[Asia Economy New York=Correspondent Baek Jong-min] The United Nations Conference on Trade and Development (UNCTAD) has upgraded South Korea from a developing country to an advanced country. Since the establishment of UNCTAD, South Korea is the first to have its status elevated from a developing country to an advanced country.
On the 2nd (local time), at the 68th Trade and Development Board meeting held at the UNCTAD headquarters in Geneva, Switzerland, the agenda to change South Korea's group was passed unanimously.
Lee Tae-ho, South Korea's ambassador to Geneva, welcomed the decision, calling it "a historic milestone in South Korea's participation in UNCTAD."
According to the founding resolution of UNCTAD, it is officially composed of four groups: Group A, mainly including developing countries in Asia and Africa; Group B, advanced countries; Group C, Latin American countries; and Group D, Russia and Eastern Bloc countries. South Korea was previously included in Group A but has now been reclassified to Group B.
As a result, Group B, which included 31 countries such as the United States, the United Kingdom, Germany, France, and Japan, has increased to 32 countries.
UNCTAD is an intergovernmental organization under the United Nations established to support the industrialization of developing countries and enhance their participation in international trade. It supports policy research on trade and development and technical cooperation for developing countries. South Korea joined in March 1964.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
