South Korea has decided to give up its developing nation status at the World Trade Organization (WTO), Yonhap News Agency reported Friday.
According to Yonhap, South Korea Finance Minister Hong Nam-ki said there is little possibility that the international community can recognize South Korea as a developing country in future WTO negotiations, adding that a delay could undermine its negotiating power.
"We are in a difficult situation to be recognized as a developing country for any longer in the international community, given South Korea's economic standing," Hong said in a news conference at the foreign ministry in Seoul.
