Okonjo-Iweala Set for WTO Director-General as US Pledges Support, Other Candidate Bows Out

South Korea Trade Minister Yoo Myung-hee dropped her candidacy for World Trade Organization director-general, clearing a path for Nigeria's Finance Minister Ngozi Okonjo-Iweala to be elected. Announcing her decision at a Feb. 5 briefing in Seoul, Yoo said it was made in coordination with the U.S. as a way to reach a consensus among WTO members on the one candidate who will lead the organization, according to a report in The Korea Herald.

The contest was deadlocked between Okonjo-Iweala and Yoo, who has her country's and U.S. support, against near-universal support among other WTO members for Okonjo-Iweala (see 2010280051). “I hope the WTO eases the leadership vacancy problem as soon as possible and restores multilateral trade orders and other major issues,” Yoo said. Without unanimous consent by the deadline, the body can meet in Geneva and vote. The meeting to choose the next director-general was postponed indefinitely in November 2020 (see 2011060040).

The Biden administration announced “its strong support” for Okonjo-Iweala to be the next director-general, in a statement released that same day. “Dr. Okonjo-Iweala brings a wealth of knowledge in economics and international diplomacy from her 25 years with the World Bank and two terms as Nigerian Finance Minister. She is widely respected for her effective leadership and has proven experience managing a large international organization with a diverse membership.”