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
-
Alhassan Suhuyini makes Christmas donations to churches within Tamale North Constituency
3 hours -
Meet 81-year-old father of UCC Acting Vice-Chancellor, who recently graduated with an MBA
4 hours -
Did you know that Ken Ofori-Atta’s lawyer, Enayat Qasimi, is the ‘Ken Ofori-Atta of Afghanistan? – Kay Codjoe writes
4 hours -
Kidnap suspect arrested in Tamale as Police rescue victim after four days
4 hours -
Tema Oil Refinery resumes crude refining after years of shutdown
4 hours -
Kojo Antwi thrills fans with regal entry, marathon performance at ‘Antwified’ concert
4 hours -
Ofori Amponsah surprises KiDi at ‘Likor On The Beach’ 2025
5 hours -
Joy FM thanks sponsors, partners and patrons after spectacular 2025 Family Party-in-the-Park
5 hours -
‘Christmas babies’ and their mothers in Volta and Oti regions receive MTN hampers
5 hours -
One dead, another injured after accident at Atwedie
5 hours -
Maggi Waakye Summit draws thousands as Ghana’s biggest waakye festival returns
6 hours -
Western Regional Minister urges Ghanaians to use Christmas to deepen national cohesion
7 hours -
Thousands turn Aburi Gardens into a festive paradise at Joy FM’s Party in the Park
7 hours -
Source of GOLDBOD’s trading funds questioned amid reported $214m loss
7 hours -
Kind Hearted Beings Charity spreads joy during festive season
7 hours
