@cfr_org: "We need to learn from history. . . There were those who went for import substitution, and that story didn’t go so well," said World Trade Organization Director-General Ngozi Okonjo-Iweala. In a conversation with CFR President Mike Froman, Okonjo-Iweala discussed the economic pitfalls of large-scale import substitution policies. Drawing on lessons from Brazil, her own country of Nigeria, and others, she contrasts those outcomes with the success of export-led growth in East Asia. Okonjo-Iweala emphasized that many manufacturing job losses often blamed on trade are actually the result of technological shifts—and that rather than trying to rebuild the past, countries such as the United States should leverage their strengths in innovation, services, and talent. She argues that smart industrial policy involves strategic focus, not a wholesale turn inward. Watch the full conversation at https://www.cfr.org/events.

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Friday 25 April 2025 14:06:51 GMT