Audio By Carbonatix
South Korean Trade Minister Yoo Myung-hee ended her campaign to lead the World Trade Organization, leaving former Nigerian Finance Minister Ngozi Okonjo-Iweala as the likely candidate for the job and setting up a key decision by WTO members to approve her appointment.
Yoo decided after discussions with the U.S. and other major nations, and took various issues into account including the need to revitalize the multilateral organization, according to a statement from Korea’s trade ministry on Friday.
“There was no consensus,” Yoo said. “So we needed enough time for in-depth consultations with important members, including the U.S.”
Her withdrawal could help thaw the deadlocked race to lead the Geneva-based WTO at a moment when the organization is struggling to surmount a series of crises that have diminished its role in the international trading system.
Dozens of former U.S. government officials have urged President Joe Biden to endorse Okonjo-Iweala after the Trump administration blocked her selection in 2020, making the U.S. and Korea the only holdouts favoring Yoo. That opposition was enough to halt the selection process because WTO decisions are made on the basis of a consensus of its members.
By quitting the race, Yoo would appear to be clearing Okonjo-Iweala’s path. But as the Biden administration forms its trade team, few clues have emerged publicly about whether it will lift U.S. opposition to Okonjo-Iweala’s candidacy. The U.S. mission to the WTO in Geneva didn’t immediately respond to Bloomberg’s request for comment.
Okonjo-Iweala congratulated Yoo on her “long campaign” and welcomed South Korea’s commitment to rebuilding and enhancing multilateralism, the Nigerian’s spokeswoman Molly Toomey said in a statement.
“The WTO must turn its focus to the Covid-19 pandemic and global economic recovery,” Toomey said. “Dr. Okonjo-Iweala is eager to focus on the many needed reforms at the WTO.”
The 66-year-old Nigerian economist, who is also a U.S. citizen, emerged as the front-runner for the WTO director-general post last year. If the U.S., Korea and the other 162 members join a consensus to appoint Okonjo-Iweala, the WTO can announce a meeting to confirm her appointment within a matter of days.
If confirmed, Okonjo-Iweala would be the first woman and the first African to lead the organization in its 25-year history.
Latest Stories
-
Government commends 3Farmate’s Ghana-made autonomous farming robot for modernized farming
5 minutes -
Oyster Agribusiness rewards top growers, scales support across Bono East
5 minutes -
GNFS identifies 5 major causes of fire outbreaks as incidents decline in Q1 2026
9 minutes -
Deputy Health Minister Ayensu-Danquah appointed to AU Secretariat on global health
10 minutes -
Creativity is from life and is still very alive…
14 minutes -
Email Marketing in 2026: Why you’re probably doing it wrong
22 minutes -
GCMC flags safety risks as 30% of gas cylinders Fail inspection under recirculation model
32 minutes -
EU-funded Training Centre in Ahafo left to rot four years after commissioning
49 minutes -
Blackrock owner warns of ‘crippling’ electricity bills as Keta–Anloga businesses struggle
56 minutes -
Volta Immigration commander urges border communities’ support as IMMILAC launches in Volta region
1 hour -
Beverly View Plus Hotel drives tourism growth along Keta–Anloga coast; operators seek tax relief
1 hour -
Kumasi stakeholders call for urgent action on air pollution amid data gaps
1 hour -
Former CAF General Secretary Mosengo-Omba files nomination to contest DR Congo FA presidency
1 hour -
Agave-Lakpo kingmakers destool Afevime Gate Sub Chief over insubordination
1 hour -
Bundesliga side Freiburg track Ghanaian forward Prince Amoako Jr
2 hours