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☆ World Bank, WTO chiefs seek to reignite services trade negotiations
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

GENEVA, July 3 (Reuters) - The heads of the World Bank and the World Trade Organization on Monday called for countries to boost efforts to make trade in global services more transparent and predictable, saying this could help developing countries reduce poverty. Services such as tourism and telecommunications generate more than two-thirds of global GDP but barriers for services trade are higher than for goods, the joint report by the two institutions entitled 'Trade in Services for Development' said. "There is a need to reignite international cooperation in the services sector," said World Bank President Ajay Banga and WTO Director-General Ngozi Okonjo-Iweala in the report's foreword. "Such efforts need to expand trade and investment, reduce trade costs, bring about greater transparency and predictability on trade policy regimes and, ultimately, increase the participation of developing economies...," it said. Banga began as World Bank president last month and asked staff to double down on development and climate efforts to accelerate the bank's evolution to tackle global problems.

Persons: Ajay Banga, Ngozi Okonjo, Banga, Emma Farge, Christina Fincher Organizations: World Bank, World Trade Organization, Services, Development, WTO, Thomson Locations: GENEVA

☆ On View: Bantu Knots and Braids, Sculpted From Recycled Tires
▼ + stars: | 2023-06-22 | by ( Shirley Ngozi Nwangwa | ) www.nytimes.com time to read: 1 min

On View: Bantu Knots and Braids, Sculpted From Recycled TiresKim Dacres, an artist who taught in grade schools for more than 10 years, has a solo show at New York’s Charles Moffett gallery that is closing this week. Here’s what she told me about some of her work →

Persons: Dacres, Charles Moffett

☆ France in 'very close discussions' with S&P ahead of rating update
▼ + stars: | 2023-05-28 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

FILE PHOTO: French Finance Minister Bruno Le Maire speaks at a joint news conference after his meeting with World Trade Organisation (WTO) Director-General Ngozi Okonjo-Iweala at WTO headquarters in Geneva, Switzerland, April 1, 2021. REUTERS/Denis Balibouse/Pool//File PhotoPARIS (Reuters) - French Economy Minister Bruno Le Maire is in “very close discussions” with credit ratings agency Standard and Poor’s, which put France on notice in January for a possible downgrade, Prime Minister Elisabeth Borne said on Sunday. “There are very close discussions between Standard and Poor’s and Bruno Le Maire,” Borne told Radio J. “I think there were detailed explanations from Bruno Le Maire to Standard and Poor’s on everything we’re doing to control our public finances and I think that we act in this direction,” she said. Le Maire explained France’s reforms and its objective of cutting the country’s budget deficit to 2.7% of gross domestic product by 2027, she said.

☆ WTO chief pushes for reglobalized supply chains to cut down bottleneck risks
▼ + stars: | 2023-05-21 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

World Trade Organization Director-General Ngozi Okonjo-Iweala urged diversification in global supply chains, amid ongoing efforts to progress the body's reform. "I agree that we need to build resilience, that the world cannot be reliant on a few countries for a few key products." The WTO's chief pitched the dual benefits of pursuing diversification in developing countries to simultaneously boost their economic growth and meet global supply requirements. One is we build global resilience beyond just our neighbors and our friends, because you never know who is your friend. The emphasis on "reglobalization" comes as geopolitical tensions and recent U.S. legislation have stoked worries over the potential fragmentation of global trade.

☆ There's increasing recognition that multilateral trade system has been 'largely resilient,' says WTO
▼ + stars: | 2023-05-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere's increasing recognition that multilateral trade system has been 'largely resilient,' says WTONgozi Okonjo-Iweala, Director-General of the World Trade Organization, tells CNBC's Martin Soong: "We were beginning to take multilateralism and the multilateral trading system for granted." Speaking on the sidelines of the G-7 leaders' summit in Hiroshima, Japan, she said although disruptions in supply chains still need to be dealt with, trade has been a "source of resilience" in past crises.

☆ Joy, Loneliness, ‘Rejuvenation:’ Becoming a Mother After 40
▼ + stars: | 2023-05-14 | by ( Dani Blum | ) www.nytimes.com time to read: +12 min

Still, Ms. McQueen longed for a baby. Terry Ratzlaff for The New York TimesEach year, she and her girls celebrate the anniversaries of their embryo transfers, Ms. McQueen said. Together, they look at the balls of cells on the girls’ ultrasound images and talk about the lengths Ms. McQueen went to in order to have them. Then, in 2016, Ms. Allen was diagnosed with a seizure disorder, which forced her to stop working and focus on her health. Caring for Ezra, who is now 5, has come with “overwhelming guilt” over the things she can’t do, Ms. Allen says.

☆ WTO sees "subpar" 2023 trade growth with multiple risks
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +3 min

Summary WTO raises 2023 global trade growth f/cast to 1.7% (prev 1.0%)2022 goods trade growth 2.7% vs Oct forecast of 3.5%WTO chief urges countries to limit export curbs on foodGENEVA, April 5 (Reuters) - The World Trade Organization raised its forecast for global trade growth this year, but still predicted a slowdown and warned of risks from the Ukraine war, geopolitical tensions, food insecurity, inflation and monetary policy tightening. The Geneva-based trade body said on Wednesday that merchandise trade volumes would increase by a "subpar" 1.7% in 2023. For 2022, it said a downturn in the final quarter resulted in trade growth of 2.7%, lower than its previous 3.5% forecast. The WTO said goods trade growth should rebound to 3.2% in 2024 as economic expansion picks up, but warned this forecast was particularly uncertain, with multiple downside risks. The WTO said trade growth had held up despite global tensions and the threat of fragmentation into competing trading blocs, which could reduce global economic output by 5%, had so far been avoided.

☆ WTO's first female director-general: My primary responsibility is doing my job well
▼ + stars: | 2023-03-10 | by ( Tania Bryer | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWTO's first female director-general: My primary responsibility is doing my job wellOn International Women's Day, CNBC's Tania Bryer spoke to Dr. Ngozi Okonjo-Iweala, director-general of The World Trade Organization, about the biggest challenges facing women and girls, progress on gender equality within the WTO and worldwide and her responsibility to inspire other women.

☆ WTO's first woman director: My primary responsibility is doing my job well
▼ + stars: | 2023-03-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWTO's first woman director: My primary responsibility is doing my job wellNgozi Okonjo-Iweala, director-general of the World Trade Organization, says "women will be more successful when we're no longer talking about their being the first to do anything."

☆ In economics, women's voices still struggle to be heard
▼ + stars: | 2023-03-08 | by ( Maria Martinez | ) www.reuters.com time to read: +5 min

There seems to be a lot to celebrate on International Women's Day in the field of economics. Women head the International Monetary Fund, the World Trade Organization, the U.S. Treasury and the European Central Bank. "The pervasive underrepresentation of women in economics is systemic and structural," Ngozi Okonjo-Iweala, the first woman to head the World Trade Organization, told Reuters. "There are no women in the textbooks and most big names in economics are men," said Sandra Kretschmer, economics researcher and member of the Women in Economics Initiative. Women and men tend to have different research interests, said Alisa Weinberger, economics researcher at Goethe.

☆ Women leaders sidelined at multilateral organizations, new study shows
▼ + stars: | 2023-03-06 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

The study, to be released during this week's meeting of the United Nations Commission on the Status of Women, called for proportional representation of women at every level of multilateral organizations, from field offices to headquarters, as well as in secretariats and governing bodies. "But I also believe that women bring this combination of leadership, wisdom and empathy, and sometimes, an even greater understanding of what is happening in the world." Since 1945, the 33 institutions studied have had 382 leaders, but only 47 were women, the report showed. And despite recent progress, only one-third of the institutions are currently headed by women. GWL Voices said it would release a more extensive version of the report in September that would also look at the senior management teams and governing bodies of the 33 institutions.

☆ German minister: Next World Bank boss should be a woman
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Feb 21 (Reuters) - The next World Bank president should be a woman, Germany's international development minister told Reuters in remarks that could strengthen the potential candidacy of Ngozi Okonjo-Iweala, the American-Nigerian head of the World Trade Organization. "As Germany's World Bank governor I say: 'It is time for a woman at the head of the World Bank'," she said on Tuesday. "The World Bank must be a pioneer in fighting poverty and global crises like climate change, biodiversity loss and pandemics." By convention, the World Bank president is a U.S. citizen. Okonjo-Iweala, who holds dual U.S.-Nigerian citizenship, earlier worked at the World Bank.

☆ WTO director general: dispute settlement reform a 'priority'
▼ + stars: | 2023-02-13 | by ( Ghaida Ghantous | ) www.reuters.com time to read: +1 min

DUBAI Feb 13 (Reuters) - The World Trade Organization's director general said on Monday that reforming the body's dispute settlement system is a "priority." When asked whether reforming the process would be a focus of the remainder of her term, which ends in 2025, WTO Director General Ngozi Okonjo-Iweala said "Absolutely. The WTO's trade dispute arbitration system, which rules on top disputes, has been stalled for more than two years due to Trump-era blockages of adjudicator appointments. Under President Joe Biden, Washington has resisted calls by WTO members to approve appointments and has instead been leading negotiations on how to reboot the WTO's dispute system. The United States has criticized the WTO's alleged overreach and lengthy processes and it has strongly contested some of its recent rulings against the United States.

☆ A subsidy arms race is kicking off between Europe and America
▼ + stars: | 2023-02-10 | by ( Julia Horowitz | ) edition.cnn.com time to read: +10 min

This premium is expected to shrink as clean energy technologies become more advanced and infrastructure to produce them is scaled up. Most of the money the IRA has earmarked for clean energy initiatives comes in the form of tax credits. In the meantime, government officials are lobbying the United States to rethink parts of the IRA. “Europe and other allied countries have nothing to fear from the Inflation Reduction Act and quite a bit to gain,” said Brian Deese, Biden’s top economic adviser. The fight over green subsidies also comes as geopolitical tensions are pushing countries to focus on greater localization of production — not just for green energy, but also for sensitive technologies like computer chips.

☆ Decoupling of the global market will be very costly for the world, WTO chief says
▼ + stars: | 2023-02-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDecoupling of the global market will be very costly for the world, WTO chief saysWorld Trade Organization director-general Ngozi Okonjo-Iweala discusses geopolitical tensions and the risk of global fragmentation.

☆ World Trade Organization head wants to 'double or triple' Africa's share of global trade
▼ + stars: | 2023-02-02 | by ( Nell Lewis | ) edition.cnn.com time to read: +5 min

The World Trade Organization (WTO) projected in October that after growing by 3.5% in 2022, trade volumes will increase by just 1% in 2023. Either way, Africa may start to reap the benefits of a free trade deal that came into effect in 2021. The landmark African Continental Free Trade Area (AfCFTA) agreement created the world’s largest new free trade area since the establishment of the WTO. What do they need and what are they telling you in terms of doing cross-border trade on the African continent? What we’ve seen during the pandemic is that Africa needs to get its own manufacturing capacity, and this falls right back into what can make the continental free trade area work.

☆ Black women on TikTok want to know, ‘Where’s our Alix Earle?’
▼ + stars: | 2023-01-30 | by ( Uwa Ede-Osifo | ) www.nbcnews.com time to read: +7 min

TikTok creator Danessy Auguste has spent the past few weeks feeling confused over the frenzy surrounding influencer Alix Earle. But for white women, their least successful videos, on average, still have the capability to reach millions of viewers, Boffone said. What would it take to get a ‘Black Alix Earle’? Adding another dimension to the Alix Earle discourse, one influencer posed a provocative question:“Do we deserve an Alix Earle?” Niké Ojekunle, who goes by @specsandblazers on TikTok, said in a video. Communal support with trends such as #BlackGirlFollowTrain have already allowed Black women to intentionally engage with one another’s content.

☆ U.S. wants World Trade Organization dispute system fixed by 2024
▼ + stars: | 2023-01-26 | by ( Emma Farge | ) www.reuters.com time to read: +3 min

The WTO's appeals bench, which rules on top disputes, has been mothballed for over two years due to Trump-era blockages of adjudicator appointments. Under President Joe Biden, Washington has resisted calls by WTO members to approve appointments and has instead been leading negotiations on how to reboot the WTO's dispute system. "Our goal is a fully functioning (dispute system) by 2024," Deputy United States Trade Representative Maria Pagan told Reuters in her first public comments on the closed-door talks, saying Washington was "very committed" to reforms. The United States has criticized the WTO's alleged overreach and lengthy processes and it has strongly contested some of its recent rulings against the United States. Pagan described the process as "frustrating" but said she was hopeful a breakthrough had been found, without elaborating.

"At the same time, we're estimating a mild recession in Europe and the United States that offset it. Ngozi Okonjo-Iweala, director-general of the World Trade Organization, pointed out that the reopening could help supply chains work better and also boost consumer demand. CHINA-US TENSIONSAdjacent to the discussions on China's reopening was what it could mean for its existing tensions with the United States over issues such as technology, trade and Taiwan, which several WEF delegates expressed concern over. "I think both the U.S. and China will be hurt, which doesn't just mean the national entities but workforces, people will be hurt." For daily Davos updates in your inbox sign up for the Reuters Daily Briefing here.

☆ Davos 2023: Key takeaways from the World Economic Forum
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +6 min

[1/4] NATO Secretary General Jens Stoltenberg, Poland's President Andrzej Duda and Canada's Deputy Prime Minister and Minister of Finance Chrystia Freeland take part in the World Economic Forum session on "Restoring Security and Peace. REUTERS/Arnd WiegmannDAVOS, Switzerland, Jan 20 (Reuters) - Global leaders and business executives departed a freezing World Economic Forum (WEF) meeting on Friday after a frank exchange of views over how the world will tackle its biggest issues in 2023. Here's what we learned:ECONOMY: Gloom and doom heading into Davos turned into cautious optimism by the end with the global economic outlook for the year ahead looking better than feared. On the inside, political leaders like Kier Starmer railed against new oil investments and Pakistani climate minister Sherry Rehman pushed for loss and damage funding. The lesson I have learned in the last years ... is money, money, money, money, money, money, money."

☆ DAVOS 2023: WTO sticks with 1% projection for growth in global trade
▼ + stars: | 2023-01-20 | by ( Brenda Goh | ) www.reuters.com time to read: 1 min

Davos, SWITZERLAND Jan 20 (Reuters) - The head of the World Trade Organization (WTO) said on Friday it was sticking with its 1% projection for global trade growth in 2023 - for now. Director general Ngozi Okonjo-Iweala said the WTO was not revising down its projection. World trade is thought likely to have lost momentum in the second half of 2022 and to remain subdued in 2023 as multiple shocks weigh on the global economy. In October, WTO economists predicted a 1% increase in global merchandise trade volumes for 2023, down sharply from the previous estimate of 3.4%. Editing by Leela de Kretser and Peter GraffOur Standards: The Thomson Reuters Trust Principles.

☆ Davos 2023-Be careful on 'friend-shoring', WTO's Ngozi warns
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +2 min

DAVOS, Switzerland, Jan 19 (Reuters) - Trade blocs seeking to skirt geopolitical risk by "friend-shoring" activities to like-minded countries should be careful which commerce partners they favour, World Trade Organization chief Ngozi Okonjo-Iweala said on Thursday. U.S. Treasury Secretary Janet Yellen and others have used the term to encourage countries to diversify supply chains away from China to market-oriented democracies such as India. Speaking on the sidelines of the World Economic Forum in Davos, Okonjo-Iweala urged caution, citing the need to explore trade opportunities more widely with those countries and regions that until now have been left on the margins of world trade. "If you do it outside, you are in for a free-for-all and I don't think that would be for the benefit for anyone." Reporting by Mark John in Davos Editing by Mark HeinrichOur Standards: The Thomson Reuters Trust Principles.

☆ Davos 2023: Global trade rethink: 'race of the big pockets'?
▼ + stars: | 2023-01-19 | by ( Mark John | ) www.reuters.com time to read: +5 min

SummarySummary Companies US climate bill concerns dominate Davos trade talkSome fear "rich-country game" of rising state subsidiesRevamped globalisation must benefit all, Davos toldDAVOS, Switzerland, Jan 19 (Reuters) - The United States pitched its vision of "worker-centric" trade. "I am very concerned," World Trade Organization (WTO) chief Ngozi Okonjo-Iweala told Reuters on the sidelines of the meeting in Davos, Switzerland. Three decades of free global trade have, the International Monetary Fund estimates, lifted more than a billion people out of extreme poverty. The United States notably built into its trade pact with Mexico a mechanism for identifying and dealing with the denial of worker rights. U.S. Trade Representative Tai told a panel on Wednesday the United States wanted to "lead a conversation" on a new version of globalisation.

☆ WTO chief rebukes countries over stalled fishing negotiations
▼ + stars: | 2022-12-20 | by ( Emma Farge | ) www.reuters.com time to read: +2 min

GENEVA, Dec 20 (Reuters) - The head of the World Trade Organization chided countries for failing to make headway on negotiations covering fishing and agriculture because of infighting over who should lead them. Delegates told Reuters that a proposal was floated for Turkey and Norway's ambassadors to lead the agricultural and fisheries negotiations but these choices were rejected by India, delegates said. "Six months of not negotiating is not acceptable," WTO Director-General Ngozi Okonjo-Iweala told countries in a closed-door meeting of its General Council, according to remarks relayed by the body's spokesperson late on Monday. "While WTO members are not doing the job, fish stocks continue to decline at an alarming rate," said Remi Parmentier, director of the Varda Group, a think-tank focused on biodiversity. WTO spokesperson Dan Pruzin told journalists it was "never easy" to choose chairs of negotiations but said this case was proving "particularly difficult", without elaborating.

☆ WTO chief rebukes countries over stalled negotiations
▼ + stars: | 2022-12-19 | by ( Emma Farge | ) www.reuters.com time to read: +2 min

GENEVA, Dec 19 (Reuters) - The head of the World Trade Organization on Monday chided countries for failing to make headway on negotiations because of infighting over who should lead them. The WTO broke a multi-year deal-making drought in June by clinching a series of agreements at a major trade conference in Geneva in June, including a fisheries deal. "Six months of not negotiating is not acceptable," WTO Director-General Ngozi Okonjo-Iweala told countries in a closed-door meeting of its General Council on Monday, according to remarks relayed by the body's spokesperson. Delegates told Reuters that a proposal was floated for Turkey and Norway's ambassadors to lead the agricultural and fisheries negotiations but these choices were rejected by India and Pakistan. WTO spokesperson Dan Pruzin told journalists it was "never easy" to choose chairs of negotiations but said this case was proving "particularly difficult", without elaborating.

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