Udayavni Special

South Korea’s trade minister drops bid to become WTO chief


PTI, Feb 6, 2021, 9:03 AM IST

Seoul: South Korea’s top trade official is dropping her bid to become the next director-general of the World Trade Organisation, making it likely the job will go to former Nigerian finance minister Ngozi Okonjo-Iweala. She would become the first woman to lead the organization.

South Korea’s Ministry of Trade, Industry, and Energy said in a statement Friday that its minister for trade, Yoo Myung-hee, will soon tell the WTO she is withdrawing her candidacy.

The WTO, which makes world trade rules, announced in October that Yoo and Okonjo-Iweala were the two finalists to become its next director-general, ensuring a woman will fill the top job for the first time.

The WTO had been expected to announce a winner before the end of 2020, but the process dragged on because of disagreements between member states over the candidates, the South Korean ministry said.

While it appeared Okonjo-Iweala had broader support, the WTO operates by consensus, which means that any single member country can block decisions.

The South Korean ministry said Yoo discussed her candidacy with officials from the United States and other WTO member states before deciding to withdraw over “comprehensive” considerations.

The Trump administration had opposed Okonjo-Iweala’s candidacy. But President Joe Biden”s Office of the Trade Representative issued a statement Friday supporting her: “She is widely respected for her effective leadership and has proven experience managing a large international organization with a diverse membership.””

The previous WTO director-general, Roberto Azevedo of Brazil, made a surprise announcement in May last year that he would leave the job a year early, citing a “personal decision.” He left without a successor at the end of August.

The Geneva-based WTO, which was created in 1995 out of the former General Agreement on Tariffs and Trade, has never had a woman or African as its leader.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

TMC, others question 8-phase polls in Bengal; BJP welcomes EC decision

CM Yediyurappa launches ‘Namma Cargo’

NHAI daily toll collection through FASTag reaches record Rs 104 cr

K’taka COVID-19 update: 571 new cases, 642 discharges, 4 deaths on Feb 25

Karnataka objects to TN’s surplus Cauvery water claim, decides to fight legally

I accidentally became a cricketer, says Ashwin

‘Are poll dates announced as per suggestions of Modi, Shah?’: Mamata questions 8-phase elections



Related Articles More

Russian diplomats return from North Korea on rail trolley

”Hope other countries follow your example”: WHO chief Ghebreyesus lauds India, PM Modi

Japan partly ending pandemic emergency, keeps it for Tokyo

Hong Kong kicks off COVID-19 vaccinations with Sinovac jab

Disengagement at all friction points necessary to consider de-escalation of troops: India to China

MUST WATCH

Problem! in Cowin App

Listen to the story by Dr. Gururaj Karjagi on the concept of ‘Joy of Giving’- Part-3

This full-time construction worker makes caps from areca leaves in his spare time

Tea – Coffee | Reasons Not to Drink Too Much

HDK government has become Joker government: Yogeshwar

Latest Additions

TMC, others question 8-phase polls in Bengal; BJP welcomes EC decision

CM Yediyurappa launches ‘Namma Cargo’

NHAI daily toll collection through FASTag reaches record Rs 104 cr

K’taka COVID-19 update: 571 new cases, 642 discharges, 4 deaths on Feb 25

Karnataka objects to TN’s surplus Cauvery water claim, decides to fight legally

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.