Yoo Myung-hee "The Right Person to Restore WTO Functions and Rebuild Trust in the Multilateral Trading System"

General Board Secretary Candidate's Policy Presentation

Yoo Myung-hee, Director General for Trade Management at the Ministry of Trade, Industry and Energy. (Photo by Ministry of Trade, Industry and Energy)

[Asia Economy Reporter Moon Chaeseok] Yoo Myung-hee, head of the Trade Negotiations Division at the Ministry of Trade, Industry and Energy and a candidate for the Director-General of the World Trade Organization (WTO), emphasized on the 16th (local time) that she is the right person to reorganize the WTO system facing a crisis and realize its vision.

At the special general council meeting held at the WTO headquarters in Geneva, Switzerland, Yoo diagnosed that the WTO is facing a fundamental crisis as its negotiation function has stopped and the appellate body, which acts as the supreme court in dispute resolution, has been paralyzed.

She explained, "We have witnessed a difficult situation as protectionism has expanded and trade-related tensions have escalated, and the global crisis caused by the pandemic threatens the WTO’s goal of ensuring the smooth flow of goods and services."

She then emphasized that the WTO must be reborn as a more relevant, resilient, and responsive organization to restore global trust, presenting the core vision as the '3Rs.'

Specific goals include ▲ achieving results in fisheries subsidies and e-commerce negotiations at the 12th Ministerial Conference ▲ reforming the WTO through updating WTO rules, restoring the dispute settlement system, and enhancing implementation and transparency of agreements ▲ and promoting inclusive trade and sustainable development.

She stressed that with 25 years of practical knowledge and expertise in trade, as well as experience as a trade minister and political capabilities, she can realize this vision.

She said, "I have learned that solid groundwork is the basis of negotiations and that concluding negotiations requires political will. I have experience handling the technical details of trade agreements and have been deeply involved in the process of concluding major trade agreements as a trade minister."

She added, "I am confident that I can provide the insight and creative solutions necessary for the restoration and revival of the WTO by utilizing this broad and deep experience and expertise."

Yoo delivered her policy speech for 15 minutes and responded to questions from member countries for 75 minutes on the same day.

The policy presentations of the eight candidates, which began the day before, will continue until the 17th in the order of candidate registration, after which the candidates will campaign for two months targeting member countries.

Subsequently, member countries will consult and elect the next Director-General by early November at the latest.

This content was produced with the assistance of AI translation services.