The Director General of the World Trade Organisation, Dr Ngozi Okonjo-Iweala, has commended Ghana’s robust and visionary efforts to digitalize broad aspects of the country’s economy and the entire E-commerce architecture.
Describing digital trade as the “wave of the future”, DG Okonjo-Iweala, revealed that such vibrant activism by countries like Ghana has informed the WTO to begin negotiating an E-commerce agreement that will decide the rules of digital trade.
Interacting with President Akufo-Addo, Dr Okonjo-Iweala indicated that total global trade is about 31 trillion dollars and of that, goods/merchandise trade is 25 trillion and services at 7 trillion. She noted that within that services, digital services trade is growing the fastest, at about half of it, which is 4 trillion.
Dr Okonjo-Iweala highlighted that it’s growing rapidly at 8 percent per annum compared to the goods trade.
“We are thinking that this is an area where our countries can benefit, and when we look, Ghana, as we mentioned to the Hon Minister in the morning, seems to be doing well providing some digitally traded services and professional services in business outsourcing.
“There are many people trading digitally, in Ghana, we met many women today who are online and are doing digital trade, so one of the areas where we are thinking of working with our countries is on this issue of digital trade. We met to look at what are the challenges and constraints and opportunities because on the supply side, we have the International Trade Centre that can work and is working directly with some women here.”
Dr. Ngozi Okonjo-Iweala
Speaking on WTOs contribution to this, Dr Okonjo-Iweala stated that, the organization can help with issues on certification, quality control of products, breaking into new markets. She further pointed out that investing in the digital economy is very good because that’s going to be the wave of the future.
E-commerce for digital trade
Additionally, Dr Okonjo-Iweala explained that WTO is already negotiating an E-commerce agreement that will decide the rules of digital trade and asked Ghana to participate fully towards its formulation.
On related matters of key concern to the Organisation, Dr Ikonjo-Iweala appealed to Ghana to expedite action towards the ratification of Fisheries Subsidies Agreement which has found consensus after 21 years.
By this agreement, she stressed that the WTO was able to do away with 22 million dollars in harmful subsidies that lead to illegal, unreported and unregulated fishing and are actually negotiating a second phase of this agreement to deal with over-fishing and over-capacity.
She emphasised on the importance of the agreement because 12 million people in Africa, depend on fisheries and Africa is losing 2.3 billion dollars from illegal, unreported and unregulated fishing and 3 billion from over-fishing and over-capacity.”
The WTO Director General highlighted that the agreement will eliminate the subsidies that the countries give which in turn result in encouraging the bad practices stated above, seek absolute transparency in the declaration of fish numbers and affords any country the absolute right to report cases of bad practices to the WTO tribunal.
She also touched on the global supply chain on issues like COVID 19, debt financing, agriculture with focus on value addition and food security, reforms at the WTO and trade related issues on the environment as well as climate change.
On his part, President Akufo-Addo, whilst touching on the establishment of the National Vaccine Institute, emphasized the strong affinity of the Ghanaian towards digitalization, and the willingness to work on the various areas that require Ghana’s active participation.
Furthermore, he called for a more intelligent approach to handling the issue on proliferation of plastics in the face of the difficulty of an outright ban.
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