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World Ch. Schedule : WED 20:00 KST

* Date : 2019-10-31

Episode 74 S. Korea decides 'not to seek developing country status at the WTO'

The South Korean government has said on October 25th it would not further seek the developing country status by the WTO. The decision was made three months after U.S. President Trump has taken shots at some of the countries with such status for receiving unfair preferential trade benefits. The U.S. has previously suggested that nations that fall under the following criteria—OECD member, G20 member, high-income nation, its contribution to the global trade—should not be classified as developing countries.
Trump laid out 11 nations that should change their status. Countries including the UAE and Singapore have already dropped their developing nation status. China, currently involved in a trade war with the U.S., has reportedly decided to maintain its status as a developing country.
Seoul’s decision has spurred concerns over potential damage to the local agriculture sector. But the South Korean government assured it would come up with plans to invest in protecting local farmers’ profits and guaranteeing the safety of their businesses.

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