New WTO boss Ngozi Okonjo-Iweala: Vaccine nationalism will erode global rebound
Ngozi Okonjo-Iweala, the new head of the World Trade Organization (WYO), tonight warned that “vaccine nationalism” could erode economic growth for both rich and poor countries.
She cited studies which showed that the global economy would lose $9 trillion in potential output if poor countries were unable to access vaccines, half of which would be borne by wealthier countries.
“No one is safe until everyone is safe. Vaccine nationalism at this time just will not pay, because the variants are coming.
“If other countries are not immunized, it will just be a blowback,” she said. “It’s unconscionable that people will be dying elsewhere, waiting in a queue, when we have the technology.”
The former Nigerian finance minister and senior World Bank executive said that her top priority was to ensure the WTO does more to address the pandemic and she encouraged members to lift export restrictions on essential medicine and supplies.
Okonjo-Iweala said she was encouraged by the Biden administration’s contribution to the World Health Organization’s campaign to ensure worldwide access to vaccines.
“I think our interests and priorities are aligned. They want to bring the WTO back to (its) purpose,” she said. “It’s about people. It’s about inclusivity. It’s about decent work for ordinary people,” she said.