Former Nigerian Finance Minister, Ngozi Okonjo-Iweala is the only candidate remaining for the World Trade Organization job, after South Korean Trade Minister, Yoo Myung-hee withdrew her bid.
Reliable sources have disclosed that a key decision is being set up by WTO members to approve her appointment.
According to a statement from Korea’s trade ministry on Friday, Yoo’s decision came after taking various issues into account, including the need to revitalize the multilateral organization. Yoo also decided after discussions with the U.S. and other major nations.
In reaction to this development, Yoo said, “There was no consensus,” “So we needed enough time for in-depth consultations with important members, including the U.S.”
Sources also revealed that, Yoo’s 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 favoring Yoo.
The Nigerian, who emerged as the front-runner for the WTO director-general post last year, is also an economist, and is also a citizen of the United States of America.
At the end of the day, the process might be in favour of the Nigerian. If the U.S., Korea and the WTO’s other 162 members join a consensus to appoint Okonjo-Iweala, the WTO can announce a meeting to confirm her appointment within a matter of days.
Her confirmation would make her the first woman and the first African to lead the organization in its 25-year history.