While this will come into effect during future negotiations, it is to be seen how this will impact its agricultural sector.
On Friday, in a statement South Korea’s finance minister stated, given its enhanced economic status, it is ready to give up the special treatment reserved for developing countries in the World Trade Organization.
Earlier this year in July, U.S. President Donald Trump had pressured the WTO on changing how it designates developing countries, singling out China, for unfairly getting preferential treatment.
South Korea’s developing country status was self-designated.
“The government decided not to seek special treatment as a developing country from future negotiations at WTO,” said Finance Minister Hong Nam-ki in a media briefing.
He went on to add, this decision is “not to forego the developing country status, but is to not seek any special treatment from the negotiations going forward.”