By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: Okonjo-Iweala emerges sole candidate as South Korean rival withdraws from WTO DG race
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
Business

Okonjo-Iweala emerges sole candidate as South Korean rival withdraws from WTO DG race

Agency Report with Okay.ng
By Agency Report with Okay.ng
Published: February 5, 2021
Share
3 Min Read
SHARE

South Korean trade minister Yoo Myung-hee on Friday abandoned her bid to become head of the World Trade Organization, Seoul said, clearing the way for Nigeria’s Ngozi Okonjo-Iweala to become the global body’s first woman and first African director-general.

Yoo had consulted with the United States — her prime backer — and other major countries and “decided to renounce her candidacy”, South Korea’s trade ministry said in a statement.

The process to name a successor to Roberto Azevedo had been deadlocked since October when key WTO ambassadors tapped Okonjo-Iweala as the best pick to lead the organisation but the Trump administration maintained its opposition to her appointment.

The WTO head is normally chosen by consensus, leaving the process at a standstill.

- Advertisement -

Observers suggested that South Korea was under pressure from the United States — a security ally that stations 28,500 troops in the country to defend it from the nuclear-armed North — to keep Yoo in the race.

At the same time, Seoul faced anger from African countries and others for not bowing out.

“Korea is stuck between a rock and a hard place,” one Western trade diplomat told AFP at the time.

The South’s decision to withdraw her candidacy comes two weeks after Joe Biden was sworn in as the new US president.

- Advertisement -

“South Korea will continue to make various contributions to rebuild and enhance the multilateral trade system,” the trade ministry statement said.

The WTO is widely seen as being in need of reform — even before the Covid-19 crisis hit, it had grappled with stalled trade talks and struggled to curb tensions between the United States and China.

The global trade body has also faced relentless attacks from Washington, which has crippled the WTO dispute settlement appeal system and threatened to leave the organisation altogether.

– Final two –

The WTO was destined to have its first woman director-general after the months-long consultations process whittled the candidates down to the final two.

Twice Nigeria’s finance minister Ngozi Okonjo-Iweala, 66, trained as a development economist — she has degrees from Massachusetts Institute of Technology (MIT) and Harvard.

She spent a quarter of a century at the World Bank, rising to be managing director and running for the top role in 2012, and is seen as a trailblazer in her home country.

Similarly, Yoo, 53, is known as a glass-ceiling-breaker in the South’s still male-dominated society.

An English literature graduate of the elite Seoul National University, she set aside her dreams of a literary career to become a trade ministry civil servant, later handling a number of free trade negotiations along the way.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:Ngozi Okonjo-IwealaOkonjo-IwealaYoo Myung-hee
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
Previous Article Biden ramps up US refugee admissions to 125,000 per year
Next Article ASUU faults FG over approval of 20 new private Universities in Nigeria

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Exchange Rate

Okay.ng Logo
Buy Rate ₦1,605.00
Sell Rate ₦1,620.00

Last updated: 4 days ago (June 3, 2025 2:33 pm)

Displayed rates are for informational purposes only and are subject to change.

USD/NGN Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Tinubu Urged by PDP to Cut Fuel and Electricity Costs Amid Eid-el-Kabir Festivities
News
Mike Ejeagha
Mike Ejeagha, Nigerian Highlife Maestro, Dies at 95
News
Tinubu Welcomes Gov Eno to APC as Political Realignments Intensify Across States
Politics Top stories
Super Eagles Rally to Draw Against Russia in International Friendly
Sport
Manchester United Raises Annual Core Profit Forecast to Between £180m and £190m After Europa League Boost
Sport
- Advertisement -
Ad imageAd image

You May Also Like

Ange Postecoglou
Sport

Tottenham Hotspur Part Ways with Ange Postecoglou Despite Europa League Glory

Yusuf Abubakar
Yusuf Abubakar
June 6, 2025
News

Dangote Names Main Refinery Access Road “Bola Ahmed Tinubu Road” in Honor of President

Muhammad A. Aliyu
Muhammad A. Aliyu
June 6, 2025
L-R: Ify Okoye, Digital Creator; Linda Ejiofor-Suleiman, Actress; Stella Erebor, Head Internal Audit, Nigerian Communications Commission; Emanuella Samuel, Comedienne/Actress, Sylvia Musalagani, Safety Policy Manager, Africa, Middle East & Turkey (AMET), Meta, and Nicole Chikwe, founder of The Mummy Summit, during the launch of Instagram teen accounts in Lagos on Wednesday, June 4, 2025
Tech

Meta Launches Teen Accounts on Instagram in Nigeria to Enhance Online Safety for Young Users

Farouk Mohammed
Farouk Mohammed
June 6, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?