Ngozi Okonjo-Iweala, director-general (DG) of the World Trade Organisation (WTO), says the organisation is often taken for granted despite playing a vital role in global trade.
Speaking at the Fortune Global Forum on Monday, Okonjo-Iweala said WTO may be overlooked, but its importance extends beyond tariffs to fundamental rules such as customs valuation, agreements, and intellectual property (IP) rights.
“WTO is one of these organisations that has the rules that make world trade work, but it’s like your plumbing. You don’t think of it until a pipe breaks, you just take it for granted,” Iweala said.
“So everybody takes the WTO for granted and world trade rules. But I tell you, if the organisation was not there with these basic rules, those who trade, businessmen and women know there would be chaos.”
Advertisement
She said in 2024, over $500 billion was earned through payments for patents and intellectual property.
Okonjo-Iweala said $144 billion went to the United States, a quarter of the whole amount to the European Union (EU), and the rest to the world.
She emphasised that the amount show the WTO’s importance extends beyond tariffs.
Advertisement
The DG expressed mixed feelings about being the first woman and African to lead the WTO.
Okonjo-Iweala emphasised that what matters most is having the right person for the job, noting that capable women have been underrepresented in such roles.
