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

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.