countries out of their economic slump while also increasing opportunities for minorities, Dr. Okonjo-Iweala has a bright future ahead in the WTO and it’s imperative to assess how her policies will leave a lasting impact on the international economy. 

The Financial Times explains how developing countries have a harder time recovering from the pandemic due to vaccine nationalism, high costs for vaccines mean developing countries have to go to great extents to afford vaccines to protect their people and this leads to an immense financial burden. However, Dr. Okonjo-Iweala has stated that her priority is increasing access and affordability for vaccines, especially for third-world countries. By doing so, allows these countries to escape their economic misery and work towards growth. Furthermore, as the first woman to hold the position of Director-General, Dr. Okonjo-Iweala has plans to increase economic and educational opportunities for women.

In many countries in Africa, women are denied grants and loans to start their businesses out of fear that giving women loans is “risky”. Nevertheless, Okonjo-Iweala is working on building financial programs that allow women to receive grants and loans to build their small businesses and become economically independent. She strongly believes that a key factor in reducing economic inequality is by increasing the financial independence of women and giving them incentives to enter the workforce. Moreover, Africa isn’t just known for high rates of gender inequality, it also has an immense amount of poverty dispersed across the continent. Visual Capitalist analyzes how 21 out of the 25 poorest countries in the world are located on the African Continent. 

Therefore, it is critical to increasing investment and economic projects in African nations because effective economic opportunities can promote jobs which increases household income and makes for a better quality of life for African citizens. Dr. Okonjo-Iweala has already outlined plans to revitalize the African economy by increasing investment in infrastructure and green technology. This increase in investment will result in thousands of jobs for lower-income individuals and will lead to long-term economic growth giving these countries a chance to obtain stability. 

Undoubtedly, the appointment of Ngozi Okonjo-Iweala as Director-General for the World Trade Organization represents a shift in international economic policy and symbolizes changes in the priorities of the WTO. Millions of people stand to benefit from Dr. Okonjo-Iweala’s economic agenda and many are optimistic that our new Director-General will lead us into a bright future.