AfCFTA needs support of world trade organisation – Says LCCI President

AfCFTA needs support of world trade organisation – Says LCCI President

(Report by Udeme
Clement):

The President, Lagos Chamber of Commerce and Industry (LCCI), Mrs Toki Mabogunje, said African Continental Free Trade Agreement (AfCFTA), is still in its nascent stage and needs a lot of support, which the World Trade Organisation (WTO), is in a position to provide.

This formed part of her congratulatory message to Dr Okonjo Iweala, on her confirmation as the first female Director General of WTO.

She said, “We are confident that Dr Iweala, has the capacity to manage the enormous responsibilities of an increasingly complex global trade situation.

“Her appointment at a
time Africa is taking an unprecedented step in deepening continental economic integration through ratification of AfCFTA presents an opportunity of mainstreaming African continent into global trade.”

According to her, “Dr Iweala, as the first female DG of WTO is an international role model and a leader worthy of emulation.”

Her words :
“The news of Mrs Iweala’s confirmation was received by LCCI with great excitement. It is an appointment well-deserved with regard to her pedigree, impeccable credentials, intellectual depth, and robust experience. This is a trail blazing appointment.

“She is the first African, and the first woman to occupy the exalted position of WTO DG.

“As Finance Minister, she demonstrated extraordinary courage and commitment to reforms in promotng transparency and accountability in management of public finance amid overwhelming odds.

“She will no doubt bring these sterling qualities to bear on this position. WTO is one of the oldest multilateral global institutions with a strategic objective of promoting free and fair trade globally.

“These are not the best of times for many multilateral institutions given the groundswell of economic nationalism and unilateralism in recent years.”

She stressed, ” Her appointment as WTO DG is a sign not only to women and girls in my country, BUT to women and girls worldwide that the world is ready, and women can do it.

“As Dr Iweala prepares to assume duty, to rejuvenate and reform WTO to be the organisation it needs to be for the 21st century, we wish her great success during her tenure. We have great hopes that world trade will become more equitable system under her leadership and Africa will benefit as a result.”