South Korea is set to make its final decision on whether to maintain its status as a developing country at the World Trade Organization.
A meeting of officials from related ministries, including Finance Minister Hong Nam-ki, will be held on Friday.
And the results will be announced shortly after the meeting.
It is known that they are leaning towards giving up the status which means giving up special treatment such as longer transition periods for implementing trade agreements, technical assistance, and protection against emergency import restrictions imposed by developed nations.
South Korean farmers have urged the government not to give up the status as it would mean fewer subsidies and higher tariffs on agricultural goods that will hurt farmers.