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S. Korean diplomat elected to lead WTO panel on trade in financial services

All News 15:06 July 15, 2020

SEOUL, July 15 (Yonhap) -- A South Korean diplomat has been elected as the chairman of the World Trade Organization's (WTO) committee on trade in financial services for a one-year term, the foreign ministry said Wednesday.

Yang Seo-jin, the first secretary of the country's diplomatic mission in Geneva, Switzerland, won the chairmanship with the backing of all WTO member states during a committee session on Tuesday.

"His election is expected to serve as an opportunity for South Korea to actively contribute to discussions about financial services within the WTO," the ministry said in a press release.

The committee carries out WTO discussions on matters related to financial services trade and formulates proposals for the WTO Council for Trade in Services. It is also responsible for the review and surveillance of the application of the General Agreement on Trade in Services (GATS).

The committee is one of the four subsidiary bodies under the council. The other bodies are the committee on specific commitments, the working party on domestic regulation and the working party on GATS rules.

Yang's election came as Korea's Trade Minister Yoo Myung-hee is vying to become the new WTO chief to succeed current Director-General Roberto Azevedo of Brazil, who is set to step down next month.


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