
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
-
Duty bearers urged to address barriers hindering rights of women with disabilities
24 minutes -
Next Steps Conference adopts landmark reparatory justice commitments, backs global reparations framework
27 minutes -
Mahama leads world leaders to observe Juneteenth at Christiansborg Castle
31 minutes -
Morocco and PSG player Hakimi to stand trial on rape charge
35 minutes -
African lawmakers back push for tougher anti-LGBT laws after Ghana conference
45 minutes -
Oil slips after US-Iran conclude talks in Switzerland
57 minutes -
Salah helps Egypt beat New Zealand to end 92-year wait for World Cup win
1 hour -
Currency crash and visa crackdowns force Indian students to rethink studying abroad
1 hour -
Saka trains with England squad before Ghana match
1 hour -
Trump tells Axios he no longer views Anthropic as national security threat
1 hour -
Trump-backed political outsider wins Colombia election, initial count shows
2 hours -
First round of US-Iran talks end with ‘encouraging progress’, mediators say
2 hours -
Starmer considers political future as pressure to quit mounts
2 hours -
Inferno at Sekondi Fishing Harbour averted as firefighters battle massive fuel farm blaze
2 hours -
Largest ever cocaine bust in Australia after police raid underground bunker
2 hours