South Korean Trade Minister Yoo Myung-hee has advanced to the final round of two candidates in the race to become the next director general of the World Trade Organization (WTO).
Nigeria's finance minister and its first female foreign minister (FM) Ngozi Okonjo-Iweala, competes with the south Korean Minister for the same title.
This is the first time for two female to reach the final round of the election, hence, for sure a woman will lead the organization for the 1s time in the history of the WTO since its inception 25 years ago.
If the South Korean candidate take over this post, it will hold two titles; the 1st female WTO Director-General, and the first-ever south Korean national to assume this position.
The luckiest
On his part, William Reich, a senior researcher at the Center for Strategic and International Studies (CSIS) in the United States said in his article: "The two qualified candidates deserve to take over this position. Yet, the South Korean candidate is more fortunate as she enjoys many experiences, after she worked for 25 years in the Korean administrative apparatus and held many posts, foremost of which, the head of the Industrial and Trade Negotiations Department at the Korean Ministry of Commerce, as well as her electoral program, putting a high priority on rebuilding (the World Trade Organization) and restoring its reputation for being the strongest and most effective.”
During her electoral campaign, Yoo has pledged to focus on rebuilding trust in the multilateral organization by making it more "relevant, flexible and responsive," if she is chosen as the director of the organization. Since July 2020, she visited various countries, including Switzerland, the United States, France and Sweden, to garner sufficient support.
The S. Korean candidate stressed that the WTO needs to maximize its role in dealing with negotiations and settling disputes in a multilateral system.
Although her candidacy for this position comes at a difficult time in light of the increasing international protectionism, which has escalated over the past years, driven by the trade dispute between China and Washington. However, the Korean candidate insists that developing the WTO's role in settling disputes will pave the way for the world's two largest economies to improve their relationship.
An ambitious program
Yoo also insists that the new Director-General of WTO must make more efforts to develop a business model for the post-Corona pandemic stage, as Covid-19 has caused great damage to commercial activities, which put stress on major economies around the world.
She also believes that through her position as Director General of the World Trade Organization, she will contribute to strengthening relations and understandings between China and the United States, as well as between developed and developing countries, transparently, "without bias" and wisely to follow the reform plan of the WTO.
Yoo vowed to transfer the Korean experience in the field of economic development to countries in Africa, Asia, Central and South America and the Pacific region, to contribute to their economic growth.
Moreover, Korea is the only country that has jumped from the ranks of underdeveloped countries to an advanced country by revitalizing intra-trade with its trading partners, without relying on imperialism and colonial exploitation to achieve trade exchange, as well as Seoul plans to spread Korean knowledge in developing countries and actively participate in the WTO reform efforts through its candidate Yoo Myung-hee.
Selection mechanism
The General Secretariat of the WTO plans to announce the final result and the name of the new director of the organization before November 7.
In the final round of voting, 164 member states will show the electoral ID card of only one candidate, who this time will be a woman.
The selection process is based on consultations among member states and not on elections. Once the members select the final candidate, the WTO will ratify the choice during a General Council meeting.
The first woman
Yoo Myung-hee assumed the position of Minister of Trade in February last year, becoming the first woman to hold this position in the ministry's 70-year history.
She has decades of experience in signing numerous free trade agreements and proven proficiency in promoting trade and commerce.
Many experts believe that the S. Korean candidate is the right person to lead the reform of the WTO, in order to return to its pioneering position in the face of the job paralysis crisis, and to find a way to recover from the negative repercussions of the Coronavirus.
Governmental support
After announcing the names of the finalists for the last round of WHO leadership, President Moon Jae-in instructed his government Thursday to focus every effort on helping Trade Minister Yoo Myung-hee win the ongoing race to become the head of the World Trade Organization (WTO).
Moon then had a congratulatory phone call with Yoo, during which he said, "You have done well in difficult conditions," Kang told reporters.
Yoo thanked Moon for his active support for her bid, and Moon told her to let him know anytime how the government can better help with it.
So far, Moon has sent personal letters to 35 nations and had phone talks with the leaders of five countries, including German Chancellor Angela Merkel and Russian President Vladimir Putin, requesting their support for Yoo.
This is the first time that a South Korean candidate has advanced to the final round of the race for the presidency of the World Trade Organization, which lasts for four years.
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