According to the Agency Yonhap, Seoul decided to withdraw from developing country status in the WTO as a concession to Washington, which requires reform of the organization.
The status of South Korea has been, since 1995, so the Seoul defended the agricultural sector of the country.
In July, the President of the United States Donald trump criticized the practice of WTO lenient towards China and other developing countries in the framework of international trade rules. The White house said that the US will end it, obliging US trade representative Robert Leithiser “use all means available” to achieve from the organization to its members ceased to claim the status of developing countries in case of economic potential suggests otherwise.
The United States has long complained that too many WTO members – about two – thirds define themselves as developing countries to benefit from this status.
The developing country status allows them to get more preferences in the WTO and gives procedural advantages in disputes within the organization.