Nigerian economist Ngozi Okonjo Iweala has been appointed as the head of the World Trade Organization (WTO).This appointment will come into effect from March 1, 2021.
- Ngozi Okonjo Iweala was nominated as Director General by representatives of the 164 member countries of the WTO.
- The World Trade Organization is an organization that works on the basis of agreements related to the rules of trade between nations.
- The appointment of African women came after US President Joe Biden approved her candidacy.
World Trade Organization (WTO):
It is an intergovernmental organization. This body deals with the regulation of international trade between nations. It was established in January 1995 pursuant to the Marrakesh Agreement.
The agreement was signed in April 1994 following the Marrakesh declaration. It was signed in Morocco’s Marrakesh. The agreement was signed in April 1994 by 123 countries. The Marrakesh Agreement replaced the General Agreement on Tariffs and Trade (GATT).
- Protectionism is the economic policy which means imposing trade restrictions between different countries.
- Trade restraints can be imposed in various ways such as: – imposition of duty on imported goods, restrictive reservation and many other government restrictive rules.
- Its purpose is to discourage imports and prevent the acquisition of local markets and equities by foreign equities (companies).
- This policy is related to non-globalization and, contrary to globalization and free trade, in which government restrictive barriers are kept very low so that trade between different countries can run smoothly.
- The term is mostly used in economics, where protectionism refers to the adoption of policies that protect the trade and employees of that country from foreign takeover.
- For this, the government of that country regulates or restricts the trade with other countries.
Source – The Hindu