The Trade Ministry says South Korea has little to gain by maintaining its developing-country status, a World Trade Organization(WTO) self-designation it has maintained since joining the organization in 1995.

This is according to a high-ranking official at the Ministry of Trade, Industry and Energy on Wednesday, who added that there is virtually no negotiation in the future in which Seoul can claim itself as a developing country.

The remarks follow an apparent push by the U.S.’ Donald Trump administration to strip highly-advanced economies of their developing country status in the WTO.

Trump claims that the moniker gives such states “unfair advantages” in the international trade arena. He told his administration in July that it had 90 days to ensure progress has been made to limit the number of officially developing countries. 

Taiwan, Brazil, the United Arab Emirates and Singapore -- all developing countries, according to the WTO -- have said they would cooperate with the White House.

South Korea, a G20 and Organization for Economic Cooperation and Development member state, says it confines the benefits that its developing-country status confers to its agricultural sector.

The Trade Ministry official said that any damages would be minimal in the event South Korea drops the status, adding that the related ministries are discussing the matter.