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South Korean Vying to Lead WTO Wants to Mediate China-U.S. Fight

South Korean Vying to Lead WTO Wants to Mediate China-U.S. Fight

The World Trade Organization must be “revitalized” so the U.S. and China can turn to the body to settle their bruising trade disputes, according to South Korea’s trade minister, who is seeking to be the first woman to lead the global group.

Yoo Myung-hee told Bloomberg Television in an interview on Friday that she wants to be a force for multilateralism at a time when a wave of protectionism is overwhelming global trade. The WTO is aiming to announce its new leader by Nov. 7, and one of the biggest tasks for that person will be reducing trade tensions between the world’s two biggest economies.

“The WTO cannot resolve all of them,” she said, adding she would want the WTO to provide a meaningful platform for Washington and Beijing to discuss their trade issues. If named the next director-general, she vowed to play the role of mediator.

Reform of the Geneva-based organization will also be at the top of the agenda for the new leader. The world’s largest economies agree that the organization must evolve to address the shifts in technology and the global trading system that have occurred since 1995.

“It would be naïve to expect that the WTO can resolve everything overnight,” Yoo said. “But still, a well-functioning, revitalized WTO as a forum for negotiation and a forum for dispute settlement, could be part of the solution.”

Yoo, South Korea’s first female trade minister, said having a women lead the WTO could better foster its “inclusive, diverse, and resilient work place culture.”

“It’s high-time for the WTO to be led by a capable woman,” Yoo, said, noting that she has “worked hard” to prove herself in a male-dominant society like South Korea.

Three women and two men are still in the running for the job. The other women in the field are Ngozi Okonjo-Iweala, Nigeria’s former finance minister and former managing director of the World Bank, and Amina Chawahir Mohamed Jibril, Kenya’s former international trade minister. The other two candidates are Mohammad Maziad Al-Tuwaijri, Saudi Arabia’s former minister of economy and planning and Liam Fox, the U.K.’s former secretary of state for international trade.

Yoo’s candidacy has raised concern in Japan, which has sparred with South Korea in recent months at the WTO, including over a decision by Tokyo to restrict exports of electronics components to its neighbor.

“I’ve been reaching out to Japan,” Yoo said, adding, she shares Japans concerns about WTO reform.

“I will convince Japan that I’m best-suited to do the job,” she said.

©2020 Bloomberg L.P.