BEVERLY HILL, February 05, (THEWILL) – South Korean trade Minister, Yoo Myung-hee, on Friday (Feb 5) dropped her bid to become head of the World Trade Organisation (WTO), clearing the way for Nigeria’s Ngozi Okonjo-Iweala to become the global body’s first woman and first African director-general.
Dr Yoo had consulted with the United States, her prime backer and other major countries and “decided to renounce her candidacy”, South Korea’s trade ministry said in a statement.
The process to name a successor to Dr Roberto Azevedo had been deadlocked since October, when key WTO ambassadors tapped Dr Okonjo-Iweala as the best pick to lead the organisation but the Trump administration maintained its opposition to her appointment.
The WTO head is normally chosen by consensus, leaving the process at a standstill.
Observers suggested that South Korea was under pressure from the US, a security ally that stations 28,500 troops in the country to defend it from the nuclear-armed North – to keep Dr Yoo in the race.
Seoul’s decision to withdraw her candidacy comes two weeks after Joe Biden was sworn in as the new US president.
“South Korea will continue to make various contributions to rebuild and enhance the multilateral trade system”, the trade ministry statement said.
The WTO is widely seen as being in need of reform. Even before the Covid-19 crisis hit, it had grappled with stalled trade talks and struggled to curb tensions between the US and China.
The global trade body has also faced relentless attacks from Washington, which has crippled the WTO dispute settlement appeal system and threatened to leave the organisation altogether.
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