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S. Korea conveys concerns over its agriculture industry in deciding developing country status


whether or not to keep South Korea’s
developing country status is the question that trade officials have been
trying to answer with their US counterparts at the World Trade
Organization and Archaea a song has more on the details of that meeting South Korea’s trade minister yoon myung
he said the government has conveyed its stance that the agriculture industry
needs to be taken into account in deciding whether South Korea maintains
its developing country status at the WTO her comments come after a meeting with
US Trade Representative Robert light Heiser and president Trump’s top
economic adviser Larry Kudlow in Washington on Tuesday local time the
trade minister said the u.s. highlighted how some countries that have already
reached certain development levels still get special treatment through their
developing nation status and that this hurts reform and development at the WTO
in July President Trump accused some countries including South Korea that are
among the world’s richest economies of abusing WTO’s developing nation status
she said the US will stop treating such countries as developing nations should
the WTO fail to make substantial progress after 90 days which is October
23rd WTO privileges for developing economies include a longer transition
periods for implementing trade agreements technical assistance and
protection against emergency import restrictions imposed by developed
nations the deprival of such status is expected to hurt South Korea’s farmers
who are protected by subsidies and tariffs on agricultural goods like rice
trade minister you said the government will consider Korea’s national interest
its global economic status the global economic environment and stakeholders
related to the matter and make its decision on whether to keep its WTO at
developing Asian status later this month meanwhile the meeting between government
officials and farmers representatives on Tuesday in Seoul to discuss the issue
ended abruptly after the farmers demand to have the meeting open to the public
was not accepted Kim Ezell arirang news

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