South Korean Trade Minister, Yoo Myung-hee, has withdrawn her bid to lead the World Trade Organisation (WTO), leaving a former Nigerian Finance Minister, Ngozi Okonjo-Iweala, as the only remaining candidate for the job.
Bloomberg reported Friday that this latest development has set up a key decision by WTO members to approve her appointment.
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Yoo decided after discussions with the U.S. and other major nations and took various issues into account including the need to revitalize the multilateral organisation, 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.”
The withdrawal comes after dozens of former U.S. government officials urged President Joe Biden to endorse Okonjo-Iweala after the Trump administration blocked her selection in 2020, making the U.S. and Korea the only holdouts favouring Yoo.
That opposition was enough to halt the selection process because WTO’s decisions are made on the basis of a consensus of its members.
By quitting the race, Yoo would appear to be clearing Okonjo-Iweala’s path to secure the leadership of the Geneva-based institution.
But as the Biden administration forms its trade team, few clues have emerged publicly about whether it will lift U.S. opposition to Okonjo-Iweala’s candidacy.
The U.S. mission at WTO headquarters didn’t immediately respond to Bloomberg’s request for comment.
