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South Korea's trade ministry said Wednesday it plans to discuss with the World Trade Organization how to rebuild multilateralism in global trade and fight the economic fallout from the virus pandemic.
Trade Minister Yeo Han-koo and WTO Director-General Ngozi Okonjo-Iweala plan to hold a virtual meeting later in the day to share various ideas on normalizing the Geneva-based trade body, according to the Ministry of Trade, Industry and Energy.
During the meeting, Yeo plans to highlight that the upcoming 12th Ministerial Conference at the WTO scheduled to kick off on Nov. 30 should serve as a milestone to rebuild multilateralism in global trade.
"The COVID-19 has had a major impact on the global economy and lives of many people, and the WTO should play a role in overcoming the pandemic," Yeo said in a statement.
The trade minister will also suggest that WTO members expand cooperation in terms of the production and supply of COVID-19 vaccines.
In December, South Korea, along with Canada, Japan, the European Union and other countries, handed in a Trade and Health Initiative to the WTO, urging members to refrain from rolling out excessive restrictions on the trade of medical goods.
Okonjo-Iweala took office in March, after winning a two-way final round of the competition with Yeo's predecessor, Yoo Myung-hee.
Source: YNA
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