By Kim Minji

Minister for Trade Yoo Myung-hee, a candidate for director-general of the World Trade Organization (WTO), on July 16 said in Geneva, "I believe my extensive experience and expertise will enable me to offer insights and creative solutions to restore and revitalize the WTO."

"I have dealt with both the technical details of agreements, as well as engaged in finalizing major trade agreements as Trade Minister," she said in her candidacy speech at WTO headquarters.

"Indeed, the WTO is at a crossroads, with the broader trade environment undergoing fundamental shifts and many questioning the relevance of the multilateral trading system," she added. "The global crisis induced by the pandemic is challenging the WTO's purpose of ensuring the smooth flow of goods and services."

Minister Yoo said her goal "is to make the WTO more relevant, resilient and responsive" to continue the multilateral trading system.

"The WTO needs to keep evolving to become more relevant to changing economic circumstance and realities. The WTO needs to enhance its ability to promote sustainability and inclusiveness to remain resilient as a champion of open trade for the next 25 years and beyond," she added.

"The WTO needs to be more responsive to global challenges and contingencies to uphold the stability and predictability of the multilateral trading system for the benefit of all of its members."

Minister Yoo is one of eight candidates for WTO chief.

The candidate with the lowest approval rate is eliminated and the successful one requires a consensus. The WTO is expected to select its new chief no later than early November.

kimmj7725@korea.kr