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  Former Nigerian finance minister, Dr Ngozi Okonjo Iweala, is set to become the first woman to lead the World Trade Organization (WTO) after her rival, South Korea’s Yoo Myung-hee withdrew from the race on Friday, February 5, 2021.
Read more about Ngozi Okonjo-Iweala
Dr Iweala was supposed to be announced as the new Director-General of the WTO in November 2020 after gaining the support of the European Union, China, Australia, Japan, and more, but owing to the organization’s style of having a consensus candidate for the position, and the decision of former US President, Donald Trump to have Yoo as the DG meant the selection for the position had to be delayed. In a televised briefing on Friday, Yoo, who is South Korea’s trade minister, revealed that after ‘’close consultation’’ with the US (President Biden appears to favour the Nigerian for the post), she made her decision to withdraw from the race.
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She also mentioned that the WTO has been in need of a new leader for too long. It will be recalled that the WTO, charged with the responsibility of promoting free trade has been without a DG since Roberto Azevêdo (former DG) stepped down from the post, last year after the organization faced a trade war between the US and China. In an interview with CNN in August 2020, Okonjo-Iweala noted that the WTO needed a “fresh look”.
“The WTO needs a leader at this time. It needs a fresh look, a fresh face, an outsider, someone with the capability to implement reforms and to work with members to make sure the WTO comes out of the partial paralysis that it’s in.” Ngozi Okonjo-Iweala
Iweala’s formal selection might have to wait until the US appoints a new trade representative. Source: CNN Featured Image Source: The Guardian NG
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This article was first published on 5th February 2021

ugo-chinedu

I am a Lion, I love to hit heights that seem impossible so I can motivate others and prove doubters wrong. For me, impossible is nothing. I'm open to learning and I love to read, travel and meet new faces.

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