South Korean Foreign Minister Park Jin met with the Director General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, who was visiting Korea.
During the meeting, both parties discussed the importance of the recovery of the multilateral trading system, as well as measures to promote economic security and support the participation of developing countries in the WTO.
Ngozi Okonjo-Iweala, the first woman and first African Director-General of the WTO, has held senior positions in the Nigerian Government and has also been Managing Director of the World Bank.
Park assessed that the world is facing a “polycrisis”, with geopolitical conflicts and the disruption of global supply chains. In this context, she highlighted the crucial role of DG Okonjo-Iweala and the WTO, as the center of the multilateral trading system, in restoring the rules-based system. In addition, she expressed Korea’s willingness to continue to cooperate closely with the WTO.
The South Korean minister also highlighted that Korea is strengthening communication on resilient global supply chains and economic security with its partner countries that share common values. He highlighted Korea’s efforts as an active participant in multilateral economic platforms such as the WTO, APEC, G20 and IPEF, in the search for a new economic order.
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Korea, which has grown from an aid recipient country to a donor country through an open multilateral trading system, makes it a priority to share its development experience with developing countries and promote mutual growth through programs that strengthen their capacities, explained Foreign Minister Park.
DG Okonjo-Iweala thanked Korea for its contributions to the WTO, including its support for developing countries. She recognized the modest condition of the Korean economy despite the difficult world economic situation.
In that regard, Okonjo-Iweala called on Korea to play a key role in the recovery of the multilateral trading system and the functioning of the WTO, which is currently threatened by geopolitical conflicts, such as the tension between the United States and China.
He also called on Korea to continue to pay attention and support to developing countries, including African nations, so that they can grow within the free trade system.
Finally, Foreign Minister Park highlighted the low representation of Korean professionals in the WTO Secretariat, despite Korea’s status and contributions in world trade. She called for special attention to be paid to Korean professionals with specialized knowledge and outstanding language skills.
