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WTO Top Job: South Korea’s Yoo Myung-hee withdraws her candidacy to clear the way for Okonjo-Iweala’s emergence as the DG of WTO

Nigeria’s former Minister of Finance, Ngozi Okonjo-Iweala’s path to becoming the Director-General of the World Trade Organisation (WTO) got clearer on Tuesday as South Korea withdrew its candidate, Yoo Myung-hee, from the race.

Washington Trade Daily quoted sources as saying that South Korea had notified the United States (U.S.) government of its decision and would make the decision public in the days ahead.

The former coordinating minister of the economy now stands a better chance of being announced as Director General of the WTO.

“Washington refused to accept the recommendation of the selection panel headed by General Council Chair, Ambassador David Walker that Okonjo-Iweala is the most likely candidate of the two to attract consensus.

“This is because she had the largest support of members of the panel at the final round and clearly enjoyed broad support from members from all levels and geographic regions and had done so throughout the process,” it stated.

The report added that South Korea’s Yoo Myung-hee could not garner enough support from members of all levels of development; the developed, developing and least developing countries, as well as geographically compared to the ‘largest’ support received by Okonjo-Iweala.

Myung-hee, South Korea’s candidate and Okonjo-Iweala were the two finalists for the Director-General of the WTO, whose winner would break record as the first female Director-General of the organisation.

However, Okonjo-Iweala’s candidacy suffered temporary setback on October 28, 2020 due to U.S. government’s opposition, but indications have emerged that the U.S. might change its stance following President Donald Trump’s loss in the November 3, 2020 presidential elections.

After the October 28 meeting, the WTO also said Okonjo-Iweala had the best chance of emerging as the consensus candidate.

The General Council meeting scheduled to consider the appointment would hold on December 17, 2020.

Okonjo-Iweala served as Nigeria’s finance minister between 2003 and 2006. She was reappointed to head the finance ministry in 2011. She left Abuja in 2015 following the electoral defeat of Goodluck Jonathan at the presidential election.