Little is known about Korea’s prominent candidate for the post of WTO Director-General

By voting to run for the post of WTO Director-General, Korea’s Trade Minister Yoo Myung-hee will become the first woman and the third Korean in history to announce a career for this post.

Former Commerce Ministers Kim Chul-su and Bark Tae-ho ran for election in 1994 and 2012, respectively, but without success. If selected, Ms. Yoo Myung-hee will be the CEO of the first largest multilateral trade organization in history.

Excellent negotiator

Ms. Yoo Myung-hee, a veteran trade negotiator, was appointed Korea’s Trade Minister in February 2018 and became Korea’s Prime Minister of Trade since the agency was granted. established in 1948.

It manages about 1,300 employees, of which 30% are women. She is fluent in English and has served as a spokesperson for the presidential office for foreign journalists.

Kim Eui-kyeom, spokesperson for the President of South Korea, commented that Ms. Yoo Myung-hee was able to solve trade-related problems with a strong leadership and control mentality. down to the last detail based on her extensive experience in positions she has held at the Korean Ministry of Commerce, Industry and Energy for the past 20 years.

It has conquered extremely difficult negotiations, especially the trade negotiations with the United States and Japan recently.

As the Prime Minister of Commerce of Korea, Yoo Myung-hee is an innovator, negotiator, strategist and pioneer for 25 years working in the commercial sector.

He dedicated his career to development in multilateral trade from the early days of 1995. At that time, he was in charge of WTO affairs in the Ministry of Trade, Industry and Energy through his role. role is South Korea’s key strategist.

Most recently, she was a negotiator in the Regional Comprehensive Economic Association (RCEP), the Korea-China FTA and the Renegotiation of the Korea-United States FTA (KORUS), among other trade initiatives. .

It redirected Korea’s trade policy in response to changes in the international business environment brought on by Covid-19.

In June 2020 “Post-Covid-19 Trade Policy”, he emphasized international cooperation and set his own rules before the advancement of the digital economy. In addition, it is important to help companies adapt to changes in the global value chain.

Determined to vigorously reform the WTO

With insight and knowledge of the various areas of a trade agreement, he has developed as a catalyst for reconciling the diverse perspectives of the negotiating parties to achieve a trade solution. long-term trade.

Over the years, in establishing WTO and FTA negotiations, with the APEC Secretariat (from 2010 to 2014) and the Korean Embassy in China (from 2007 to 2010), he has worked with other countries. go through all stages of development. It understands that WTO members face various domestic political pressures and needs. He firmly believes that the multilateral system should work for everyone.

Ms. Yoo Myung-hee shared that if she is elected as the director of the WTO, she will do her best in her role as a mediation center to resolve current trade disputes between members. “I will commit to revitalizing the WTO system, which is currently facing the biggest crisis since its inception. Korea is likely to play a bridging role, based on its experience of growth through trade.” “She said at a press conference.

First of all, according to Yoo Myung-hee, the WTO must continue to improve and be more in line with the ever-changing economic realities of the 21st century. The bargaining function must be restored to bring many updates. Essential with rule books, where fishing subsidies and e-commerce should be at the top of the list. Another priority is the need to restore the effective functioning of the dispute resolution mechanism.

Next, the WTO must harness experience and knowledge to achieve a sustainable and inclusive goal in order to be resilient and pioneer open trade for the next 25 years and beyond. Furthermore, the world’s largest trade organization must strengthen mechanisms that address the respective needs and concerns of developing countries so that they can fully integrate into the world trading system.

Last but not least, the WTO must better respond to global challenges and contexts, for the benefit of all members. Part of the mission of the WTO is to maintain the stability and predictability of the multilateral trading system and to contribute to the global effort to solve global problems. The immediate priority is to coordinate members’ efforts to facilitate trade in essential goods and services, as well as assist in a timely recovery in the current Covid-19 pandemic.

According to the Nam Hoai

World and Vietnam