South Korean Trade Minister Yoo Myung-hee has announced last Friday that she was dropping out of the race for the chief position at the World Trade Organization.
“I decided to resign as a candidate through close coordination with the US government, our solid ally, in order to facilitate reaching a consensus among the WTO member countries,” Yoo said during a press briefing in Seoul on Friday.
According to the Korea Herald Newspaper, the Ministry of Trade, Industry and Energy added in a statement that Korea will continue to contribute to the rebuilding and enhancement of multilateralism. It also vowed to play a leading role in global issues, including reform of the WTO, as well as the digital economy and climate change.
“I hope the WTO eases the leadership vacancy problem as soon as possible and restores multilateral trade orders and other major issues” Yoo was quoted as saying. The Korean trade minister had announced her bid in June to become the next director-general of the WTO. She emerged in October as one of two finalists, the other being Nigerian economist Ngozi Okonjo-Iweala.
In her reaction to the news, Okonjo-Iweala twitted that she is grateful for the expression of support from the US for the WTO Director General, “Congratulations to Madam Yoo of Rep. Korea for a hard fought campaign. Thank you President Muhammadu Buhari and all Nigerians for your unflinching support. Thank you friends. Love to my family. Glory to God.”
In another tweet, she said “I look forward to finalizing the process of WTO-DG. My gratitude to HE Cyril Ramaphosa, all African Heads of States, the AUC Chair. Special thanks to ECOWAS Heads of State for outstanding support. I thank PressACP, Miaamormottely, EU, all Officials and Leaders of WTO Members.”
In November, Yoo fell behind Okonjo-Iweala in the final round of consultations among the global trade body’s 164 member states. The WTO proposed making Okonjo-Iweala the next WTO chief, but the selection process fell into limbo as the United States under the former Trump administration publicly endorsed Yoo.
The WTO General Council was set to formally endorse the Nigerian candidate at a special council meeting Nov. 9, but the US blocked it from doing so. At the time, Korea’s Foreign Ministry denied rumors that Yoo might withdraw her candidacy.
ZJ/08/02/2021
By zainab.joaque@awokonewspaper.sl