The Peruvian daily El Peruano on Oct. 18 posted a column by former Peruvian Ambassador to China Juan Carlos Capunay, in which he explained why he supports Korean Trade Minister Yoo Myung-hee's bid to head the World Trade Organization. (Screen capture from El Peruano website)

By Kim Hyelin and Lee Jihae

Voices in Latin America are expressing their support for Korean Trade Minister Yoo Myung-hee's bid to head the World Trade Organization. 

The Peruvian daily El Peruano on Oct. 18 ran a column by former Peruvian Ambassador to China Juan Carlos Capunay Sanchez titled "Korea and the World Trade Organization," in which he explained why he supports Minister Yoo's bid. He has also served as his nation's ambassador to Singapore and Japan.  

He said Korea maintains a proactive stance in guaranteeing free trade by participating in the Asia-Pacific Economic Cooperation Forum and signing free trade agreements with Latin American countries such as Chile and Peru. 

Capunay also mentioned Korea's participation in the Free Trade Area of the Asia-Pacific and the Regional Comprehensive Economic Partnership and the Pacific Alliance of Latin American countries.

"The election of the Korean trade minister would ensure that Asia-Pacific and the relevant regional forums get a better understanding of their purposes and tasks given Minister Yoo's familiarity with these tasks," he added.

Capunay said Korea has signed free trade agreements with Peru and many Latin American countries and has favored their development through free trade and productive inclusion that favor small and medium companies. 

Peru gained substantial benefits in productive capacity and bilateral trade with Korea after signing a free trade agreement, given that the spectrum of the accord went beyond the commercial sphere to touch on the purposes of integrated development, including modalities and technology transfer, he added.

As an example, Capunay cited a 2012 agreement on the manufacture in Peru of the KT-1P training aircraft with Korean technology. "This agreement on the transfer of innovation and technology benefited not only the national aviation industry, but also other related sectors," he said.

"The Korean experience in leading international forums and organizations has been very important for developing nations and the international community as a whole," he said, mentioning former U.N. Secretary General Ban Ki-moon and former World Bank President Kim Yong.

"It is important that the election of the next director general of the World Trade Organization substantially benefits the interests of developing countries, especially those in Latin America, as well as the policy of open trade in the Asia-Pacific region."

"Peru and Korea's relations are broad and forward-looking, and also the results of Minister Yoo's efforts in the process." he said. "The election of Minister Yoo will be important for raising Latin American commercial interests in an international context."

Either Minister Yoo or former Nigerian Finance Minister Ngozi Okonjo-Iweala, the two finalists for WHO director general, is expected to be named to the position before Nov. 7.