Two Woman Finalists in Race for WTO Leadership

The World Trade Organization said Nigeria’s Ngozi Okonjo-Iweala and South Korea’s Yoo Myung-hee advanced to the final round in the race to be its director-general, setting the stage for the first woman to lead the 25-year-old organization.

“Our aim continues to be to encourage and facilitate the building of consensus among members, and to assist in moving from this final slate of two candidates to a decision on appointment,” WTO General Council Chairman David Walker said during a meeting Thursday in Geneva.

Walker said the last phase of the selection process will begin on Oct. 19 and run until Oct. 27, after which the WTO will seek to name a consensus winner.

The campaign to lead the WTO during the most turbulent period of its existence is playing out against the backdrop of the pandemic, a worldwide recession, the U.S.-China battle for trade supremacy and the American election. President Donald Trump has blasted the organization as the worst trade deal in U.S. history and pledged to overhaul it to better suit the country’s interests.

Okonjo-Iweala, 66, served two stints as Nigeria’s finance minister and one term as foreign affairs minister. She has experience working at international governance bodies as a former managing director of the World Bank and as a chairman at the Global Alliance for Vaccines and Immunization.

Yoo, 53, is South Korea’s trade minister. During her 25-year career in government, she has helped expand her country’s trade network through bilateral accords with China, the European Union, the U.K. and the U.S.

EU Trade Commissioner Valdis Dombrovskis said the two are “very strong and very experienced” in a Bloomberg Television interview on Thursday in Brussels. EU member states, which unanimously backed both candidates in the previous two rounds, will now hold internal consultations to determine their ultimate preference.

“They’re both very well qualified -- it’s going to be a fight,” said William Reinsch, a trade official in the Clinton administration and senior adviser at the Center for Strategic and International Studies. The top challenge will be “restoring the organization to full strength and viability, and restoring its reputation. “You need members to have confidence that the WTO is capable of solving problems. I think right now that confidence is eroded.”

Ahead of the formal decision, South Korean President Moon Jae-in spoke with Yoo by phone and congratulated her for making it to the final round. Moon told Yoo that she “fought well under difficult circumstances,” presidential spokesman Kang Min-seok told reporters in Seoul on Thursday.

Yoo told Bloomberg TV last month that she wanted the WTO to offer a meaningful platform for the U.S. and China to discuss their trade disputes. She vowed to play the role of mediator, if chosen to lead the organization and to work as a force for multilateralism.

She said having a woman at the helm of the WTO would better foster an “inclusive, diverse, and resilient work place culture.”

Okonjo-Iweala is running as reformer and an outsider, arguing that she can bring a ”clear set of eyes” to a dysfunctional organization.

Okonjo-Iweala previously told Bloomberg TV there are a few priorities for the WTO’s next director-general: reform its dispute settlement system and update the organization’s rulebook to address the economic and technological developments of the 21st century.

“A third one is to make sure at the next ministerial, which is supposed to happen next year, that there are some good outcomes to some of the multilateral negotiations that are ongoing -- in fisheries, for example,” Okonjo-Iweala said.

Read more at Bloomberg.com here

Subscribe to our YouTube channel

QUICKTAKE ON SOCIAL:

Follow QuickTake on Twitter: twitter.com/quicktake

Like QuickTake on Facebook: facebook.com/quicktake

Follow QuickTake on Instagram: instagram.com/quicktake

Subscribe to our newsletter

Email us at quicktakenews@gmail.com

QuickTake by Bloomberg is a global news network delivering up-to-the-minute analysis on the biggest news, trends and ideas for a new generation of leaders.