KUALA LUMPUR, Aug 17 (NNN) — South Korea’s candidate for the post of World Trade Organization (WTO) Director General, Yoo Myung-hee says revamping and building a stronger multilateral trading system (MTS) should be the focus for WTO now amid the prevailing global economic and trade challenges.
During a recent webinar organised by Washington International Trade Association (WITA), Yoo, who is South Korea’s Trade Minister, spoke of her vision for WTO, emphasizing the importance of restoring trust in the multilateral trade system and rebuilding the resilience, relevance and responsiveness of WTO,
“Global trade is facing profound challenges. Weak economic growth, and rising protectionism and trade tensions have been causing strains on global trade.
“Amid this growing uncertainty, the WTO has not been able to pull its weight, with its basic tenets under stress. Negotiations have been deadlocked, and the dispute settlement system has now been paralysed,” Yoo was quoted saying at the webinar in a media statement released by South Korea’s Media Ministry of Trade, Industry and Energy recently.
On global economic challenges, Yoo said last year, global trade contracted for the first time since 2009, while COVID-19 has added fuel to the situation and world trade is expected to fall by about 18.5 percent in the second quarter of this year.
Pointing out that vulnerable countries might have more difficulty in responding to the imminent health and economic crisis, Yoo reiterated the call for a collective will towards the revival of multilateralism and her own commitment towards reaching this goal.
“In the past few weeks, I met many ambassadors in Geneva, and have been speaking with my fellow ministers around the world. There were some recurring common themes in these meetings.
“First is the status quo just won’t work. All the members share the same disappointment, even frustration, that the WTO has fallen behind, not only in response to the pandemic, but in addressing economic realities of the 21st century.
“Second, even though all agree that we need reform, the Members have very diverse views on what kind of reform we should pursue.”
Thirdly, she said members shared a commitment in the MTS.
“Covid-19 crisis has forced us to reflect upon what should be done for the MTS and created a political will to move forward.
“I feel that the best place to start is the collective energy and will of the members that I mentioned.”
On her pitch for the role of WTO DG, she said she had the will and requirements to make WTO more relevant, resilient, and responsive for the next 25 years and beyond.
“We need someone from the outside with a fresh perspective, but who also knows the ins and outs of international trade. We need someone who is not dwelling on the past successes, but who is able to tackle the current problems with current insights.
“We need an effective & informed facilitator, and a co-navigator to navigate these turbulent times and deliver, tangible, meaningful outcomes. The next Director-General should be able to rebuild trust in the Multilateral Trading System.”
Yoo is South Korea’s first woman Trade Minister and is known as an innovator, negotiator, strategist and pioneer in her 25-year career in international trade.
–NNN
