GENEVA: Nobody besides the incumbent head of the World Trade Organization Ngozi Okonjo-Iweala has thrown in their hat to lead the Geneva-based global commerce watchdog, two sources close to the process told Reuters, with nominations closing at midnight.
The lack of competition will come as little surprise to WTO observers who are bracing for a messy, recriminatory period of tit-for-tat tariffs under US President-elect Donald Trump, who takes office in January.
During his first term in 2017-21, Trump paralysed the WTO’s top adjudications court by blocking judge appointments – a status that continues today – and announced tariffs on US imports of steel and aluminium. This time, he has warned that he would slap a 10 per cent tariff on all imports.
“Those who are likely to be part of the incoming administration either see declining value in WTO or are openly hostile to it,” said Alan Yanovich, partner at Akin Gump Strauss Hauer & Feld. “If they do go ahead and increase tariffs on everyone that will generate a lot of friction and tension.”
Already, frustrations are running high at the WTO with a major ministerial meeting in Abu Dhabi achieving just minimal results, with no breakthroughs on agriculture, fisheries and other key topics. All 166 WTO members must agree on new trade rules by consensus – a factor which has scuppered many talks over the body’s 30-year existence and global deals are rare.
Source: CNA
