WORLD South Korea to give up developing nation status at WTO

WORLD

South Korea to give up developing nation status at WTO

CGTN

09:40, October 25, 2019

South Korea has decided to give up its developing nation status at the World Trade Organization (WTO), Yonhap News Agency reported Friday.

9d6496fa62054dada5858f573b380773.png

File photo: VCG

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.

Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue