Director-General of the World Trade Organisation (WTO) Dr. Ngozi Okonjo-Iweala has admitted that the current global trading framework requires reform to improve flexibility and speed in decision-making.
She spoke in an interview with Arise TV on the sidelines of the Future Investment Initiative in Riyadh, Saudi Arabia, while reacting to criticisms — especially from the United States — that the WTO has become too inflexible.
Okonjo-Iweala said the organisation’s consensus-based model, involving 166 member states, has slowed down the process of updating rules and reaching agreements.
According to her, although consensus protects smaller economies by giving them equal voice with larger countries, it has also prolonged decision-making and limited the WTO’s ability to respond quickly to global trade challenges.
The presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has vowed to ensure…
About 600 workers on Section 3B of the Lagos-Calabar Coastal Highway project in Cross River…
The Trade Union Congress of Nigeria (TUC) has rejected the Federal Government’s proposed N70,000 wage…
A university don, Prof. Oluwafemi Oyetunde Adeleke, has warned surveyors against falling behind in the…
Kwara State Governor, AbdulRahman AbdulRazaq, has promised to provide pensioners in the state with a…
The Nigerian Education Loan Fund (NELFUND) has commenced a pilot of a tokenised payment system…