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S. Korea gives up developing country status at WTO

WTO 개도국 지위 포기, 지역농민들 '격분'

S. Korea gives up developing country status at WTO

 

South Korea said Friday it has decided to give up its developing country status with the World Trade Organization in a concession to the United States over reform of the global trade body.

 

Finance Minister Hong Nam-Ki said there is little possibility that the international community can recognize South Korea as a developing country in future WTO negotiations and added a delay in South Korea's decision could undermine its negotiating power.

 

Local farmers have voiced their opposition to a possible move to drop the status saying they will hold rallies to pressure the government retracting the decision.

 

Acknowledging the frustrations of the farmers, the government vowed to take all necessary measures to protect its agricultural sector although the decision is unlikely to have an immediate impact on farming.

 

South Korea has kept its developing country status since 1995 to protect its sensitive agricultural industry, especially rice production.

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