S. Korea gives up its developing country status at WTO
- 5 years ago
South Korea has decided to give up its status as a developing country at the World Trade Organization.
Finance Minister Hong Nam-ki said on Friday the government made the decision given Korea's global economic status with a per capita national income of over 30-thousand U.S. dollars, and the external environment with countries like Singapore also giving up their developing country status.
Korea won't be given special treatment as a WTO developing nation in future trade agreements but there won't be any changes to previously signed trade deals.
Finance Minister Hong Nam-ki said on Friday the government made the decision given Korea's global economic status with a per capita national income of over 30-thousand U.S. dollars, and the external environment with countries like Singapore also giving up their developing country status.
Korea won't be given special treatment as a WTO developing nation in future trade agreements but there won't be any changes to previously signed trade deals.