Monday, May 17, 2021

BREAKING: Okonjo-Iweala set to emerge WTO Director-General as Korean minister drops bid

Headline

tiamin rice

South Korean Trade Minister Yoo Myung-hee withdrew her bid to lead the World Trade Organization, leaving former Nigerian Finance Minister Ngozi Okonjo-Iweala as the only remaining candidate for the job.

According to a report by the Bloomberg, Yoo made the decision after discussions with the U.S. and other major nations.

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The Korean minister also 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.

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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 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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