WTO DG: Okonjo Iweala’s Rival Yoo To Drop Out Of Race As FG Intensifies Lobby

South Korea is withdrawing its candidate, Yoo Myung-hee, after keenly contesting the position of the Director- General of the World Trade Organisation.

Yoo failed to get enough votes from the member countries on October 28.

The move will make Nigeria’s two-time former Finance Minister, Ngozi Okonjo- Iweala, to be the first African and Female D-G of the largest trade bloc.

The Korean government has already notified the US on the development, Washington’s Daily Post reported.

The US had refused to endorse Okonjo- Iweala for the job, saying the South Korean was best fit to reform the WTO.

The WTO’s 164 member states were expected to adopt Okonjo-Iweala as the organization’s director-general by consensus, but the US has declined to give its consent.

But the Federal government said it was making effort to lobby both the US and South Korea to support Okonjo- Iweala, a move which will give her the needed consensus.

The Ministry of Finance earlier said, “Nigeria is currently reaching out to all members of the WTO including the United States and South Korea to overcome the impasse as well as persuade the United States to join the consensus.”

The trade bloc will be meeting on December 17, with the possibility that issues surrounding the job would be on the table.