The Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, on Wednesday indicated that Morocco is among the attractive countries for diversification of value chains. In a presentation at the National Association of Business Economists’ annual economic policy conference, he suggested proposing broader supply chains instead of focusing on relocating factories.
“Members of the World Trade Organization should diversify their supply chains to business-friendly developing countries that do not benefit from global trade,” he stressed, which would help improve global public opinion on trade and reduce countries’ demand. Use grants to encourage restructuring.
Countries such as Vietnam, India, Indonesia, Morocco and Brazil are being flagged as attractive additions to global supply chains, he recalled, recalling that companies started diversifying their supply chains before the global pandemic because manufacturing in China was too expensive. Compared to countries like Cambodia and Vietnam.
In this sense, Ms. Okonjo-Iweala urged countries to shun protectionism and consider the benefits of investing in developing countries as they seek to increase domestic production.
Some 113 WTO members are working on an Investment Facilitation Program agreement aimed at completion by the 13th Ministerial Conference scheduled for February 2024 in Abu Dhabi, and stressed that the agreement should pave the way for more investment in developing countries. In Africa.
The WTO Director-General emphasized the importance of focusing on trade in services, which is growing rapidly and has implications for efforts to combat climate change, promising that “the future of trade in services is green and inclusive”.