Calling for the "reglobalization" of trade: WTO chief Ngozi Okonjo-Iweala

GZERO World with Ian Bremmer

GZERO Media

International Relations, Government, Foreign Policy, Gzero World, News Commentary, Trump, News, Global Economy, Geopolitics, Politics, Ian Bremmer

4.6 • 684 Ratings

🗓️ 30 September 2023

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

Ian Bremmer sits down with World Trade Organization Director General Ngozi Okonjo-Iweala, the first woman and first person from Africa to lead the organization, for a conversation about the good, the bad, and the future of global trade on the GZERO World podcast. In the last half century, globalization has dramatically increased economic output, created hundreds of millions of jobs, and lifted millions of people out of poverty. But development between countries has been uneven, and global inequality is on the rise. Covid-19 and the war in Ukraine disrupted exposed weaknesses in the supply chain. And rising tension between the US and China has led to a world economy that’s becoming increasingly fractured. But is the way out of a crisis not less trade, but more? How do we make sure the future of trade is fair to countries in the Global South, who are reeling from runaway debt and bearing the brunt of climate change?

Transcript

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0:00.0	Globalization has lifted up more than a billion people out of poverty.
0:04.3	What we need to do is not walk away from it, but reimagine it to pull those who were left out
0:10.5	from the margins into the mainstream of global trade.
0:16.6	Hello and welcome to the GZero World Podcast.
0:19.7	This is where you'll find extended versions of my interviews on public television.
0:23.7	I'm Ian Bremmer, and today we are talking about trade,
0:27.0	the complicated business of moving goods and services around the world.
0:30.9	Global trade hit a record $32 trillion in 2022,
0:35.1	and the World Trade Organization oversees 98% of it. We don't know what happens
0:40.9	with the other 2%. The WTO doesn't usually make front page headlines. That's probably a good thing,
0:46.1	but it has a huge role in almost every aspect of your daily life, from your morning, Brazil
0:51.0	roasted coffee to the Chinese-made smartphone that you're using to listen to this podcast.
0:56.7	The WTO has been a force for globalization, but it's also received criticism for favoring
1:02.6	wealthy nations and exacerbating global inequality, not to mention its broken dispute settlement
1:08.1	system that's made resolving trade conflict, that's what it's supposed to do, virtually impossible.
1:13.8	Can the WTO lower tension in U.S.-China trade wars?
1:17.2	Can it avoid further fragmentation?
1:19.5	Can it effectively address the challenges faced by economies in the global south?
1:23.7	I'm talking about the good, the bad, and the future of global trade with WTO Director General Ingozi Okonjo, here we all.
1:32.0	Let's get to it.
1:38.5	The GZero World podcast is brought to you by our lead sponsor, Prologis.
1:44.2	Prologis helps businesses across the globe scale their supply chains with an expansive
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