WTO: Korean Quits for Okonjo-Iweala

Yoo Myung-hee cited the need to “revitalise the WTO” and the uncertainty surrounding the multilateral organisation’s future due to the prolonged leadership battle as the reason for withdrawing her candidacy.”

Nigeria’s Ngozi Okonjo-Iweala has become the sole candidate in the race for the office of Director-General of the World Trade Organisation (WTO) after South Korean Trade Minister, Yoo Myung-hee on Friday withdrew her bid to contest.

Myung-hee made the decision to pull out in “close consultation” with the United States, the only other nation that backed her ambition apart from her home country, and after taking into account various issues “comprehensively,” she said.

“South Korea will actively contribute to reaching a consensus for the next WTO chief and co-operate with her and participate in the WTO reform process,” Yoo said, as quoted by the Financial Times.

Also Read: WTO: Six Reasons Why USA Vetoed Okonjo-Iweala

Yoo Myung-hee cited the need to “revitalise the WTO” and the uncertainty surrounding the multilateral organisation’s future due to the prolonged leadership battle as the reason for withdrawing her candidacy. The WTO has been without a director-general for months after the early departure of Roberto Azevêdo last year.

But evidently, she has taken the decision when it became clear that the Joe Biden administration will not be supporting her candidacy as former President Donald Trump did, in defiance of the overwhelming support of the rest of WTO membership.

Robert Lighthizer, the U.S. trade representative under Trump, who is also a long-time WTO critic had insisted that Okonjo-Iweala has “no experience in trade at all.”  Washington’s stance halted the appointment process as WTO decisions are made by consensus of its members. Former American government officials had urged President Biden to endorse the former Nigerian finance minister, citing her American citizenship.

Also Read: What Okonjo-Iweala’s WTO Win Will Do For Nigeria, Africa – Spokesperson

After months of uncertainty over the body’s leadership, the latest development means Okonjo-Iweala is closer to the position. If Washington and Seoul join the other 162 members – including the European Union, China, Japan, and Australia – in a consensus to appoint her, the organisation may confirm the appointment within a matter of days.

Meanwhile, Okonjo-Iweala via a spokesperson congratulated Yoo Myung-hee on her “long campaign and welcomes South Korea’s commitment to rebuilding and enhancing multilateralism. There is vital work ahead to do together.”

Okonjo-Iweala “looks forward to the conclusion of the director-general selection process”, the spokesperson said. “The WTO must turn its focus to the Covid-19 pandemic and global economic recovery. Dr. Okonjo-Iweala is eager to focus on the many needed reforms at the WTO. She is humbled by the support she has received from WTO members and of champions in Nigeria and other parts of the world.”

If confirmed, Okonjo-Iweala would be the first woman and the first African to lead the organisation in its 25-year history. The 66-year-old two-time former minister and a former World Bank managing director has always said she was positive of becoming the director-general of the WTO despite “hiccups.”

Okonjo-Iweala currently serves on the board of Twitter, as a special envoy for the World Health Organisation’s Covid-19 fight, and as chair of the GAVI vaccine alliance.

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