Over the past four years, numerous events have significantly impacted globalisation, including the emergence of diseases like the Coronavirus and geopolitical tensions such as the Russian-Ukraine war.
Okonjo-Iweala emphasized that in the pursuit of new growth models, it is imperative to ensure that they are more inclusive than those adopted in the past.
What Okonjo-Iweala said:
“We need to think of globalization not in the way it was done before, but differently. And we need to make sure that those who did not benefit during the first round benefit this time,” she said.
“The reason globalization got a bad name is because poor people in rich countries were left out, and poor countries or developing countries were at the margin. In the new paradigm, we don’t want to repeat the same story.”
Okonjo-Iweala also offered practical insights on how to achieve this, considering countries’ concerns, particularly regarding issues such as supply chain resilience.
“We have a paradigm at the WTO that can help us do this,” she explained, referring to that paradigm as reglobalisation.
“We can diversify our supply chains, deconcentrate those sectors and geographies that are causing a problem by diversifying them to developing countries and other parts of the world that have the right business environment.” she added.
She added that it is something that has already been happening between economies in Europe and Africa. For example, in December, Rwanda and the European Investment Bank announced an alliance to boost investment in critical raw material value chains.
Other panellists in the session, including Canadian Deputy Prime Minister Chrystia Freeland, echoed Okonjo-Iweala’s sentiments. “As we build our economic policies, the question we have to ask is: will this make the life of the people I represent better?” Freeland said.
