Lagos, Nigeria (CNN Business) Ngozi Okonjo-Iweala was confirmed as director-general of the World Trade Organization on Monday, becoming the first woman and the first African to lead the global trade body. Okonjo-Iweala was appointed by the WTO after the last remaining rival candidate, South Korean trade minister Yoo Myung-hee, withdrew from the race. An economist and former finance minister of Nigeria, Okonjo-Iweala enjoyed broad support from WTO members including the European Union, China, Japan and Australia. 'Deep reforms'The WTO was established in 1995 with the aim of promoting open trade for the benefit of all. It negotiates and administers rules for international trade and tries to resolve disputes among its 164 members.

Source: CNN February 15, 2021 14:01 UTC