{"id":13906,"date":"2021-02-18T00:00:00","date_gmt":"2021-02-18T00:00:00","guid":{"rendered":"https:\/\/www.nextias.com\/current_affairs\/uncategorized\/18-02-2021\/new-director-general-of-the-wto\/"},"modified":"2021-02-18T00:00:00","modified_gmt":"2021-02-18T00:00:00","slug":"new-director-general-of-the-wto","status":"publish","type":"post","link":"https:\/\/www.nextias.com\/ca\/current-affairs\/18-02-2021\/new-director-general-of-the-wto","title":{"rendered":"New Director-General of the WTO"},"content":{"rendered":"<p><strong>In News-<\/strong>Nigeria&#8217;s Ngozi Okonjo-Iweala was appointed to head the World Trade Organization.<\/p>\n<ul>\n<li>The WTO\u2019s <strong>164 members unanimously<\/strong> selected the <strong>66-year-old Nigerian economist <\/strong>to <strong>serve a four-year term as the Director-General of the organisation<\/strong>.\n<ul>\n<li>She is the first African official and the first woman to hold the job.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>About World Trade Organization<\/strong><\/p>\n<ul>\n<li>It is an international institution that oversees the global trade rules among nations.<\/li>\n<li>It was established in<strong> 1995.<\/strong><\/li>\n<li>It superseded the <strong>1947 General Agreement on Tariffs and Trade (GATT).<\/strong>\n<ul>\n<li>The <strong>GATT<\/strong> traces its origins to the <strong>1944 Bretton Woods Conference,<\/strong> which laid the foundations for the <strong>post-World War II financial system<\/strong> and established two key institutions, <strong>the International Monetary Fund (IMF) and the World Bank.<\/strong><\/li>\n<\/ul>\n<\/li>\n<li>The main function of the organization is to <strong>help producers of goods and services, exporters, and importers protect and manage their businesses.<\/strong><\/li>\n<li>\u00a0The WTO has <strong>164 member countries<\/strong>, with <strong>Liberia and Afghanistan<\/strong> the most recent members, having joined in July <strong>2016, and 23 \u201cobserver\u201d countries<\/strong><\/li>\n<\/ul>\n<ul>\n<li><strong>The WTO has many roles: <\/strong>\n<ul>\n<li>It operates a global system of trade rules.<\/li>\n<li>It acts as a forum for negotiating trade agreements.<\/li>\n<li>It settles trade disputes between its members and it supports the needs of developing countries.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"https:\/\/cfstatic.nextias.com\/cdn-cgi\/image\/format=auto\/file_library\/mix_content\/605140355276712400_image.png\" style=\"height:246px; margin-left:150px; margin-right:150px; width:395px\" \/><\/p>\n<p><strong>Importance of WTO for India<\/strong><\/p>\n<ul>\n<li>India has visibly benefitted from the<strong> open market reforms<\/strong> that it embraced in the early 1990s. Through WTO India can <strong>ensure and rule-based global trade regime.<\/strong><\/li>\n<li>The dispute settlement body of the<strong> WTO is important for India <\/strong>as India has appealed to it seeking<strong> exemptions from the import duties<\/strong> on <strong>steel and aluminium<\/strong> imposed by <strong>the US.<\/strong><\/li>\n<li>\u00a0India harbours the <strong>ambition of becoming a superpower<\/strong> and therefore needs more and more platforms to take up leadership<strong> roles as it has been doing at WTO.<\/strong><\/li>\n<\/ul>\n<p><a href=\"https:\/\/indianexpress.com\/article\/explained\/who-is-ngozi-okonjo-iweala-world-trade-organization-head-7191481\/\" target=\"_blank\" rel=\"noopener\">Source:IE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In News-Nigeria&#8217;s Ngozi Okonjo-Iweala was appointed to head the World Trade Organization. The WTO\u2019s 164 members unanimously selected the 66-year-old Nigerian economist to serve a four-year term as the Director-General of the organisation. She is the first African official and the first woman to hold the job. About World Trade Organization It is an international [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13907,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-13906","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs"],"acf":[],"jetpack_featured_media_url":"https:\/\/wp-images.nextias.com\/cdn-cgi\/image\/format=auto\/ca\/uploads\/2023\/07\/2134677current-affairs.jpg","_links":{"self":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/13906","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/comments?post=13906"}],"version-history":[{"count":0,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/13906\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/media\/13907"}],"wp:attachment":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/media?parent=13906"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/categories?post=13906"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/tags?post=13906"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}