Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Incoming WTO head warns 'vaccine nationalism' could slow pandemic recovery

Published 02/15/2021, 01:46 PM
Updated 02/15/2021, 09:56 PM
© Reuters. Nigeria's Ngozi Okonjo-Iweala is seen on screen during the WTO Special General Council in Geneva

© Reuters. Nigeria's Ngozi Okonjo-Iweala is seen on screen during the WTO Special General Council in Geneva

By Andrea Shalal

WASHINGTON (Reuters) - The World Trade Organization's incoming chief on Monday warned against "vaccine nationalism' that would slow progress in ending the COVID-19 pandemic and could erode economic growth for all countries - rich and poor.

Ngozi Okonjo-Iweala told Reuters her top priority was to ensure the WTO does more to address the pandemic, saying members should accelerate efforts to lift export restrictions slowing trade in needed medicines and supplies.

The former Nigerian finance minister and senior World Bank executive was appointed on Monday in a consensus process and starts her new job on March 1.

"The WTO can contribute so much more to helping stop the pandemic," Okonjo-Iweala said in an interview at her home in a suburb of Washington.

"No one is safe until everyone is safe. Vaccine nationalism at this time just will not pay, because the variants are coming. If other countries are not immunized, it will just be a blow back," she said. "It's unconscionable that people will be dying elsewhere, waiting in a queue, when we have the technology."

Okonjo-Iweala said studies showed that the global economy would lose $9 trillion in potential output if poor countries were unable to get their populations vaccinated quickly, and about half of the impact would be borne by rich countries.

"Both on a human health basis, as well as an economic basis, being nationalistic at this time is very costly to the international community," she said.

"A very top priority for me would be to make sure that prior to the very important ministerial conference ... that we come to solutions as to how the WTO can make vaccines, therapeutics and diagnostics accessible in an equitable and affordable fashion to all countries, particularly to poor countries,"

Okonjo-Iweala said she was heartened by the Biden administration's contribution to the World Health Organization effort to ensure broader distribution of vaccines, and what she called a "fantastic" conversation with trade advisers in the U.S. Trade Representative's office.

"I think our interests and priorities are aligned. They want to bring the WTO back to (its) purpose," she said. "It's about people. It's about inclusivity. It's about decent work for ordinary people," she said.

She said she shared the Biden administration's concerns about the need to reform the WTO's Appellate Body, but said that would not be a quick or easy process.

"This is the jewel in the crown of the WTO, and we really need to restore it," she said. The dispute settlement body has been paralyzed since last year after the administration of former U.S. President Donald Trump refused to approve the appointment of more judges.

Okonjo-Iweala said there were clearly differences among members, but progress was possible, especially given the shift in tone and approach of the Biden administration.

"I'm not daunted. I see a way forward," she said. "With the U.S. administration being willing to engage ... I think the way of working to try and get a solution will be different."

(This story has been refiled to add dropped name Ngozi, paragraph 2)

© Reuters. World Trade Organization (WTO) President Ngozi Okonjo-Iweala speaks during an interview in Potomac, Maryland.

Latest comments

The WTO is a Communist institution design line the pockets of African dictators while robbing the West of every dollar they can.
WHO needs a boad representing the countries involved voting on their stance concerning topics. One person making bad decisions contributed to the chaos as the start of this pandemic.
Lose 9 trillion gain so much more.
Why most of the time the head of most world org is from 3rd countries?
Will this pandemic ever end?! So sick of this
paid shill sell out that would other wise be homeless incapable of.having a real job
WTO alredy showed their incompetence eqrly pandemic saying there is no evidence of human to human transmission despite it being obvious at that time. The damage done by misleading statements is understated.
There is still a real possibility of a Spring surge from variants that are vaccine resistant. She is right that this pandemic is a world problem.
Another African (where Africa is on China's payroll) on a world panel .. Got a bad feeling about how this can end. The free world is going to the dogs, mainly about a misallocation of money and power .. sad story
She's a US citizen.  Earned her undergrad degree from Harvard and PhD from MIT. I sense racism from your post.
everyhing is racism...right Marcus?
Translation, she was an affirmative action student who was given degrees because she had the right color skin.
Somebody should tell her about Bill Gates... the non-doctor, non-scientist that thinks the world has too many people and loves pushing vaccines.
Yeah, right....pull the other one, it's got bells on. Time to awaken from this brainwashing of people. Have courage and love and nothing need be feared (especially a pLandemic like this one).
Biden wants to sniff her hair
Bottom hair.
You both sh be kicked off this board or banned for 3 wks
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.