Nigeria’s Ngozi Okonjo-Iweala and South Korea’s Yoo Myung-hee, are the two candidates, out of five, who made the final round of the selection process for the top job of Director General of the World Trade Organization (WTO).
Reports stated that the trio of United Kingdom’s Liam Fox, Kenya’s Amina Chawahir Mohamed Jibril, and Saudi Arabia’s Mohammad Maziad Al-Tuwaijri did not secure enough support needed to scale the second round of consultations.
With two women scaling through to the final round, it is almost certain that the WTO will be led by a woman DG for the first time in the organization’s 25-year history, a report by Reuters stated.
Nigerian born Okonjo-Iweala was Nigeria’s finance minister twice, first in the Olusegun Obasanjo administration and second in the Goodluck Jonathan administration. She has experience working at international governance bodies as a former managing director of the World Bank and as a chairman at the Global Alliance for Vaccines and Immunization.
Yoo has a 25-year career in government and is South Korea’s trade minister. She has helped expand her country’s trade network through bilateral accords with the U.S., China, and the U.K.
WTO General Council Chairman David Walker plans to formally announce the results to the institution’s delegates on Thursday morning in Geneva. The third and final phase of the consultation process will begin later this month and run until Nov. 6, after which the WTO will endeavor to name a consensus winner of the race.
Clouding the outlook for the selection process is the U.S. presidential election Nov. 3. The WTO makes decisions on a consensus basis, and a lack of American support for any of the finalists could mean delays in picking the new director-general.
If WTO members are unable to select a leader by consensus, a vote requiring a qualified majority could be held as a last resort, which would be an unprecedented development for the organization.
The campaign to lead the WTO during the most turbulent period of its 25-year existence is playing out against the backdrop of the pandemic, a worldwide recession, the U.S.-China battle for trade supremacy and the American election.
President Donald Trump has blasted the WTO as the worst trade deal in U.S. history and pledges to overhaul it to better suit the country’s interests.
The vacancy for the top WTO job arose when Brazil’s Roberto Azevedo decided to step down at the end of August, a year before his term was due to end.
WTO members view the race as an opportunity to reshape the organization, whose mission of economic integration is under threat from protectionist policies around the globe. Without reform, it risks being sidelined during the biggest economic crisis in a century.