WTO: Okonjo-Iweala gets higher chance as Korean contender backs out

 WTO: Okonjo-Iweala gets higher chance as Korean contender backs out

By Abolaji Adebayo

 

The chance of the former Nigerian Finance Minister, Ngozi Okonjo-Iweala, to lead the World Trader Organisation has been widened as her counterpart from South Korean Trade Minister, Yoo Myung-hee has withdrawn her bid to contest.

Bloomberg reported that Yoo made the decision after discussions with the U.S. and other major nations, and took various issues into account “comprehensively” including the need to revitalise the multilateral organisation, according to a statement from Korea’s Trade Ministry on Friday.

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.

Read More  Forbes names Okonjo-Iweala Africa Person of the Year

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