South Korean candidate for the top post at World Trade Organization (WTO), Yoo Myung-hee on Friday withdrew her bid, this clearing the way for her Nigerian rival to take the post, Yonhap has reported.
She said that the future of the organization had become uncertain following prolonged leadership vacancy.
“Due to the prolonged vacancy of the leadership at the WTO, the future of the organization also has become uncertain,” Yoo said in a press briefing in Seoul.
“To speed up the consensus building among the member countries on selecting a new director-general, I have decided to renounce my candidacy through close cooperation with the United States, our strong ally.”
According to Myung-hee, the U.S which supported her Donald Trump administration, said she was also in consultation with Biden administration.
“Washington, which showed strong support for my candidacy, also respects the decision to step down from the race,” Yoo said, hinting that she has consulted with the new Joe Biden administration as well.
“Trade authorities of South Korea and the U.S. have been working closely under both the Trump and Biden administrations,” she added, ruling out allegations that Seoul and Washington had a disagreement.
Yonhap further reports that the Ministry of Trade, Industry and Energy said in a statement that South Korea would continue to make various contributions to rebuilding and enhancing multilateralism.
The WTO said in October that Ngozi Okonjo-Iweala of Nigeria garnered more support than Myung-hee from the WTO’s 164 member states.
She has been cited as one of the most competitive candidates, based on her experience of working at the World Bank and served two terms as Nigerian finance minister and as a foreign minister.
The new WTO head is expected to be requested to establish a post-pandemic trade paradigm.
“The director-general of the WTO and South Korea will actively work together as we did in the past,” Myung-hee said, adding that Asia’s No. 4 economy will spare no efforts in revitalizing the role of the WTO.
The trade minister said the WTO is currently facing various hurdles, including the economic fallout from the COVID-19 pandemic, along with growing protectionism.
Global warming and the transition towards the digital economy are also among tasks for the Geneva-based body, she added.
Okonjo-Iweala is set to become the first female chief in the organization’s history.
With reports by Yonhap
