Two World Leaders Come Together in an Attempt to Reform WTO
Ngozi Okonjo-Iweala, WTO Director-General, and US Vice President Kamla Harris recently discussed the need to reform WTO.
The two women leaders during a phone call last week agreed that the global body required some new developments. Additionally, they vowed to work collectively to increase the momentum of the world economy.
Harris and Okonjo-Iweala, in the recent past, have rewritten history by being the firsts in both their respective offices. Ngozi Okonjo-Iweala is the first African and first woman to behave ever held the office of the director-general of WTO. Similarly, Harris is the first woman and first Asian to be holding the office of the US vice president.
Both powerful women have united for a global cause, that is to boost the global economy and reform WTO. The White House said that during their discourse over the phone, the US vice president showed her ardent support to Okonjo-Iweala.
A statement by the White House stated that the leading women agreed to jointly work towards addressing the Covid-19 health and economic concerns. The statement added that they also committed to work together to respond to climate change and to strengthen the global supply chain.
Harris and Okonjo-Iweala concurred that for the promotion of fairness and economic growth it was important to leverage trade. They also discussed how labor rights, well-being of working families, better living standards, and human rights played a role in setting policy.
The White House statement added that Harris emphasized the US’s priority to invest in technology and health for the purposes of growth. Additionally, such a step would also promote sustainable development.
Reforming the WTO is a concern for the US and its trading allies, especially the European Union, being the US’s largest trading partner. When Okonjo-Iweala assumed office, she revealed that her priority was to upgrade the global trade body. The latest discourse between the leaders has also revealed the US intention to develop the organization.
Practically, the global trade body is not really a governing body coordinating the movement of goods and services around the globe. In reality, its role is more restricted to being a forum for discussions and a setting where its members can resolve their disputes.
The WTO does not have any autonomous control or power to impose its decisions on any of the members. Regardless, the trade body has added to the stability and strength of the interconnected worldwide economic accomplishments. It has played an important role in boosting trade growth and resolving various trade clashes amongst its member countries. The WTO has also played a major role in encouraging more countries into the trading framework by supporting their integration.
WTO has acted as a helpful tool for the United States and the EU in advancing reasonable and equally beneficial trade amongst members. The European and American consumers and businesses have significantly profited from voluntary contribution in its dealings and mediation efforts.