Would the outcome of these negotiations at-least end up creating a path to coin a universally accepted definitions of 'Developing Country' & 'Developed Country'? Is it HDI, industry or by Military Strength Index?
If MSI is taken into account, then India & China are among the most developed nations!
I wouldn't hold my breath. The discussions about developed/developing are probably as old as the distinction itself and (as evidently shown here) many people have to win or loose depending on the classification of a country.
No, they won't. These terms just aren't used any more. That's partly because of the euphemism treadmill, and on the colonial history of these terms.
More importantly: the real world does not conform to any such arbitrary differentiation into a single binary variable.
There just isn't any need for such a classification anyway. If you want to index something to a country's wealth, just use any per-capita economic measure and be done with it. GNP is fine, I'm sure it wouldn't make much of a difference if you used iPhones/per million or the Big Mac Index, instead.
If MSI is taken into account, then India & China are among the most developed nations!