Leading The WTO, Ngozi Okonjo-Iweala The Value Of Vaccine Nationalism Hinders The Handling Of The Pandemic And Affects The Economy

Ngozi Okonjo-Iweala. (Wikimedia Commons/World Trade Organization)

JAKARTA - Experienced economist and former Minister of Finance of Nigeria Ngozi Okonjo-Iweala made history, after being elected as the first African woman to lead the World Trade Organization (WTO).

The former World Bank official was elected at a special WTO general board meeting held online on Monday February 15. He will serve as Director General from March 1, 2021 to August 31, 2025.

Posing as the Leader of the WTO, Okonjo-Iweala who was previously also the Special Envoy to the World Health Organization (WHO) regarding COVID-19, as well as the Chair of the Global Vaccine Alliance Council (Gavi), wants to help solve the deadlock problem of vaccines.

The WTO is currently facing a deadlock over the issue of acquiring intellectual property rights for COVID-19 medicines, with many wealthy nations opposing. In his opinion, 'vaccine nationalism' is slowing progress in ending the COVID-19 pandemic and could erode economic growth for all countries - rich and poor alike.

Ngozi Okonjo-Iweala told Reuters that his top priority was to ensure the WTO did more to contain the pandemic, saying members must accelerate efforts to lift export restrictions that are slowing trade in needed medicines and supplies.

"The WTO can contribute more to help stop the pandemic. Nothing is safe until everyone is safe. Current vaccine nationalism won't pay off, because of the variants that are coming. If other countries don't get immunized, it's just a blow back. "It doesn't make sense that people will die elsewhere, waiting in line, when we have the technology," he explained.

Okonjo-Iweala said the study shows that the global economy will lose US $ 9 trillion in potential production if poor countries cannot get their population vaccinated quickly, and about half of the impact will be borne by rich countries.

"Both on the basis of human health and economy, being a nationalist today is very detrimental to the international community. The top priority for me is to ensure, that before the very important ministerial conference we come to a solution on how the WTO can make vaccines, therapies and diagnostics accessible in a way that is equitable and affordable for all countries, especially poor countries, " he said.