BEVERLY HILLS, November 24, (THEWILL) -South Korea is set to withdraw its trade minister, Yoo Myung-hee from the race for the World Trade Organisation (WTO) Director General.
According to Washington Trade Daily (WTD), South Korea had already conveyed its decision to the United States, which had been insisting on the selection of Myung-hee.
It quoted people familiar with the development to have disclosed that South Korea was expected to announce its decision to withdraw Myung-hee in the coming days to enable the WTO’s General Council confirm Nigeria’s candidate, Dr. Ngozi Okonjo-Iweala as the head of the global trade body.
THEWILL recalls that the out-going Donald Trump-led presidency blocked Okonjo-Iweala’s adoption as the preferred candidate for the post. However, with Trump’s defeat, the USA under incoming President, Joe Biden, is expected to reverse that decision and abide by the wish of the majority to back the Nigerian candidate.
The WTO had scheduled a General Council meeting for November 9, which was postponed after the Geneva Canton imposed new restrictions on meetings in the face of the sudden surge in Covid-19 cases.
In order to take decisions by the General Council, a quorum of 82 members must be present at the meeting.
A General Council meeting has been scheduled for December 17.
