Finance Minister Hong Nam-ki said on Friday that South Korea needs to "fundamentally review” whether it can maintain developing nation status under the World Trade Organization(WTO).

The minister made the comment in opening remarks delivered at a meeting with the heads of economy-related ministries in Seoul.

Noting that similarly labeled countries have taken issue with Seoul's status, Hong said the issue requires a "very cautious approach" as it could directly impact South Korean agriculture in the future. 

He said that South Korea will take into account national interest, its economic status and economic impact in deciding whether to keep or drop its developing nation status.

The remarks came as U.S. President Donald Trump recently called for WTO reform, raising issue with the trade body's rules that allow relatively advanced countries to receive certain favorable treatment by identifying as a developing nation.