International Trade Minister of South Korea views World Trade Organization at a 'critical crossroads'
The World Trade Organization (WTO) is at a critical juncture, with eight candidates vying for the post of director-general and a pressing need for reform. This historic election sees three women among the contenders, including Yoo Myung-hee, South Korea's candidate, and Amina Mohamed from Kenya, deputy chief of the United Nations secretariat. The other female candidate is Ngozi Okonjo-Iweala, a former Nigerian finance minister.
Yoo Myung-hee, the South Korean trade minister, believes the current economic crisis caused by the Corona pandemic presents a unique opportunity for the WTO. She sees this as a chance for the organization to demonstrate its relevance and flexibility, and to show its ability to adapt to the changing global trade landscape.
The WTO, according to Yoo Myung-hee, needs to be revitalized. She has expressed these views in an interview with the "Handelsblatt." The organization, she believes, can use this opportunity to prove its worth and to address the complexities of modern trade.
The WTO's dispute settlement system, currently paralyzed due to the US blocking new judge appointments, is a major concern. The organization needs to agree on rules for subsidies and market access by summer, as per the new director-general. Addressing the jurisdiction of the controversial WTO appeal courts also requires urgent attention.
Reform ideas from member states are currently still far apart. However, the US and other members have affirmed their commitment to meaningful reform. Ongoing consultations led by Ambassador Petter Ølberg emphasize the need for concrete proposals and behavioral change within the WTO.
New partnerships, such as those between the EU and CPTPP members, are being considered as a way to lead reform efforts and enhance international trade governance amid the US's less predictable trade policy. The European Union has expressed strong support for a structured reform approach, focusing on improving governance and negotiation effectiveness, addressing non-market distortions, and tackling current issues like sustainable agriculture.
As the first selection round for the WTO director-general position approaches this week, the candidates are poised to present their visions for the organization's future. The new director-general will have a crucial role in steering the WTO through the challenges of the current crisis and into a more sustainable and adaptable future.
[1] World Trade Organization Appellate Body Paralyzed Due to US Blocking New Judge Appointments [2] European Union Proposes Structured Approach to World Trade Organization Reform [3] US and Other Members Affirm Commitment to World Trade Organization Reform [4] New Partnerships Considered to Lead World Trade Organization Reform Efforts
- The World Trade Organization (WTO) is facing a challenge in its dispute settlement system due to the US blocking new judge appointments within the Appellate Body.
- The European Union is proposing a structured approach to reform the WTO, focusing on improving governance, negotiation effectiveness, addressing non-market distortions, and tackling current issues like sustainable agriculture.
