South Korean Commerce Minister holds digital assembly with new WTO chief
SEOUL, March 30 (Yonhap) – South Korea’s Commerce Minister Yoo Myung-hee held a digital assembly on Tuesday with Ngozi Okonjo-Iweala, the brand new head of the World Commerce Group (WTO), and expressed its joint help totally free commerce amid the novel coronavirus pandemic.
Throughout the assembly, Yoo and Okonjo-Iweala pledged to make progress in standardizing the function of the WTO forward of the twelfth WTO Ministerial Convention, scheduled for November this 12 months, in keeping with the Ministry of Commerce, Business and Vitality.
The 2 particularly shared their views to make joint efforts to discover a plan to reorganize the function of the WTO in mediating commerce disputes. The WTO dispute settlement physique has been suspended since December 2019 after the Donald Trump administration refused to nominate new members of the appeals physique.
South Korea and the WTO have agreed to seek out methods to develop cooperation to additionally take care of the COVID-19 pandemic.
Yoo mentioned the WTO has made vital progress in supplying COVID-19 vaccines world wide and recommended that South Korea’s vaccine manufacturing capabilities can also help to others. nation.
The 2 acknowledged that world commerce in medical provides shouldn’t be restricted amid the COVID-19 pandemic, expressing considerations over the vaccine export ban imposed by some international locations.
Yoo additionally known as on the WTO to offer extra alternatives to South Korean officers to be assigned to the group, declaring that solely 4 South Koreans work on this corps, whereas the No.4 financial system of the l Asia was accountable for 2.9% of the price range.
The 2 pledged to decrease gender obstacles within the commerce phase and assist extra girls profit from free commerce. Okonjo-Iweala is the primary lady to steer the WTO.
It was the primary time for Yoo and Okonjo-Iweala to carry a gathering for the reason that final race for the primary WTO job.
Final month, Yoo withdrew her candidacy to steer the Geneva-based group, paving the best way for her Nigerian rival to take the job. Yoo was one of many two finalists. Candidates from six different international locations have dropped out of the competitors in earlier rounds.
Whereas Okonjo-Iweala garnered extra help than Yoo from the 164 WTO member states, the South Korean candidate took a wait-and-see method, with the method of choosing a brand new WTO chief being primarily based on consensus and never on majority vote.
The US, underneath the earlier Trump administration, had expressed help for Yoo.