The path has been cleared for Nigeria’s Ngozi Okonjo-Iweala to become the first woman and the first African to lead the World Trade Organization after South Korea’s candidate, Yoo Myung-hee pulled out of the race for the job.
Yoo took the decision after discussions with the U.S. and other major nations, and taking various issues into account, including the need to revitalize the multilateral organization, according to a statement from Korea’s trade ministry on Friday.
“There was no consensus,” Yoo said. “So we needed enough time for in-depth consultations with important members, including the U.S.”
Ngozi Okonjo-Iweala already enjoyed broad support from WTO members, including the European Union, China, Japan and Australia.
However, the United States, under the Trump administration, had favoured Yoo, complicating the decision-making process since the selection of a new leader requires all WTO members to agree. Okonjo-Iweala’s formal selection may have to wait until after the United States appoints a new trade representative.
Dozens of former U.S. government officials have urged President Joe Biden to endorse Okonjo-Iweala after the Trump administration blocked her selection in 2020, making the U.S. and South Korea the only countries favouring Yoo.
Okonjo-Iweala spent 25 years at the World Bank as a development economist, rising to the position of managing director. If confirmed, Okonjo-Iweala would be the first woman and the first African to lead the organization in its 25-year history.
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