World Trade Organization Director-General Ngozi Okonjo-Iweala recently spoke at the launch of a joint WTO-World Bank policy called "Turning digital trade into a catalyst for African development." According to a July 21 release by the World Trade Organization (WTO), her remarks were focused on the potential of digital trade being a catalyst for inclusive economic growth and sustainable development.
"It is imperative that we establish the conditions and provide the support necessary for African countries to overcome the challenges and reap the opportunities that digital trade can offer," she said.
Okonjo-Iweala stressed the significant potential of digital trade in fostering inclusive economic growth and sustainable development, with a particular focus on Africa, during the launch of a joint WTO-World Bank policy note. She emphasized the necessity of building a robust ecosystem for digital trade, which includes reliable connectivity, essential skills, efficient logistics and payment systems, and a supportive policy framework. Given the challenges faced by African countries, she called for increased international assistance to help them fully leverage the advantages of digital trade, according to the press release.
“I recognize and appreciate your own initiatives to leverage the benefits of digital trade. This testifies to our shared understanding that Africa cannot afford to be left behind — digital trade holds great promise for the continent. This also implies that the obstacles to leveraging the digital transformation need to be addressed," Director-General Ngozi Okonjo-Iweala said, according to a press release by WTO.
The joint WTO-World Bank note, presented to African ambassadors, provides a comprehensive assessment of digital trade trends in Africa, addressing both challenges and opportunities alike, while outlining the international community's involvement. The note outlines a "concrete work plan" to support African countries in maximizing the benefits of digital trade.
Director-General Ngozi Okonjo-Iweala highlighted a joint WTO-World Bank project focused on digital trade needs assessments, aimed at identifying barriers to participation, proposing policy actions, and designing World Bank-funded interventions to address these obstacles. The release added that there will be a pilot project planned for one or two WTO members.
“At the WTO, we are playing our part to ensure that members are able to harness the full potential of the digital economy to drive forward economic growth and development," Director-General Ngozi Okonjo-Iweala said in the release. "I hope our collaboration with the World Bank will create a new avenue to strengthen our assistance to African countries as they face these challenges.”