South Korea will not seek special status given to developing countries

South Korean finance minister, Hong Nam-ki, stated that South Korea will longer ask for special treatment reserved for developing countries by World Tre Organization in any future dialogues. South Korea's status in developing countries was self-designated.

A self-designated status

In a public dress, Hong stated that South Korean government took decision of t seeking special treatment. He also said that ir current decision is t to let go of developing country status but it intends to longer ask for any special treatment.

With it being Asia's fourth-largest ecomy, South Korea h held on to its developing-country status as a member of WTO since year 1995 in order to protect its agriculture industry alongside imposing a high tariff of more than a total of 500 per cent on imports of rice. anuncement by South Korea will most probably put some amount of pressure on China to also give up its developing-country status.

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A big win for Trump

A South Korean professor, Cheong In-Kyo, stated that it was a big win for Trump as he has continuously asked for world's second-largest ecomy to give up status granted by WTO. A professor, Chung In-Kyo, stated that re may be impacts on South Korean ecomy in near future, all depending on how United States run WTO, talking about American influence of World Tre body.

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decision by South Korea has come at a time when it is involved in a negotiation with US over financial costs of sustaining American forces in South Korea. In dition to this, it was t clear that decision taken would give a boost to Korean nation in dialogues on cost-sharing with US. 

Also, United States President, Donald Trump, mentioned name of South Korea in a list of countries claiming special status even though it was one of world's richest ecomies. Also, Trump warned of stern actions and listed and deemed  Macau, Qatar, Singapore, United Arab Emirates, Mexico, Turkey, China, Brunei, Hong Kong, Kuwait and South Korea t "worthy" of special status.

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(With inputs from ncies)