The South Korean Trade Minister, Yoo Myung-hee, has withdrawn from the World Trade Organisation, WTO race.

The battle to become the next Director General of the World Trade Organization (WTO) was highly contested by Nigeria’s Ngozi Okonjo-Iweala and the South Korean Trade Minister, Yoo Myung-hee.

This means that Okonjo-Iweala now remains the only candidate for the job, which still requires the approval of WTO members.

However, in a statement obtained by The Daily, www.thedaily-ng.com, Korea’s trade ministry noted that Yoo decided to quit the race after discussions with the U.S. and other major nations.

The statement added: “There was no consensus. So, we needed enough time for in-depth consultations with important members, including the U.S.”