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Okonjo-Iwealaâs Path to WTO Clears Hurdle as Korean Quits Race
This content was published on February 5, 2021 - 12:48
February 5, 2021 - 12:48
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South Korean Trade Minister Yoo Myung-hee ended her campaign to lead the World Trade Organization, leaving former Nigerian Finance Minister Ngozi Okonjo-Iweala as the likely candidate for the job and setting up a key decision by WTO members to approve her appointment.
Yoo decided after discussions with the U.S. and other major nations, and took various issues into account including the need to revitalize the multilateral organization, according to a statement from Koreaâs trade ministry on Friday.
Former Nigerian finance minister on track to head WTO Dozens of former US government officials have urged President Joe Biden to endorse Okonjo-Iweala after the Trump administration blocked her selection in 2020 05 February 2021 - 18:16 Bryce Baschuk and Sam Kim Ngozi Okonjo-Iweala. Picture: REUTERS
South Korean Trade Minister Yoo Myung-hee ended her campaign to lead the World Trade Organisation, leaving former Nigerian Finance Minister Ngozi Okonjo-Iweala as the likely candidate for the job and setting up a key decision by WTO members to approve her appointment.
Yoo decided after discussions with the US and other major nations, and took various issues into account including the need to revitalise the multilateral organisation, according to a statement from Korea’s trade ministry on Friday.
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MAZON, VODAFONE and Cairn Energy operate in different industries: e-commerce, telecoms and oil-and-gas exploration, respectively. But they share a common predicament. All are waging legal battles over their Indian operations and doing so outside India.
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The trio are part of a larger wave. Last year nearly 500 cases filed in the Singapore International Arbitration Centre came from India. No other country came close (see chart). The number of Indian parties involved in arbitration through the Paris-based International Chamber of Commerce tripled last year, to 147. More quietly, London remains a crucial centre for India-related commercial spats, as to a lesser extent does The Hague. Two newish arbitration centres in the United Arab Emirates, in Dubai and Abu Dhabi, want in on the game.
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