February 2021 Persons in News

• Who appointed as the head of the World Trade Organization?
  The economist of Nigeria Ngozi Okonjo Iweala was appointed as the head of the World Trade Organization. She has become the first woman to hold this position.
  
  With the rise of protectionism, she also became the first African to be responsible for it. Okonjo-Iweala was appointed Director General by representatives of the 164 member states of the WTO.
  
  The WTO is an organization that handles trade rules between countries based on negotiated agreements. The appointment of African women was made after US President Joe Biden approved the candidacy.
  
  The appointment will take effect on March 1, 2021. background Former U.S. President Donald Trump had earlier blocked his candidacy.
  
  The United States also prohibits the appointment of any new judges to the WTO Appellate Body. It freezes the WTO’s ability to resolve wide-ranging and complex trade disputes.
  
  The US government blocked the appointment by arguing that the World Trade Organization was slow and bureaucratic. The government also emphasized that China does not have enough capacity to solve the problems caused by the Chinese state-led economy.
  
  The World Trade Organization (WTO) is an intergovernmental organization. This agency is responsible for handling international trade between countries. It was established in January 1995 under the
  
  Marrakesh Agreement. In April 1994, the "Marrakesh Declaration" signed the "Marrakesh Agreement." The agreement was signed in Marrakech, Morocco. The agreement was signed by 123 countries in April 1994.
  
  The Marrakesh Agreement replaced the General Agreement on Tariffs & Trade. The agreement is a supplement to the agreement on sanitary and phytosanitary measures, service trade, intellectual property rights and other issues.
  
  
• Who appointed as the UNCDF executive secretary?
  The United Nations Capital Development Fund (UNCDF) has appointed Preti Sinha as its executive secretary. She is an investment and development banker of Indian origin.
  
  The Executive Secretary will focus on providing microfinance assistance to women, youth, and small and medium-sized enterprises in underserved communities. The executive secretary is the highest level of leadership of UNCDF.
  
  Ms. Preeti will oversee the organization's efforts to provide scalable impact so that the international financial environment can serve the world's frontier and frontier markets.
  
  She will put special emphasis on supporting the sustainable development of youth, women, small and medium enterprises and small farmers. After being appointed, she emphasized that her goal is to obtain a "C" in UNCDF (capital).
  
  UNCDF was established by the United Nations General Assembly in 1966 to promote economic development throughout the world. Its headquarters are in New York. The organization helps provide microfinance to least developed countries (LDCs).
  
  It also has the task of unlocking the full potential of public and private funds. The organization provides public and private financing services to the poor in 47 least developed countries in the world.
  
  Least Developed Countries (LDC) is a list of developing countries that show the lowest indicators of socio-economic development. The list is compiled by the United Nations.
  
  The countries with the lowest human development index scores in the world are classified as least developed countries. This concept originated in the 1960s. The United Nations listed the first group of least developed countries in Resolution 2768 (XXVI) adopted in 1971.

Published date : 11 Mar 2021 01:25PM