Yoon Meets WTO Director-General Ngozi: "We Will Work Together to Establish New Trade Norms"

President Yoon Requests WTO Internship Opportunities
Director-General Ngozi Responds, "Will Consult with Korean Government"
Consensus on Expanding Korean Investment in Africa

President Yoon Suk-yeol stated on the 23rd, "We intend to work together to establish new trade norms such as those for digital trade in line with the changed trade environment and the World Trade Organization (WTO)."

On the same day, President Yoon met with WTO Director-General Ngozi Okonjo-Iweala at the Yongsan Presidential Office and said, "As a country that has grown through trade and has benefited the most from the free trade system represented by the General Agreement on Tariffs and Trade (GATT) and the WTO, a fragmented trade system is not beneficial to Korea either."

Director-General Ngozi responded, "There is an analysis that if the world becomes decoupled and bloc-ified, the global GDP could decline by up to 5% in the long term," adding, "The need to establish digital trade norms is a very timely remark."

She continued, "Today, I visited a Korean company and met young people working in the digital sector, and I saw fantastic developments in the digital field," evaluating, "Korea is already in the future."

In response, President Yoon proposed, "If so, I hope the WTO will take young Korean digital talents as interns and provide them with opportunities to work." Director-General Ngozi also replied, "That is a very good idea. Recently, the WTO has been planning a new program to invite young people from various institutions or governments of each country to learn and gain experience at the WTO for about two years, and I will coordinate well with the head of the Trade Negotiations Headquarters so that young Korean talents can also participate."

Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO) [Photo by Yonhap News]

Additionally, Director-General Ngozi urged President Yoon regarding WTO reform to encourage a more active role by the United States and Korea's efforts for the prompt ratification of the WTO Fisheries Subsidies Agreement. She also requested more attention to Africa concerning supply chain diversification.

President Yoon said, "Since the beginning of my term, I have considered diplomacy with Africa very important, and next year, the Korea-Africa Summit will be held in Seoul," adding, "We intend to invest more in Africa's development going forward."

President Yoon also stated, "In politics, the United Nations (UN), and in economy and trade, the WTO, have led the world’s peace and prosperity through this two-track approach, which I believe is humanity’s greatest achievement," emphasizing, "Disputes between countries must be resolved based on the rule of law within the WTO framework so that related industries can develop with predictability and stable investment."

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