WTO Chief Okonjo-Iweala Discusses Trade, Development, and the African Continental Free Trade Area on FRANCE 24

In a recent interview with FRANCE 24 English, Dr. Ngozi Okonjo-Iweala, the head of the World Trade Organization (WTO) and former Nigerian Finance Minister, discussed the critical aspects of Africa’s trade and development, emphasizing the importance of the African Continental Free Trade Area, the need for value addition to African products, and the challenges of infrastructure and bureaucracy that hinder the continent’s trade potential. Okonjo-Iweala outlined the WTO’s role in ensuring fair, stable, and predictable trade rules globally and highlighted the asymmetry in trade relationships between Africa and richer regions. She stressed the necessity for Africa to industrialize, reduce bureaucratic obstacles to investment, and leverage digital trade to boost the continent’s economic prospects.

• The WTO ensures that trade between countries operates under stable, fair, and predictable rules.
• Africa’s trade with the world has remained stagnant at 3% or less of global trade for many years.
• The African Continental Free Trade Area is seen as a significant advancement for the continent, aiming to boost intra-Africa trade.
• Value addition and industrialization on the continent are crucial for capturing a larger share of the global market.
• Infrastructure and access to energy are major challenges that need to be addressed to facilitate production and trade within Africa.
• Reducing bureaucracy and making the continent more investment-friendly are essential steps toward attracting foreign investment.
• Investment in green energy and capacity building are opportunities for Africa to develop sustainably.
• Perceptions of Africa as a high-risk investment destination are exaggerated, and efforts are needed to correct these misconceptions.
• The WTO is negotiating an investment facilitation agreement to ease barriers for investors, with most African countries participating.
• Okonjo-Iweala’s role as the first female head of the WTO from a developing country brings a unique perspective on the needs and challenges faced by African nations in global trade.
• Partnerships and initiatives, such as the one with FIFA to support cotton-producing countries in Africa, are examples of how the WTO is working to enhance the continent’s trade capabilities.

France 24 is an international television network and news website owned by the French state.

Official website: https://www.france24.com/en/

Original video here.

This summary has been generated by AI.