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NIGERIA CALLS  FOR SYNERGY  AMONG WTO MEMBERS  TO ENHANCE GLOBAL ECONOMIC POLICY MAKING

Federal Government through the Minister of State for Industry Trade and Investment, Amb.Mariam Yalwaji Katagum  has called on World Trade Organization (WTO) Members  to work collectively to undertake  reforms that would revitalise the organisation and enhance its role in global economic policy-making.

The Minister of State for Industry,Trade and Investment, Amb.Mariam Yalwaji Katagum  made the call in her statement  at a  session on Challenges facing the Multilateral Trading System during the 12th World Trade Organization (WTO) Ministerial Conference  (MC 12) taking place in  Geneva, Switzerland.

She  stated  that  Members have a shared responsibility to work collectively to strengthen the WTO  and  undertake necessary WTO reforms that would revitalise the organisation and enhance its role in global economic policy-making.

“Members have a shared responsibility to work  collectively to strengthen the WTO and  we will undertake necessary WTO reforms that would revitalise the organisation and enhance its role in global economic policy-making” the Minister  stated.

The Minister said  Nigeria believes that Members need to seek innovative solutions to the multi-faceted challenges of the WTO, to ensure it adapts to the evolving global socio-economic environment and remain relevant.

The Minister noted that in  spite of the laudable accomplishments of the WTO, the inability of the WTO to adapt to the evolving nature of the global economic landscape continue to undermine the economic benefits derivable by Members, adding that,  We are also witnessing the adverse effects of growing trade and geo-political tensions, which have now been exacerbated by the COVID difficulties, as well as the ongoing war between Russia and Ukraine.

The Minister maintained  that  WTO has been playing a significant role in terms of expanding global trade and production, contributing to global sustainable development  and underpinning the integration of national economies.

“Under the auspices of the WTO, Members are undertaking requisite reforms to improve competitiveness and growth, increase production capacity and create jobs.  We have been able to increase the size of our middle class and lift hundreds of millions of people out of poverty” she stated.

Amb. Katagum therefore stated that in this difficult time, the World is looking up to the WTO for answers that would underpin economic recovery.

“However, the enormous challenges confronting the rules-based multilateral trading system embodied in the WTO continues to undermine the delivery of results needed to drive growth. These challenges are occasioned by dwindling trust and confidence amongst Members, and political tensions which trigger unilateral protectionist actions, and have undermined consensus building on key issues”  she stated.

She said as a critical first step for achieving meaningful WTO reform, Nigeria considers restoring trust and a sense of common purpose.

“We need to work together, in a transparent and inclusive manner, to build bridges, defuse political tensions, and foster convergence on key issues of interest to Members”  the Minister stated.

She added that the WTO rule book is needed  to be updated to accommodate commercially meaningful rules on digital trade, services, investment and MSMEs for the institution to be more effective and relevant to the diverse economic priorities of its Members.

Amb. Katagum  maintained that the  12th WTO Ministerial Conference would avail WTO Members an excellent opportunity to set in motion a reform process that would address simultaneously the longstanding development issues on the negotiating agenda of the WTO and commercially meaningful issues that are of priority to its Members in this 21st Century.

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