WTO DG: Okonjo-Iweala Edges Closer Triumph As Korean Rival Quits

0
103
WTO DG: Okonjo-Iweala Edges Closer Triumph As Korean Rival Quits
WTO DG: Okonjo-Iweala Edges Closer Triumph As Korean Rival Quits - Vantage News Nigeria
WTO DG: Okonjo-Iweala Edges Closer Triumph As Korean Rival Quits

Nigeria’s Ngozi Okonjo-Iweala seem to be inching closer to become the next Director General of the World Trade Organization (WTO) following the withdrawal of her last competitor,  South Korean Trade Minister, Yoo Myung-hee, from the race on Friday.

After Yoo’s exit from the race, Okonjo-Iweala now remains the only candidate for the top job even though her appointment requires the approval of WTO members.

The Korean trade ministry released a statement that Yoo decided to quit the race after discussions with the U.S. and other major nations, and took various issues into account including the need to revitalize the multilateral organization.

“There was no consensus. So we needed enough time for in-depth consultations with important members, including the U.S.”

The withdrawal, according to sources, comes after dozens of former U.S. government officials urged President Joe Biden to endorse Okonjo-Iweala after the Trump administration blocked her selection in 2020, making the U.S. and Korea the only holdouts favouring Yoo.

That opposition was enough to halt the selection process because WTO decisions are made on the basis of a consensus of its members.

The 66-year-old Nigerian economist, who is also a U.S. citizen, emerged as the front-runner for the WTO director-general post last year.

If the U.S., Korea and the WTO’s other 162 members join a consensus to appoint Okonjo-Iweala, WTO can announce a meeting to confirm her appointment within a matter of days.

If confirmed, Okonjo-Iweala would historical become the first woman and the first African to lead the organization in its 25-year of existence.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.