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Business|News

WTO DG: Coast Clear For Okonjo-Iweala As South Korea Withdraws Candidate

  • 11:54 am
  • |
  • February 5, 2021

South Korean trade minister Yoo Myung-hee on Friday abandoned her bid to become head of the World Trade Organization, Seoul said, clearing the way for Nigeria’s Ngozi Okonjo-Iweala to become the global body’s first woman and first African director-general.

Yoo made the decision after discussions with the U.S. and other major nations, and took various issues into account “comprehensively” including the need to revitalize the multilateral organization, according to a statement from Korea’s trade ministry on Friday.

The process to name a successor to Roberto Azevedo had been deadlocked since October when key WTO ambassadors tapped Okonjo-Iweala as the best pick to lead the organisation but the Trump administration maintained its opposition to her appointment.

The withdrawal comes after dozens of former U.S. government officials urged President Joe Biden to endorse Okonjo-Iweala after the Trump administration blocked her selection. The opposition halted the selection process because WTO’s decisions are made on the basis of a consensus of its members.

The Nigerian economist, who is also a U.S. citizen, emerged as the front-runner for the WTO director-general post last year. The U.S. has been the only country to oppose her.

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