Deputy Prime Minister Hong Nam-ki on Oct. 25 tells a news conference at Government Complex Seoul that Korea will no longer seek benefits as a developing country from the World Trade Organization. (Yonhap News)

By Kim Hwaya

Deputy Prime Minister Hong Nam-ki on Oct. 25 said the country will no longer pursue benefits from its developing country status from the World Trade Organization (WTO).

In a meeting of economy-related ministers at Government Complex Seoul, he said, "We decided to not seek benefits as a developing country in future WTO negotiations."

"Since joining the WTO in 1995, Korea has developed to the level of an advanced nation as it is 12th in the world in GDP and sixth in exports, and has per capita income of USD 30,000. So the international community will find it difficult to consider us a developing nation anymore."

Korea had kept its developing country status after the WTO was formed in 1995, but after joining the Organization for Economic Cooperation and Development a year later, Seoul took advantage of its WTO classification in agriculture and climate change only.

Hong said, "We made the decision based on the premise of flexibility in retaining and exercising our negotiating rights to allow maximum protection of sensitive sectors in agriculture such as rice."

"In future WTO negotiations on agriculture, we will prepare responses to limit damage in the event of an occurrence on domestic agriculture and continuously set other measures to boost the fundamental competitiveness of Korean agriculture."