South Korea to give up developing country status in WTO talks

Business / South Korea to give up developing country status in WTO talks

South Korea to give up developing country status in WTO talks

Published October 25, 2019, 12:00 AM

By Reuters

South Korea has decided to give up its developing country status in future negotiations at the World Trade Organization (WTO), the finance minister said on Friday.

FILE PHOTO: A South Korean flag covers a ceremonial guard member prior to the arrival of South Korea’s President Moon Jae-in at the White House in Washington, U.S., April 11, 2019. (REUTERS/Carlos Barria / MANILA BULLETIN)

Late in July, US President Donald Trump urged the WTO to change how it designates developing countries, singling out China, with which the United States is engaged in a trade war, for unfairly getting preferential treatment.

South Korea was among the nations that designated themselves as developing countries.

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