Ngozi Okonjo-Iweala. Picture: WIKIMEDIA
Ngozi Okonjo-Iweala. Picture: WIKIMEDIA

Washington — World Trade Organisation (WTO) members will announce two final candidates — Nigeria’s Ngozi Okonjo-Iweala and South Korea’s Yoo Myung-hee — on Thursday to advance to the final round in the race to lead the Geneva-based trade body, according to people familiar with the matter.

By advancing two women to the final round of the selection process, the WTO will likely have the first female director-general in its 25-year history.

Okonjo-Iweala served two stints as Nigeria’s finance minister and one term as foreign affairs minister. She has experience working at international governance bodies as a former MD of the World Bank and as a chair at the Global Alliance for Vaccines and Immunisation.

Yoo is South Korea’s trade minister. During her 25-year career in government, she has helped expand her country’s trade network through bilateral accords with the US, China and the UK.

WTO General Council chair David Walker plans to formally announce the results to the institution’s delegates on Thursday morning in Geneva.

Missed cut

The UK’s Liam Fox, Kenya’s Amina Chawahir Mohamed Jibril, and Saudi Arabia’s Mohammad Maziad Al-Tuwaijri did not secure enough support in the second round of consultations, according to people familiar with the matter.

The third and final phase of the consultation process will begin later in October and run until November 6, after which the WTO will endeavour to name a consensus winner of the race.

Clouding the outlook for the selection process is the US presidential election on November 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 organisation.

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 US-China battle for trade supremacy and the American election.

US President Donald Trump has blasted the WTO as the worst trade deal in US 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 organisation, 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.

Bloomberg

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