On Monday, the incoming chief of WTO (World Trade Organization) has presaged against vaccine nationalism that would decrease the effort to avert the pandemic Coronavirus. Vaccine nationalism could also act as a resistant component for all countries’ economic growth.
Ngozi Okonjo-Iweala, the director-general of the WTO, described to Reuters that her major priority was to ensure that the World Trade Organization does more to handle the Coronavirus pandemic, saying that allies should boost their struggles to get rid of export restrictions.
On Monday, the senior World Bank executive and former Nigerian finance minister was appointed in an agreement procedure and will start her job on 1st March. While giving an interview at her home (Washington), Okonjo-Iweala said that the World Trade Organization can contribute so much more to stop the COVID-19 pandemic.
She continued that no one is safe until everybody is safe and vaccine nationalism, meanwhile, just will not pay because Coronavirus variants are coming. Okonjo-Iweala further explained that if other nations are not immunized, it will just be a blowback. Moreover, she said that it is unconscionable that people will be losing their lives elsewhere, waiting for their turn when we have the technology.
Okonjo-Iweala explained that researches have shown that the world’s economy would lose nine-trillion dollars in potential output if poor nations were not able to attain vaccines abruptly, and around half of the effect would be faced by rich nations. She said that both on a human health basis and economic basis, being nationalistic at the current time is very costly to the international community.
Okonjo-Iweala praised Biden’s effort
She showed a positive vibe against Joe Biden administration’s role in the WHO (World Health Organization) struggle to guarantee wider distribution of COVID-19 vaccines.
Okonjo-Iweala said that she shared Joe Biden’s administration concerns about the demand to change the World Trade Organization’s Appellate Body, but it’s not an easy or quick process. She further described that this is the jewel in the crown of the World Trade Organization, and we need to restore it. Furthermore, she said that there were obvious differences among members, but growth was possible, particularly given the change in tone and the Biden administration’s approach.