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
-
2026 is the ‘Year of Action’ for Petroleum Hub project – Dr Toni Aubynn
39 minutes -
Sedina Tamakloe set for January 21 US court hearing – Victor Smith
1 hour -
‘Ministerial signature is not ceremonial ink’ – CDM questions Education Minister’s role in curriculum saga
1 hour -
Multimedia Group Kumasi staff gathers to celebrate 31 years of broadcasting and community service
1 hour -
Bryan Acheampong is our ‘Kivo gari’, a ready leader for NPP – Pious Hadzie insists
1 hour -
I dismissed the former ‘Ayalolo’ boss for failing to expand fleet – Local Gov’t Minister
1 hour -
“Our PC candidates beat our presidential candidate” – Bryan Acheampong calls for unifying candidate to lead NPP
1 hour -
Gov’t seeks €1m spanish grant to expand ‘Ayalolo’ bus fleet – Local Gov’t Minister
1 hour -
Little Angels Trust donates to children admitted at Cape Coast Metropolitan Hospital
1 hour -
Victor Smith refutes claims Sedina Tamakloe is not in Nevada Detention Centre in US
2 hours -
“Let our boast be in Him ”alone”—Multimedia CEO to staff at thanksgiving service
2 hours -
US tightens border security as immigrant visa freeze hits 75 nations, including African allies
2 hours -
The invisible wall between Ghana’s economic gains, household reality
2 hours -
Hannah Affum: Breaking Barriers with Radiotracers and Resilience
2 hours -
CDM calls out institutional failures over controversial SHS curriculum
2 hours
