{"id":2166,"date":"2020-10-09T05:33:26","date_gmt":"2020-10-09T05:33:26","guid":{"rendered":"https:\/\/businessner.com\/?p=2166"},"modified":"2024-01-13T10:23:19","modified_gmt":"2024-01-13T10:23:19","slug":"two-women-make-historic-bid-to-lead-world-trade-organization","status":"publish","type":"post","link":"https:\/\/businessner.com\/two-women-make-historic-bid-to-lead-world-trade-organization\/","title":{"rendered":"Two Women Make Historic Bid to Lead World Trade Organization"},"content":{"rendered":"
For the first time ever in its 25-year history, a woman will lead the World Trade Organization that is composed of 164 member nations and 24 observer governments.<\/p>\n
The WTO has narrowed down the list to two women from a shortlist of eight candidates who will take over the leadership of Director-General Roberto Azevedo who stepped down from the position on August 31 after earlier making an announcement on May 14 that he would be leaving a year earlier than his expected mandate.<\/p>\n
WTO members had narrowed the field of candidates to be the next Director-General as General Council Chair David Walker of New Zealand and his co-facilitators in the selection process announced<\/a> Thursday (October 8) \u00a0that the two candidates advancing to the third and final round of consultations will determine the successor to Roberto Azev\u00eado.<\/p>\n The two top contenders for the Director-General position are Nigeria\u2019s former finance<\/a> minister Ngozi Okonjo-Iweala and South Korean trade minister Yoo Myung-hee.<\/p>\n WTO members from September 24 to October 6 expressed preferences on five remaining candidates during consultations with Amb. Walker, Amb. Dacio Castillo of Honduras and Amb. Harald Aspelund of Iceland.<\/p>\n The position of the WTO Director-General is crucial at a time when the organization aimed at regulating international trade between nations amid growing tensions and an escalating trade war between major economies like the United States and China.<\/p>\n The WTO was established on January 1, 1995, under the Marrakesh Agreement, signed by 123 nations on April 15, 1994, replacing the General Agreement on Tariffs and Trade with the aim of promoting open trade for the benefit of all. The WTO is the world\u2019s largest international economic organization.<\/p>\n The selection of the new Director-General is quite historic as it assures that the 7th Director-General will become the first woman to lead the organization.<\/p>\n According to her biography<\/a> posted at the WTO website, Ms. Okonjo-Iweala from Nigeria is a global finance expert, an economist, and an international development professional for over 30 years. She is currently the Chair of the Board of Gavi, the Vaccine Alliance.<\/p>\n Dr. Okonjo-Iweala, who is also a US national, also served twice as Nigeria\u2019s Finance Minister and briefly acted as Foreign Minister.<\/p>\n She is going to be the first African once chosen as Director-General. She also had a 25-year career at the World Bank.<\/p>\n In her statement<\/a> at the General Council, she said the world needs a \u2018reinvigorated\u2019 WTO claiming the challenges that beset the organization did not start with the current COVID-19 pandemic.<\/p>\n \u00a0\u201cSince 1995, the negotiating function of the WTO has not produced many results and although there have been some successful agreements, key areas like agriculture remain stuck. The WTO appears paralyzed at a time when its rule book would greatly benefit from an update to 21st-century issues such as e-commerce and the digital economy, the green and circular economies. Issues of women and trade and Micro Small and\u00a0 Medium Enterprises (MSMEs) are important to ensure greater inclusion. Bridging the digital divide to enable Least Developed Countries and other developing countries to participate will be key,\u201d Okonjo-Iweala said.<\/p><\/blockquote>\n<\/blockquote>\n Meanwhile, the other top contender for the top post at the WTO is South Korea\u2019s current trade minister Yoo Myung-hee. She is the first female trade minister of the Republic of Korea and started her career in 1995 just when the organization was formed by taking part of WTO affairs in the Korean Ministry of Trade, Industry, and Energy.<\/p>\n In her biography<\/a> submitted at the WTO, a skillful negotiator and strategist, Ms. Yoo has been involved in trade negotiations between her country and countries like the Free Trade Agreements with the United States and China. She has also led bilateral FTA negotiations with countries like the UK, the European Union, other ASEAN countries like Singapore, and India.<\/p>\nFirst woman to lead the World Trade Organization<\/h2>\n
\n