▲ Hong Nam-gi Deputy Prime Minister and Minister of Strategy and Finance
The government decided to abandon its status as a developing country within the World Trade Organization (WTO).
The government said it held a meeting of the Minister of Foreign Affairs and Economic Affairs at the Seoul government office, presided over by South Korea's deputy prime minister and Minister of Strategy and Finance, and decided not to insist on preferring developing countries for future negotiations.
The government added, however, that it has the right to negotiate flexibility in protecting sensitive areas of our agriculture, such as rice.
The government says that developing countries' preferences will remain unchanged until a new deal is concluded in the future, and that it will take considerable time for future negotiations.
Korea insisted that it was a developing country when it joined the WTO in 1995, but in 1996, it joined the Economic Cooperation and Development Organization (OECD) and declared that it would not insist on the benefits of developing countries other than agriculture and climate change.
As Korea is recognized for preferential benefits in developing countries in the agricultural sector, Korea enjoyed benefits over developed countries in terms of tariff and subsidy reduction rate and implementation period.
(Photo = Yonhap News)