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286273796
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Korea [2]
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286273796
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Korea [2]
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collections
Records of the Council of Economic Advisers (Clinton Administration)
Menzie David Chinn's Files
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5215955-20090528F-Seg1-001-004-2016
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Case Number: 2009-0528-F
FOIA
MARKER
This is not a textual record. This is used as an
administrative marker by the Clinton Presidential
Library Staff.
Folder Title:
Korea [2]
Staff Office-Individual:
Council of Economic Advisors-Chinn, Menzie
Original OA/ID Number:
CF 1941
Row:
Section:
Shelf:
Position:
Stack:
16
5
4
3
V
Withdrawal/Redaction Sheet
Clinton Library
DOCUMENT NO.
SUBJECT/TITLE
DATE
RESTRICTION
AND TYPE
001a. fax cover
Name, Phone Number. [CIA Act] (1 page)
06/21/1993
P3/b(3)
sheet
001b. memo
re: South Korea. (3 pages)
06/21/1993
P1/b(1)
001c. report
Economic Challenges. (7 pages)
02/22/1993
P1/b(1)
001d. memo
re: Exports (2 pages)
06/21/1993
P1/b(1)
001e. report
East Asia Notes. (1 page)
06/18/1993
P1/b(1)
001f. memo
re: Ministry of Trade, Industry, and Resources. (2 pages)
04/13/1993
P1/b(1)
001g. memo
re: Wheat (1 page)
06/09/1993
P1/b(1)
002. cable
re: Dialogue with Korea. (7 pages)
03/26/1993
P1/b(1)
003a. fax cover
Name, Phone Number. [CIA Act] (1 page)
06/29/1993
P3/b(3)
sheet
003b. memo
re: Comments on South Korean Economic Issues. (1 page)
06/29/1993
P1/b(1)
003c. cable
re: Five Year Economic Plan (8 pages)
06/17/1993
P1/b(1)
004. cable
re: Dialogue for Economic Cooperation. (2 pages)
07/06/1993
P1/b(1)
COLLECTION:
Clinton Presidential Records
Council of Economic Advisors
Menzie Chinn
OA/Box Number: CF 1941
FOLDER TITLE:
Korea [2]
2009-0528-F
vz1394
RESTRICTION CODES
Presidential Records Act - [44 U.S.C. 2204(a)]
Freedom of Information Act - [5 U.S.C. 552(b)]
P1 National Security Classified Information [(a)(1) of the PRA]
b(1) National security classified information |(b)(1) of the FOIA]
P2 Relating to the appointment to Federal office |(a)(2) of the PRA]
b(2) Release would disclose internal personnel rules and practices of
P3 Release would violate a Federal statute |(a)(3) of the PRA]
an agency [(b)(2) of the FOIA]
P4 Release would disclose trade secrets or confidential commercial or
h(3) Release would violate a Federal statute |(b)(3) of the FOIA)
financial information |(a)(4) of the PRA]
b(4) Release would disclose trade secrets or confidential or financial
P5 Release would disclose confidential advice between the President
information |(b)(4) of the FOIA]
and his advisors, or between such advisors [a)(5) of the PRA]
b(6) Release would constitute a clearly unwarranted invasion of
P6 Release would constitute a clearly unwarranted invasion of
personal privacy |(b)(6) of the FOIA]
personal privacy |(a)(6) of the PRA|
b(7) Release would disclose information compiled for law enforcement
purposes [(b)(7) of the FOIA]
C. Closed in accordance with restrictions contained in donor's deed
b(8) Release would disclose information concerning the regulation of
of gift.
financial institutions [(b)(8) of the FOIA]
PRM. Personal record misfile defined in accordance with 44 U.S.C.
b(9) Release would disclose geological or geophysical information
2201(3).
concerning wells |(b)(9) of the FOIA]
RR. Document will be reviewed upon request.
Withdrawal/Redaction Sheet
Clinton Library
DOCUMENT NO.
SUBJECT/TITLE
DATE
RESTRICTION
AND TYPE
005. cable
re: CIVAIR CRS Imports. (1 page)
07/15/1993
P1/b(1)
006. cable
re: Korean Views on Semiconductor Issues. (5 pages)
05/17/1993
P1/b(1)
COLLECTION:
Clinton Presidential Records
Council of Economic Advisors
Menzie Chinn
OA/Box Number: CF 1941
FOLDER TITLE:
Korea [2]
2009-0528-F
vz1394
RESTRICTION CODES
Presidential Records Act - |44 U.S.C. 2204(a)]
Freedom of Information Act - 15 U.S.C. 552(b)]
P1 National Security Classified Information [(a)(1) of the PRA]
b(1) National security classified information |(b)(1) of the FOIA|
P2 Relating to the appointment to Federal office |(a)(2) of the PRA]
b(2) Release would disclose internal personnel rules and practices of
P3 Release would violate a Federal statute [(a)(3) of the PRA]
an agency |(b)(2) of the FOIA]
P4 Release would disclose trade secrets or confidential commercial or
b(3) Release would violate a Federal statute |(b)(3) of the FOIA]
financial information |(a)(4) of the PRA|
b(4) Release would disclose trade secrets or confidential or financial
P5 Release would disclose confidential advice between the President
information |(b)(4) of the FOIA]
and his advisors, or between such advisors [a)(5) of the PRA]
b(6) Release would constitute a clearly unwarranted invasion of
P6 Release would constitute a clearly unwarranted invasion of
personal privacy |(b)(6) of the FOIA]
personal privacy [(a)(6) of the PRA|
b(7) Release would disclose information compiled for law enforcement
purposes [(b)(7) of the FOIA]
C. Closed in accordance with restrictions contained in donor's deed
b(8) Release would disclose information concerning the regulation of
of gift.
financial institutions [(b)(8) of the FOIA]
PRM. Personal record misfile defined in accordance with 44 U.S.C.
b(9) Release would disclose geological or geophysical information
2201(3).
concerning wells [(b)(9) of the FOIA]
RR. Document will be reviewed upon request.
Withdrawal/Redaction Marker
Clinton Library
DOCUMENT NO.
SUBJECT/TITLE
DATE
RESTRICTION
AND TYPE
001a. fax cover
Name, Phone Number. [CIA Act] (1 page)
06/21/1993
P3/b(3)
sheet
COLLECTION:
Clinton Presidential Records
Council of Economic Advisors
Menzie Chinn
OA/Box Number: CF 1941
FOLDER TITLE:
Korea [2]
2009-0528-F
vz1394
RESTRICTION CODES
Presidential Records Act - [44 U.S.C. 2204(a)]
Freedom of Information Act - 15 U.S.C. 552(b)]
P1 National Security Classified Information |(a)(1) of the PRA]
b(1) National security classified information |(b)(1) of the FOIA]
P2 Relating to the appointment to Federal office [(a)(2) of the PRA
b(2) Release would disclose internal personnel rules and practices of
P3 Release would violate a Federal statute |(a)(3) of the PRA|
an agency |(b)(2) of the FOIA]
P4 Release would disclose trade secrets or confidential commercial or
h(3) Release would violate a Federal statute [(b)(3) of the FOIA]
financial information [(a)(4) of the PRA]
h(4) Release would disclose trade secrets or confidential or financial
P5 Release would disclose confidential advice between the President
information |(b)(4) of the FOIA]
and his advisors, or between such advisors [a)(5) of the PRA]
h(6) Release would constitute a clearly unwarranted invasion of
P6 Release would constitute a clearly unwarranted invasion of
personal privacy |(b)(6) of the FOIA]
personal privacy |(a)(6) of the PRA
b(7) Release would disclose information compiled for law enforcement
purposes |(b)(7) of the FOIA]
C. Closed in accordance with restrictions contained in donor's deed
h(8) Release would disclose information concerning the regulation of
of gift.
financial institutions [(b)(8) of the FOIA]
PRM. Personal record misfile defined in accordance with 44 U.S.C.
h(9) Release would disclose geological or geophysical information
2201(3).
concerning wells [(b)(9) of the FOIA]
RR. Document will be reviewed upon request.
CENTRAL INTELLIGENCE AGENCY
(MO) 06.21. 93 11:08 NO. 1460044823 PAGE
RECEIVED
953
CIA
OPERATIONS CENTER
JUN 21 11 09 AM '93
SITE A
C
WASHFAX MESSAGE RECEIPT
FROM
P3/(b)(3)
[001a]
SUBJECT
SOUTH KOREA ECONOMIC INFORMATION
CLASSIFICATION
CONFIDENTIAL
PAGES
SENT TO:
DELIVER TO:
16
white House
EXTENSION
ROOM
Sit. Room
MARCUS NOLAND
395-3310
REMARKS :- I hope this is useful. Please call if
you have any questions.
UNCLASSIFIED UPON REMOVAL
OF CLASSIFIED ATTACHMENTS [001a]
P3/(b)(3)
Initials: 12 Date: 6/34/2012
2009-0528-F
Withdrawal/Redaction Marker
Clinton Library
DOCUMENT NO.
SUBJECT/TITLE
DATE
RESTRICTION
AND TYPE
001b. memo
re: South Korea. (3 pages)
06/21/1993
P1/b(1)
COLLECTION:
Clinton Presidential Records
Council of Economic Advisors
Menzie Chinn
OA/Box Number: CF 1941
FOLDER TITLE:
Korea [2]
2009-0528-F
vz1394
RESTRICTION CODES
Presidential Records Act - [44 U.S.C. 2204(a)]
Freedom of Information Act - 15 U.S.C. 552(b)]
PI National Security Classified Information [(a)(1) of the PRA)
b(1) National security classified information [(b)(1) of the FOIA]
P2 Relating to the appointment to Federal office |(a)(2) of the PRA]
b(2) Release would disclose internal personnel rules and practices of
P3 Release would violate a Federal statute |(a)(3) of the PRA]
an agency |(b)(2) of the FOIA]
P4 Release would disclose trade secrets or confidential commercial or
b(3) Release would violate a Federal statute [(b)(3) of the FOIA]
financial information [(a)(4) of the PRAJ
b(4) Release would disclose trade secrets or confidential or financial
P5 Release would disclose confidential advice between the President
information [(b)(4) of the FOIA]
and his advisors, or between such advisors |a)(5) of the PRA|
b(6) Release would constitute a clearly unwarranted invasion of
P6 Release would constitute a clearly unwarranted invasion of
personal privacy |(b)(6) of the FOIA]
personal privacy |(a)(6) of the PRA]
b(7) Release would disclose information compiled for law enforcement
purposes [(b)(7) of the FOIA]
C. Closed in accordance with restrictions contained in donor's deed
b(8) Release would disclose information concerning the regulation of
of gift.
financial institutions [(b)(8) of the FOIA]
PRM. Personal record misfile defined in accordance with 44 U.S.C.
b(9) Release would disclose geological or geophysical information
2201(3).
concerning wells [(b)(9) of the FOIA]
RR. Document will be reviewed upon request.
Withdrawal/Redaction Marker
Clinton Library
DOCUMENT NO.
SUBJECT/TITLE
DATE
RESTRICTION
AND TYPE
001c. report
Economic Challenges. (7 pages)
02/22/1993
P1/b(1)
COLLECTION:
Clinton Presidential Records
Council of Economic Advisors
Menzie Chinn
OA/Box Number: CF 1941
FOLDER TITLE:
Korea [2]
2009-0528-F
vz1394
RESTRICTION CODES
Presidential Records Act - [44 U.S.C. 2204(a)]
Freedom of Information Act - [5 U.S.C. 552(b)]
P1 National Security Classified Information [(a)(1) of the PRA]
b(1) National security classified information [(b)(1) of the FOIA]
P2 Relating to the appointment to Federal office |(a)(2) of the PRA
h(2) Release would disclose internal personnel rules and practices of
P3 Release would violate a Federal statute |(a)(3) of the PRA]
an agency |(b)(2) of the FOIA]
P4 Release would disclose trade secrets or confidential commercial or
b(3) Release would violate a Federal statute [(b)(3) of the FOIA]
financial information ((a)(4) of the PRA
b(4) Release would disclose trade secrets or confidential or financial
P5 Release would disclose confidential advice between the President
information [(b)(4) of the FOIAJ
and his advisors, or between such advisors |a)(5) of the PRA|
b(6) Release would constitute a clearly unwarranted invasion of
P6 Release would constitute a clearly unwarranted invasion of
personal privacy [(b)(6) of the FOIA|
personal privacy [(a)(6) of the PRA]
b(7) Release would disclose information compiled for law enforcement
purposes |(b)(7) of the FOIA]
C. Closed in accordance with restrictions contained in donor's deed
b(8) Release would disclose information concerning the regulation of
of gift.
financial institutions [(b)(8) of the FOIA]
PRM. Personal record misfile defined in accordance with 44 U.S.C.
b(9) Release would disclose geological or geophysical information
2201(3).
concerning wells [(b)(9) of the FOIA]
RR. Document will be reviewed upon request.
Withdrawal/Redaction Marker
Clinton Library
DOCUMENT NO.
SUBJECT/TITLE
DATE
RESTRICTION
AND TYPE
001d. memo
re: Exports (2 pages)
06/21/1993
P1/b(1)
COLLECTION:
Clinton Presidential Records
Council of Economic Advisors
Menzie Chinn
OA/Box Number: CF 1941
FOLDER TITLE:
Korea [2]
2009-0528-F
vz1394
RESTRICTION CODES
Presidential Records Act - [44 U.S.C. 2204(a)]
Freedom of Information Act - 15 U.S.C. 552(b)]
P1 National Security Classified Information [(a)(1) of the PRA]
b(1) National security classified information |(b)(1) of the FOIA]
P2 Relating to the appointment to Federal office [(a)(2) of the PRA]
b(2) Release would disclose internal personnel rules and practices of
P3 Release would violate a Federal statute |(a)(3) of the PRA]
an agency [(b)(2) of the FOIA|
P4 Release would disclose trade secrets or confidential commercial or
b(3) Release would violate a Federal statute |(b)(3) of the FOIA]
financial information |(a)(4) of the PRAJ
b(4) Release would disclose trade secrets or confidential or financial
P5 Release would disclose confidential advice between the President
information [(b)(4) of the FOIA]
and his advisors, or between such advisors [a)(5) of the PRA|
h(6) Release would constitute a clearly unwarranted invasion of
P6 Release would constitute a clearly unwarranted invasion of
personal privacy |(b)(6) of the FOIA]
personal privacy |(a)(6) of the PRA|
h(7) Release would disclose information compiled for law enforcement
purposes [(b)(7) of the FOIA]
C. Closed in accordance with restrictions contained in donor's deed
b(8) Release would disclose information concerning the regulation of
of gift.
financial institutions |(b)(8) of the FOIA]
PRM. Personal record misfile defined in accordance with 44 U.S.C.
b(9) Release would disclose geological or geophysical information
2201(3).
concerning wells [(b)(9) of the FOIA]
RR. Document will be reviewed upon request.
Withdrawal/Redaction Marker
Clinton Library
DOCUMENT NO.
SUBJECT/TITLE
DATE
RESTRICTION
AND TYPE
001e. report
East Asia Notes. (1 page)
06/18/1993
P1/b(1)
COLLECTION:
Clinton Presidential Records
Council of Economic Advisors
Menzie Chinn
OA/Box Number: CF 1941
FOLDER TITLE:
Korea [2]
2009-0528-F
vz1394
RESTRICTION CODES
Presidential Records Act - [44 U.S.C. 2204(a)|
Freedom of Information Act - 15 U.S.C. 552(b)]
P1 National Security Classified Information |(a)(1) of the PRA]
b(1) National security classified information |(b)(1) of the FOIA]
P2 Relating to the appointment to Federal office [(a)(2) of the PRA|
h(2) Release would disclose internal personnel rules and practices of
P3 Release would violate a Federal statute |(a)(3) of the PRA]
an agency |(b)(2) of the FOIA]
P4 Release would disclose trade secrets or confidential commercial or
h(3) Release would violate a Federal statute |(b)(3) of the FOIA]
financial information [(a)(4) of the PRA)
b(4) Release would disclose trade secrets or confidential or financial
P5 Release would disclose confidential advice between the President
information |(b)(4) of the FOIA]
and his advisors, or between such advisors [a)(5) of the PRA|
b(6) Release would constitute a clearly unwarranted invasion of
P6 Release would constitute a clearly unwarranted invasion of
personal privacy |(b)(6) of the FOIA]
personal privacy |(a)(6) of the PRA]
h(7) Release would disclose information compiled for law enforcement
purposes |(b)(7) of the FOIA]
C. Closed in accordance with restrictions contained in donor's deed
b(8) Release would disclose information concerning the regulation of
of gift.
financial institutions |(b)(8) of the FOIA]
PRM. Personal record misfile defined in accordance with 44 U.S.C.
b(9) Release would disclose geological or geophysical information
2201(3).
concerning wells |(b)(9) of the FOIA|
RR. Document will be reviewed upon request.
Withdrawal/Redaction Marker
Clinton Library
DOCUMENT NO.
SUBJECT/TITLE
DATE
RESTRICTION
AND TYPE
001f. memo
re: Ministry of Trade, Industry, and Resources. (2 pages)
04/13/1993
P1/b(1)
COLLECTION:
Clinton Presidential Records
Council of Economic Advisors
Menzie Chinn
OA/Box Number: CF 1941
FOLDER TITLE:
Korea [2]
2009-0528-F
vz1394
RESTRICTION CODES
Presidential Records Act - [44 U.S.C. 2204(a)]
Freedom of Information Act - [5 U.S.C. 552(b)]
P1 National Security Classified Information |(a)(1) of the PRAJ
b(1) National security classified information [(b)(1) of the FOIA)
P2 Relating to the appointment to Federal office [(a)(2) of the PRA
b(2) Release would disclose internal personnel rules and practices of
P3 Release would violate a Federal statute [(a)(3) of the PRA]
an agency |(b)(2) of the FOIA]
P4 Release would disclose trade secrets or confidential commercial or
h(3) Release would violate a Federal statute |(b)(3) of the FOIA]
financial information [(a)(4) of the PRA]
h(4) Release would disclose trade secrets or confidential or financial
P5 Release would disclose confidential advice between the President
information |(b)(4) of the FOIA]
and his advisors, or between such advisors |a)(5) of the PRA]
b(6) Release would constitute a clearly unwarranted invasion of
P6 Release would constitute a clearly unwarranted invasion of
personal privacy [(b)(6) of the FOIA]
personal privacy |(a)(6) of the PRA]
h(7) Release would disclose information compiled for law enforcement
purposes |(b)(7) of the FOIA]
C. Closed in accordance with restrictions contained in donor's deed
b(8) Release would disclose information concerning the regulation of
of gift.
financial institutions [(b)(8) of the FOIA]
PRM. Personal record misfile defined in accordance with 44 U.S.C.
b(9) Release would disclose geological or geophysical information
2201(3).
concerning wells |(b)(9) of the FOIA]
RR. Document will be reviewed upon request.
Withdrawal/Redaction Marker
Clinton Library
DOCUMENT NO.
SUBJECT/TITLE
DATE
RESTRICTION
AND TYPE
001g. memo
re: Wheat (1 page)
06/09/1993
P1/b(1)
COLLECTION:
Clinton Presidential Records
Council of Economic Advisors
Menzie Chinn
OA/Box Number: CF 1941
FOLDER TITLE:
Korea [2]
2009-0528-F
vz1394
RESTRICTION CODES
Presidential Records Act - |44 U.S.C. 2204(a)]
Freedom of Information Act - 15 U.S.C. 552(b)]
PI National Security Classified Information [(a)(1) of the PRA]
b(1) National security classified information [(b)(1) of the FOIA]
P2 Relating to the appointment to Federal office |(a)(2) of the PRA]
h(2) Release would disclose internal personnel rules and practices of
P3 Release would violate a Federal statute ((a)(3) of the PRA]
an agency |(b)(2) of the FOIA]
P4 Release would disclose trade secrets or confidential commercial or
b(3) Release would violate a Federal statute |(b)(3) of the FOIA]
financial information |(a)(4) of the PRAJ
b(4) Release would disclose trade secrets or confidential or financial
P5 Release would disclose confidential advice between the President
information [(b)(4) of the FOIA]
and his advisors, or between such advisors |a)(5) of the PRA|
b(6) Release would constitute a clearly unwarranted invasion of
P6 Release would constitute a clearly unwarranted invasion of
personal privacy |(b)(6) of the FOIA]
personal privacy |(a)(6) of the PRA]
b(7) Release would disclose information compiled for law enforcement
purposes |(b)(7) of the FOIA]
C. Closed in accordance with restrictions contained in donor's deed
b(8) Release would disclose information concerning the regulation of
of gift.
financial institutions [(b)(8) of the FOIA]
PRM. Personal record misfile defined in accordance with 44 U.S.C.
b(9) Release would disclose geological or geophysical information
2201(3).
concerning wells |(b)(9) of the FOIA]
RR. Document will be reviewed upon request.
DEPARTMENT OF STATE
(FR) 06.18. '93 20:42 NO. 1460120607 PAGE
WASHFAX RECEIPT
USE
UPON CHMENTS REMOVAL
DEPARTMENT OF STATE
UNCLASSIFIED Date: 7/26/2012
is
'93 JUN 18 PB134
B
S/S #
7
100484
MESSAGE NO.
FROM: Anne Dare
CLASSIFICATION E Confidential No. Pages $
6479038
7256
(Officer name)
(Office symbol)
(Extension)
(Room number)
MESSAGE DESCRIPTION
TO: (Agency)
DELIVER TO:
Extension
Room No.
Marcus Noland CEA
3310
328
FOR:
CLEARANCE
INFORMATION
PER REQUEST
COMMENT
REMARKS:
Marcus - This calele
from March 1993 give
of how the new initiative Started
bachground an the PEI
S/S Officer:
out.
MHW
Ame
May cl have URGENT a copu of your paper?
Withdrawal/Redaction Marker
Clinton Library
DOCUMENT NO.
SUBJECT/TITLE
DATE
RESTRICTION
AND TYPE
002. cable
re: Dialogue with Korea. (7 pages)
03/26/1993
P1/b(1)
COLLECTION:
Clinton Presidential Records
Council of Economic Advisors
Menzie Chinn
OA/Box Number: CF 1941
FOLDER TITLE:
Korea [2]
2009-0528-F
vz1394
RESTRICTION CODES
Presidential Records Act - |44 U.S.C. 2204(a)]
Freedom of Information Act - 15 U.S.C. 552(b)]
P1 National Security Classified Information [(a)(1) of the PRA]
b(1) National security classified information [(b)(1) of the FOIA]
P2 Relating to the appointment to Federal office |(a)(2) of the PRA]
b(2) Release would disclose internal personnel rules and practices of
P3 Release would violate a Federal statute [(a)(3) of the PRA]
an agency [(b)(2) of the FOIA]
P4 Release would disclose trade secrets or confidential commercial or
b(3) Release would violate a Federal statute |(b)(3) of the FOIA]
financial information [(a)(4) of the PRAJ
b(4) Release would disclose trade secrets or confidential or financial
P5 Release would disclose confidential advice between the President
information [(b)(4) of the FOIA]
and his advisors, or between such advisors [a)(5) of the PRA)
h(6) Release would constitute a clearly unwarranted invasion of
P6 Release would constitute a clearly unwarranted invasion of
personal privacy |(b)(6) of the FOIA]
personal privacy |(a)(6) of the PRA]
b(7) Release would disclose information compiled for law enforcement
purposes |(b)(7) of the FOIA]
C. Closed in accordance with restrictions contained in donor's deed
b(8) Release would disclose information concerning the regulation of
of gift.
financial institutions |(b)(8) of the FOIA]
PRM. Personal record misfile defined in accordance with 44 U.S.C.
b(9) Release would disclose geological or geophysical information
2201(3).
concerning wells [(b)(9) of the FOIA]
RR. Document will be reviewed upon request.
Withdrawal/Redaction Marker
Clinton Library
DOCUMENT NO.
SUBJECT/TITLE
DATE
RESTRICTION
AND TYPE
003a. fax cover
Name, Phone Number. [CIA Act] (1 page)
06/29/1993
P3/b(3)
sheet
COLLECTION:
Clinton Presidential Records
Council of Economic Advisors
Menzie Chinn
OA/Box Number: CF 1941
FOLDER TITLE:
Korea [2]
2009-0528-F
vz1394
RESTRICTION CODES
Presidential Records Act - |44 U.S.C. 2204(a)]
Freedom of Information Act - [5 U.S.C. 552(b)]
PI National Security Classified Information |(a)(1) of the PRAJ
b(1) National security classified information |(b)(1) of the FOIA]
P2 Relating to the appointment to Federal office [(a)(2) of the PRA]
b(2) Release would disclose internal personnel rules and practices of
P3 Release would violate a Federal statute |(a)(3) of the PRA|
an agency [(b)(2) of the FOIA]
P4 Release would disclose trade secrets or confidential commercial or
b(3) Release would violate a Federal statute [(b)(3) of the FOIA]
financial information [(a)(4) of the PRA]
h(4) Release would disclose trade secrets or confidential or financial
P5 Release would disclose confidential advice between the President
information |(b)(4) of the FOIA]
and his advisors, or between such advisors [a)(5) of the PRAJ
b(6) Release would constitute a clearly unwarranted invasion of
P6 Release would constitute a clearly unwarranted invasion of
personal privacy [(b)(6) of the FOIA]
personal privacy |(a)(6) of the PRA]
b(7) Release would disclose information compiled for law enforcement
purposes |(b)(7) of the FOIA]
C. Closed in accordance with restrictions contained in donor's deed
b(8) Release would disclose information concerning the regulation of
of gift.
financial institutions |(b)(8) of the FOIA]
PRM. Personal record misfile defined in accordance with 44 U.S.C.
b(9) Release would disclose geological or geophysical information
2201(3).
concerning wells [(b)(9) of the FOIA]
RR. Document will be reviewed upon request.
346
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FOLDER TITLE:
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FINANCE
these duties. Panel members will be chosen
from among former bank presidents, large
Don't Bank on It
bank borrowers and shareholders of banks.
But analysts say none is likely to challenge
the ministry's wishes, as this would jeo-
Seoul's reforms could give government upper hand
pardise his sinecures, funding needs or
shareholdings.
Nor are the bad-debt troubles of banks
By Ed Paisley in Seoul
ment industrial- and sector-policy loans by
likely to disappear anytime soon. This
private banks will cease by the end of 1996
dilemma is likely to leave banks beholden
T
he arrest in April of Donghwa Bank
and truly private banks will be fully opera-
to the dictates of the Ministry of Finance to
president Ahn Young Mo has
tional by the end of Kim's term in 1997.
ensure access to government financial sup-
caused more than a stir among
But important portions of the document
port. Instead of tackling the estimated Won
South Korean policymakers. Ahn has been
are ambiguous.
10.2 trillion of problem loans head-on by
charged with accepting Won 800 million
"Because of the commercial banks' bad-
allowing banks to begin writing them off,
(US$998,000) in bribes from customers in
loan problems and our history of directed
the government has decided to postpone
exchange for loans and with using the cash
credit, we cannot move much faster," a
the problem until 1994.
to pay off politicians to gain access to gov-
Ministry of Finance official says. He says
Government officials say limited tax
ernment-controlled credits.
the difficulties of attaining a consensus
relief will be offered to banks next year to
Ahn's banking techniques are not un-
among officials on who should be allowed
allow them to clean up their books. The
usual. Analysts point out that borrowers
to own a bank forced planners to "muddle
government will also continue to load
and lenders in South Korea often under-
through" on basic reforms.
them down with new policy loans until
take questionable practices in the heavy
For instance, the Ministry of Finance in
1996. ''It's like asking the banks to pedal a
competition for loans in a government-
the past has appointed the heads of most
bike with only the right foot while drag-
administered financial system. Four other
private banks. Under the new plan, a nine-
ging the other along the curb," an analyst
South Korean bank presidents, several poli-
member panel that it selects will handle
says.
ticians and at least one bank regulator
Officials at the Ministry of Finance
have fallen foul of the government's in-
Freer Money
concede that the plan does not address
vestigation into allegedly corrupt bank-
some of the pressing problems faced by
ing practices.
South Korea's five-year
banks. But they are adamant that the
A new financial-reform package by the
timetable of financial reform will be fol-
Ministry of Finance, however, promises
financial reform plan
lowed, noting that President Kim has
to put an end to many of the dubious
practices in the industry. Unveiled on 29
1993
honoured the commitments to change
made to the US by the previous Roh Tae
May, the ministry's five-year plan will re-
Interest rates liberalised on all loans,
Woo administration.
place most government controls by the
except policy loans, and on deposits of
According to the Ministry of Finance's
end of 1997. The ministry hopes the re-
over two years
plan, nearly 90% of South Korea's bank-
forms will help foster a more competitive
Government policy loans frozen;
lending rates and 30% of all deposit rates
financial sector.
credit controls in place
will be liberalised by year-end. "There are
Despite its good intentions, some ana-
significant improvements in this plan
lysts doubt whether the Ministry of Fi-
Banks to underwrite public bonds;
compared to previous plans," says an
nance can deliver the goods. They point
merchant banks to underwrite and
official. He adds that the liberalisation of
out that the reform plan contains only
deal in corporate bonds
interest rates on public and private bonds
vague commitments to transfer control of
Major shareholders of financial firms to
began this year, not in 1995 as promised
the financial system into private hands.
erect "Chinese wall" between company
by Roh.
Moreover, it leaves largely intact what
and their other businesses
Even if the Kim administration holds
many analysts say is the breeding ground
1994-95
to the reform timetable, it is unclear when
for corruption a highly politicised fi-
banks will ever become totally independ-
nancial system.
interest rates to float for short-term money
ent of the government. For example, the
"There is little positive to say about
market instruments and central-bank loans
Ministry of Finance's plan calls for a
the plan," a foreign banker says. "What is
Central-bank policy loans to be shifted
"Chinese wall" to be created this year
legal" under the plan "and what is per-
to specialised banks and/or government
between bank owners and their business
mitted under administrative guidance are
budget; credit controls limited to top 10
affiliates to ensure that family-run con-
two different things," he says, referring
congiomerates
glomerates do not gain control of the
to the opaque administrative system
Creation of financial congiomerates
banking system.
through which the government controls
credit.
encouraged; limit on ownership of
But in 1994, the government will en-
financial firms by major shareholders of
courage the development of financial-
So gradual is the pace of reform out-
lined in the plan that analysts say it ap-
big business groups to be reduced from 8%
service conglomerates. The task of decid-
ing which business groups qualify will
pears that even President Kim Young
1996-97
be left to the Kim administration, how-
Sam's reform-minded advisers are loath
to lose control of credit levers or private
All deposit and lending rates liberalised
ever.
banks. And that, they warn, could be
except demand deposits
Analysts say the situation could leave
the government in firm control of the
disastrous for the economy, as the real
Rates on government policy loans fully
financial system. If so, more bank
cost of money in South Korea's banking
liberalised
presidents in search of funding may end
market hovers at 7-12%
Maximum shareholding for financial
up treading the well-worn path to
Under the Ministry of Finance's re-
conglomerates to be sets
politicians and bureaucrats - and
form plan, most bank-lending rates will
possibly face criminal charges for their
be freed by year-end. Subsidised govern-
efforts.
10 JUNE 1993
FAR. EASTERN ECONOMICEREVIEW
67
2
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06/17/1993
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COLLECTION:
Clinton Presidential Records
Council of Economic Advisors
Menzie Chinn
OA/Box Number: CF 1941
FOLDER TITLE:
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2009-0528-F
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COLLECTION:
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Council of Economic Advisors
Menzie Chinn
OA/Box Number: CF 1941
FOLDER TITLE:
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2009-0528-F
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LIMITED OFFICIAL USE
INCOMING
TELEGRAM
Department of State
PAGE 01 OF 02 SEOUL 06433 00 OF 03 0108477
SHB6303
SEOUL 06433 00 OF 03 0108472
SHB6303
ACTION EAP-00
ACCELERATE THE TIMETABLE FOR LIBERALIZING CAPITAL
TRANSACTIONS. HE ALSO STRESSED THAT THE FINANCIAL REFORMS
INFO LOG-00 AID-00 AIT-03 CEA-01 CIAE-00 CTME-00 C-01
PROPOSED IN THE BLUEPRINT WERE IN THE COUNTRY'S OWN INTEREST
OASY-00
DODE-00
EB-00
EXIM-06
E-01
FRB-03
H-01
AND NOT THE RESULT OF FOREIGN PRESSURE.
TEDE - 00
INR-00
ITC-01
JUSE-00
ADS-00
NSAE-00
NSCE-00
OMB-01
OPIC-08
SNP-00
SP-00
SS-00
STR-16
USIE-00
BLUEPRINT HIGHLIGHTS
CORE-00
/045W
D1E674 010914Z /21 38
R 010848Z JUL 93
3. (U) HIGHLIGHTS OF THE BLUEPRINT INCLUDE:
FM AMEMBASSY SEOUL
TO SECSTATE WASHDC 6894
INTEREST RATE DEREGULATION: TO IMPROVE THE ENVIRONMENT FOR
INFO USDOC WASHDC
INDIRECT MONETARY CONTROL, THE GOVERNMENT PLANS TO ADVANCE THE
TREASURY WASHDC
IMPLEMENTATION OF THE FOUR-STAGE INTEREST RATE DEREGULATION
AMEMBASSY TOKYO
PLAN ANNOUNCED IN AUGUST 1991; DEREGULATION OF MONETARY
AMEMBASSY SINGAPORE
STABILIZATION AND TREASURY BONDS WILL BE ADVANCED TO 1993. BY
AIT TAIPEI 2724
1997 ONLY SHORT TERM DEPOSIT INTEREST RATES WOULD REMAIN
AMCONSUL HONG KONG
CONTROLLED. COMMENT: THE SCHEDULE FOR DECONTROLLING INTEREST
RATES IS VIRTUALLY UNCHANGED FROM THAT PROPOSED IN THE
FINANCIAL SECTOR LIBERALIZATION PLAN. END COMMENT.
LIMITED OFFICIAL USE SEOUL 06433
MONETARY CONTROL: TO EASE THE CONVERSION FROM DIRECT TO
TREASURY FOR OASIA/MBRETTSCHNEIDER
INDIRECT MONETARY CONTROL, THE GOVERNMENT WILL TAKE A NUMBER OF
STEPS INCLUDING: THE MARKET FOR SHORT TERM DEBT INSTRUMENTS
USDOC FOR 4430/1EP/OPB/EAP/JDONIUS
WILL BE REINVIGORATED, BANKS ENCOURAGED TO USE A VOLUNTARY
USTR FOR RCASSIDY/PCOLLINS
RESERVE DEPOSIT (VRD) SYSTEM, AND OPEN MARKET OPERATIONS
INTRODUCED BASED ON TRANSACTIONS IN TREASURYS AND OTHER PUBLIC
DEPARTMENT FOR EAP/K RICHARDSON AND HEIDT
BONDS.
CREDIT CONTROL FOR LARGE BUSINESSES: CREDIT CONTROLS
E.O. 12356: N/A
ORIGINALLY DESIGNED TO LESSEN ECONOMIC CONCENTRATION WILL BE
TAGS: EFIN, KS
GRADUALLY RELAXED TO ALLOW MORE FLEXIBILITY IN THE OPERATION OF
SUBJECT: ROKG ANNOUNCES FINANCIAL LIBERALIZATION BLUEPRINT
BANK AND NON-BANK FINANCIAL INSTITUTIONS.
REF: A) SEOUL 5397, B) SEOUL 6054
MANDATORY LENDING TO SMALL BUSINESSES: THE REQUIREMENT THAT
1. (U) SUMMARY: ON JUNE 29 THE ROKG PUBLICLY ANNOUNCED THE
BANKS FUNNEL A CERTAIN SHARE OF TOTAL LENDING TO SMALL
THIRD STAGE FINANCIAL SECTOR LIBERALIZATION BLUEPRINT, WHICH
BUSINESSES WILL BE PHASED OUT; THE GOVERNMENT WILL ALSO REDUCE
SUPPLEMENTS THE FINANCIAL SECTOR LIBERALIZATION PLAN RELEASED
ITS POLICY LOANS TO SMALL BUSINESSES AND ENCOURAGE GREATER USE
MAY 28 (REF A). THE BLUEPRINT PROPOSES A WIDE RANGE OF
OF CREDIT GUARANTEES AT MARKET RATES.
MEASURES DESIGNED TO FREE THE KOREAN FINANCIAL INDUSTRY FROM
UNNECESSARY GOVERNMENT RESTRICTIONS AND MAKE IT MORE
SHORT TERM MONEY MARKETS: THE CALL AND BILL BROKER MARKETS
COMPETITIVE INTERNATIONALLY. AMONG OTHERS, STEPS PROPOSED
WILL BE ENCOURAGED, AS WELL AS THE CREATION OF SHORT-TERM
INCLUDE THE DEREGULATION OF INTEREST RATES, A FURTHER OPENING
FINANCE COMPANIES TO ACT AS BROKERS; NEW SHORT-TERM PRODUCTS
OF THE FOREIGN EXCHANGE AND CAPITAL MARKETS, A SHIFT FROM
TIED TO MARKET RATES WILL BE INTRODUCED.
DIRECT TO INDIRECT MONETARY CONTROL, AND A FURTHER RELAXATION
OF RESTRICTIONS ON FOREIGN INVESTMENT IN THE SECURITIES AND
FOREIGN EXCHANGE AND CAPITAL MARKETS: EXCHANGE RATES WILL BE
BANKING INDUSTRIES. PRESS REACTION HAS BEEN RELATIVELY
ALLOWED TO FLUCTUATE MORE FREELY AND THE UNDERLYING
POSITIVE. THE U.S. BANKING COMMUNITY HAS WELCOMED THE
DOCUMENTATION REQUIREMENTS EASED; IN LIGHT OF ITS IMPACT ON
DIRECTION OF REFORM, BUT EXPRESSED CONCERN ABOUT THE PACE AND
DOMESTIC FINANCIAL MARKETS, EXCHANGE RATE AND MONEY SUPPLY,
VAGUENESS OF SOME REFORMS, AS WELL AS SOME SKEPTICISM ABOUT
DIRECT AND PORTFOLIO INVESTMENTS WILL BE LIBERALIZED; IN LIGHT
WHETHER THE ROKG WILL RELINQUISH CONTROL IN AREAS IT SAYS IT
OF MACROECONOMIC CONDITIONS, KOREAN RESIDENTS WILL BE ALLOWED
WILL LIBERALIZE. ATTENTION WILL NOW BE FOCUSSED ON THE PACE OF
TO BORROW OFFSHORE. THE PAYMENT PERIOD UNDER THE DEFERRED
IMPLEMENTATION. END SUMMARY.
IMPORT PAYMENT SYSTEM WILL BE EXTENDED TO CONFORM TO
INTERNATIONAL STANDARDS (1996/97)
BLUEPRINT ANNOUNCED
SECURITIES MARKETS: THE REQUIREMENTS FOR OPENING
FOREIGN-OWNED SECURITIES FIRMS WILL BE RELAXED; FOREIGN FIRMS
2. (U) ON JUNE 29 THE MINISTRY OF FINANCE (MOF) RELEASED THE
WILL BE ALLOWED TO OPERATE AS INVESTMENT TRUSTS, INVESTMENT
TEXT OF THE ROKG'S THIRD STAGE FINANCIAL LIBERALIZATION
CONSULTANTS, AND CREDIT ANALYSIS FIRMS.
BLUEPRINT. IN A MEETING WITH THE PRESS, MOF ASSISTANT MINISTER
MONETARY STABILIZATION BONDS: THE PERCENTAGE OF MONETARY
LIM CHANG-YUEL REVIEWED THE SCOPE OF THE BLUEPRINT, NOTING THAT
STABILIZATION BONDS REQUIRED TO BE PURCHASED BY CERTAIN TRUST
IMPLEMENTATION OVER FIVE YEARS SHOULD PROVIDE SUFFICIENT TIME
ACCOUNTS WILL BE LOWERED IN STAGES TO ZERO.
FOR THE BUSINESS SECTOR TO PREPARE FOR CHANGES. THE FINANCIAL
PLAN, LIM SAID, WILL HELP KOREA MODERNIZE AND INTERNATIONALIZE
-- INVESTMENT IN DOMESTIC BANKS: FOREIGN EQUITY PARTICIPATION
ITS FINANCIAL SYSTEM AND SPEED THE COUNTRY'S ENTRY INTO THE
IN DOMESTIC BANKS WILL BE AUTHORIZED (1996/97).
OECD, PLANNED FOR 1996. ACCORDING TO PRESS REPORTS, LIM
FURTHER NOTED THAT IF ECONOMIC CONDITIONS PERMIT, UNSPECIFIED
PUBLIC REACTION POSITIVE
"SUPPLEMENTARY MEASURES" COULD ALLOW THE GOVERNMENT TO
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PAGE 02 OF 02 SEOUL 06433 00 OF 03 0108472
SHB6303
4. (U) PRESS COVERAGE HAS BEEN GENERALLY FAVORABLE, WITH MANY
KOREAN LANGUAGE DAILIES NOTING THAT THE PROPOSALS CONTAINED IN
THE BLUEPRINT SHOULD MAKE KOREAN BUSINESSES MORE EFFICIENT AND
STRENGTHEN INTERNATIONAL COMPETITIVENESS. SOME PAPERS REPEATED
CONCERNS, OFTEN VOICED BY MOF, THAT OPENING CAPITAL MARKETS AND
FREEING FOREIGN EXCHANGE CONTROLS WOULD MAKE IT MORE DIFFICULT
TO MANAGE THE MONEY SUPPLY AND COULD ADD INFLATIONARY
PRESSURES; FOR THESE REASONS THEY URGED THE GOVERNMENT TO
PROCEED CAUTIOUSLY. MOST VIEWED GREATER FOREIGN INVOLVEMENT IN
THE KOREAN FINANCIAL SECTOR AND INCREASED FREEDOM FOR KOREANS
TO PURCHASE FOREIGN SECURITIES AS POSITIVE DEVELOPMENTS. ONE
DAILY OBSERVED THAT IN CONTRAST TO PREVIOUS REFORM PACKAGES,
THE BLUEPRINT AVOIDED MACROECONOMIC "PRECONDITIONS" THAT MIGHT
DELAY IMPLEMENTATION. ANOTHER DAILY HIGHLIGHTED LIM'S
STATEMENT THAT SELF-INTEREST, NOT FOREIGN PRESSURE, WAS THE
MOTIVATION FOR THE BLUEPRINT'S PROPOSALS.
5. (U) U.S. BANKERS HERE HAVE GENERALLY WELCOMED THE DIRECTION
OF THE BLUEPRINT'S PROPOSALS, ALTHOUGH SOME NOTED
DISAPPOINTMENT THAT THE PLAN WAS NOT MORE SPECIFIC ON CONTENT
AND TIMING, PARTICULARLY WITH RESPECT TO THOSE ISSUES AFFECTING
BANKS' PROFITABILITY, I.E., CREDIT CONTROLS ON LARGE
BUSINESSES, LENDING TO SMALL AND MEDIUM SIZED FIRMS, SHORT TERM
MONEY MARKETS, AND FOREIGN EXCHANGE AND CAPITAL TRANSACTIONS.
BANKERS HAILED THE ELIMINATION OF MACROECONOMIC PRECONDITIONS
ON THE DEREGULATION OF INTEREST RATES, BUT WARNED THAT THE
GOVERNMENT SHOULD NOT BACKSLIDE IF RATES RISE TO LEVELS DEEMED
UNACCEPTABLE. THEY FURTHER NOTED THAT THE BLUEPRINT DID NOT
ADDRESS A NUMBER OF KEY ISSUES OF CONCERN TO FOREIGN BANKS:
IMPROVING FOREIGN BANKS' ACCESS TO LOCAL CURRENCY FUNDS;
ALLOWING RETAINED EARNINGS TO BE INCLUDED IN THE CALCULATION OF
CAPITALIZATION REQUIREMENTS; REFORMING THE TREATMENT OF FOREIGN
EXCHANGE POSITIONS IN A MEANINGFUL WAY; LOOSENING RESTRICTIONS
ON COMPENSATING BALANCES; AND SUPERVISING FOREIGN BANK BRANCHES
ON THE BASIS OF THEIR GLOBAL INSTEAD OF INDIVIDUAL
CAPITALIZATION.
6. (LOU) COMMENT: PRESS REACTION HAS BEEN REMARKABLY
POSITIVE, GIVEN THE KOREAN MEDIA'S PROCLIVITY TO PORTRAY ANY
ROKG MARKET OPENING MEASURE AS A CONCESSION TO U.S. PRESSURE.
A LARGE MEASURE OF CREDIT FOR THIS OUTCOME IS DUE TO MOF
ASSISTANT MINISTER LIM, WHO HAS WORKED CLOSELY WITH THE PRESS
TO EXPLAIN THE REFORM PLAN AND ITS BENEFITS TO THE KOREAN
ECONOMY. ON THE OTHER HAND, THE AMERICAN BANKING COMMUNITY HAS
BEEN CAUTIOUS IN ASSESSING THE BLUEPRINT AND WILL BE WATCHING
FOR ANY SHORTFALLS IN THE ROKG IMPLEMENTATION SCHEDULE.
DESPITE MOF'S STATEMENTS THAT MACROECONOMIC PRECONDITIONS IN
THE BLUEPRINT HAD BEEN MINIMIZED, UNFORESEEN DOWNTURNS IN THE
KOREAN ECONOMY COULD SLOW IF NOT DERAIL THE ROKG LIBERALIZATION
EFFORT. CLOSE TRACKING OF PROGRESS IN LIBERALIZING THE
FINANCIAL SECTOR IN THE FINANCIAL POLICY TALKS (FPT) COULD HELP
THE KOREANS STAY THE COURSE. END COMMENT.
7. (U) COPIES OF EMBASSY'S INFORMAL TRANSLATION OF THE
BLUEPRINT ARE AVAILABLE FROM TREASURY/BRETTSCHNEIDER.
BURGHARDT
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Menzie Chinn
OA/Box Number: CF 1941
FOLDER TITLE:
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P3 Release would violate a Federal statute [(a)(3) of the PRA]
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P4 Release would disclose trade secrets or confidential commercial or
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financial information [(a)(4) of the PRA]
b(4) Release would disclose trade secrets or confidential or financial
P5 Release would disclose confidential advice between the President
information [(b)(4) of the FOIA]
and his advisors, or between such advisors [a)(5) of the PRA)
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purposes [(b)(7) of the FOIA]
C. Closed in accordance with restrictions contained in donor's deed
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of gift.
financial institutions [(b)(8) of the FOIA]
PRM. Personal record misfile defined in accordance with 44 U.S.C.
b(9) Release would disclose geological or geophysical information
2201(3).
concerning wells [(b)(9) of the FOIA]
RR. Document will be reviewed upon request.
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05/17/1993
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COLLECTION:
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Council of Economic Advisors
Menzie Chinn
OA/Box Number: CF 1941
FOLDER TITLE:
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2009-0528-F
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Freedom of Information Act - [5 U.S.C. 552(b)]
P1 National Security Classified Information |(a)(1) of the PRA|
b(1) National security classified information [(b)(1) of the FOIA]
P2 Relating to the appointment to Federal office [(a)(2) of the PRA
b(2) Release would disclose internal personnel rules and practices of
P3 Release would violate a Federal statute |(a)(3) of the PRA|
an agency [(b)(2) of the FOIA]
P4 Release would disclose trade secrets or confidential commercial or
b(3) Release would violate a Federal statute [(b)(3) of the FOIA]
financial information |(a)(4) of the PRA]
h(4) Release would disclose trade secrets or confidential or financial
P5 Release would disclose confidential advice between the President
information [(b)(4) of the FOIA]
and his advisors, or between such advisors [a)(5) of the PRA)
b(6) Release would constitute a clearly unwarranted invasion of
P6 Release would constitute a clearly unwarranted invasion of
personal privacy |(b)(6) of the FOIA]
personal privacy [(a)(6) of the PRA]
b(7) Release would disclose information compiled for law enforcement
purposes |(b)(7) of the FOIA]
C. Closed in accordance with restrictions contained in donor's deed
b(8) Release would disclose information concerning the regulation of
of gift.
financial institutions [(b)(8) of the FOIA]
PRM. Personal record misfile defined in accordance with 44 U.S.C.
b(9) Release would disclose geological or geophysical information
2201(3).
concerning wells |(b)(9) of the FOIA]
RR. Document will be reviewed upon request.
LIMITED OFFICIAL USE
INCOMING
TELEGRAM
Department of State
PAGE 01
SEOUL 06489 01 OF 09 020747Z
SHB3085
SEOUL 06489 01 OF 09 020747Z
SHB3085
ACTION EAP-00
4. (LOU) COMMENT: ASSESSING THE EXTENT OF MARKET OPENING WILL
INFO
LOG-00
AGRE-00
AID-00
AIT-03
CEA-01
CIAE-00
CTME-00
REQUIRE A SECTOR-BY-SECTOR ANALYSIS. THE TITLE OF AN
C-01
OASY-00
DODE-00
DOEE-00
EB-00
EXIM-06
E-01
INDUSTRIAL SECTOR MAY GIVE A FALSE IMPRESSION. A CHECK OF THE
FRB-03
HA-09
H-01
TEDE-00
INR-00
10-19
ITC-01
KOREAN DEFINITION OF THE SECTOR IS NECESSARY TO DETERMINE WHAT
JUSE-00
LAB-04
L-00
ADS-00
NSAE-00
NSCE-00
01C-02
ACTIVITIES ARE REALLY COVERED. IN ADDITION, MANY ACTIVITIES
OMB-01
OPIC-08
PA-01
PM-00
PRS-01
P-01
SNP-00
REQUIRE OPENING OF A NUMBER OF KSIC CODE SECTORS; ONE MISSING
SP-00
SS-00
STR-16
T-00
USIE-00
CORE-00
/087W
SECTOR CAN MAKE THE ACTIVITY IMPERMISSIBLE. FOR EXAMPLE,
D261DE 0207482 /38
PRELIMINARY CONSULTATIONS WITH MOT OFFICIALS INDICATE THAT
P 020744Z JUL 93
DESPITE THE OPENING OF MANY SECTORS INVOLVING TRUCKING, COURIER
FM AMEMBASSY SEOUL
SERVICES, AND LOCAL FREIGHT, THE DOOR-TO-DOOR PICK UP AND
TO SECSTATE WASHDC PRIORITY 6958
DELIVERY NECESSARY FOR THE OPERATIONS OF INTEGRATED EXPRESS
INFO USDOC WASHDC
FREIGHT CARRIERS WILL STILL NOT BE OPENED TO FOREIGN
TREASURY WASHDC
INVESTMENT. FINALLY, WHILE SOME AUTHORITIES HAVE ASSURED US
USMISSION GENEVA
THAT NO RESTRICTIONS, SUCH AS JOINT VENTURE REQUIREMENTS, WILL
AMEMBASSY TOKYO
REMAIN ON OPENED SECTORS, OTHERS HAVE NOT BEEN SO SURE THAT ALL
AMEMBASSY SINGAPORE
LAWS REGULATING SPECIFIC SECTORS WILL BE FULLY AMENDED TO
AIT TAIPEI 2733
PERMIT UNRESTRICTED INVESTMENT. POST HAS REQUESTED FROM THE
AMCONSUL HONG KONG
ROKG ADDITIONAL DETAILED INFORMATION ON THE SECTORS DESIGNATED
AMCONSUL PUSAN
FOR OPENING IN ORDER TO ASSESS THE POTENTIAL BENEFITS TO U.S.
FIRMS. END COMMENT.
LIMITED OFFICIAL USE SECTION 01 OF 09 SEOUL 06489
5. (U) MOF'S TIMETABLE FOR LIBERALIZATION OF INDUSTRIAL
USTR FOR RCASSIDY/PCOLLINS
SECTORS TO FOREIGN INVESTMENT FOLLOWS:
USDOC FOR 4430/IEP/OPB/EAP/JDONIUS
BEGIN LIST
TREASURY FOR OASIA/MBRETTSCHNEIDER
JULY 1, 1993 (16 INDUSTRIES)
GENEVA FOR USTR
KSIC CODE SECTORS
DEPARTMENT FOR EAP/K RICHARDSON AND HEIDT
STATE PASS USDA ELECTRONICALLY FOR FAS/ITP HEMPHILL
E.O. 12356: N/A
TAGS: EIND, ETRD, PGOV, KS
SUBJECT: ROKG ANNOUNCES FOREIGN INVESTMENT LIBERALIZATION PLAN
REF: A) SEOUL 5873 B) SEOUL 2419
1. (U) ON JUNE 22 THE ROK MINISTRY OF FINANCE UNVEILED ITS
PROMISED TIMETABLE FOR OPENING 176 INDUSTRIAL SECTORS TO
FOREIGN INVESTMENT BY 1997. THE TIMETABLE WILL BE INCORPORATED
IN THE KIM YOUNG-SAM ADMINISTRATION'S NEW FIVE YEAR PLAN
RELEASED ON JULY 2 (REF A). A TOTAL OF 133 SECTORS WILL BE
FULLY OPENED TO FOREIGN INVESTMENT, RANGING FROM "HUNTING AND
GATHERING" TO ISSUANCE OF CREDIT CARDS. RESTRICTIONS ON 43
SECTORS CURRENTLY LIMITED TO JOINT VENTURE ARRANGEMENTS WITH
KOREAN PARTNERS WILL ALSO BE LIFTED. MOF'S LIST OF SECTORS AND
TIMETABLE FOR OPENING TO FOREIGN INVESTMENT FOLLOW IN PARA 5.
2. (U) OVER ONE HALF OF THE INDUSTRIAL SECTORS IDENTIFIED BY
THE USG IN PEI INVESTMENT WORKING GROUP CONSULTATIONS (REF B)
WERE INCLUDED IN MOF'S LIST. THE LIST INCLUDES MANY OF THE
TRANSPORTATION SECTOR INDUSTRIES IDENTIFIED BY THE USG IN PEI
TALKS. ONLY ONE FINANCIAL SERVICES SECTOR INDUSTRY IDENTIFIED
BY THE USG AS A PRIORITY IS INCLUDED. THE LIST OF USG PRIORITY
SECTORS FOR LIBERALIZATION IDENTIFIED IN PEI INVESTMENT TALKS
IN MARCH 1993 FOLLOWS IN PARA 6, TOGETHER WITH DATE OF OPENING
FOR INDIVIDUAL SECTORS.
3. (U) FOREIGN INVESTMENT IS CURRENTLY RESTRICTED IN A TOTAL
OF 274 INDUSTRIAL SECTORS IN KOREA, INCLUDING 50 SECTORS IN
WHICH FOREIGN INVESTORS MAY PARTICIPATE ONLY THROUGH JOINT
VENTURE ARRANGEMENTS. ACCORDING TO MOF'S PLAN, BY 1997 ONLY 98
SECTORS WILL REMAIN CLOSED TO FOREIGN INVESTORS, INCLUDING 7
SECTORS LIMITED TO JOINT VENTURE ARRANGEMENTS.
LIMITED OFFICIAL USE
LIMITED OFFICIAL USE
INCOMING
TELEGRAM
Department of State
PAGE 01
SEOUL 06489 04 OF 09 020749Z
SHB3101
SEOUL 06489 04 OF 09 0207492
SHB3101
ACTION EAP-00
(EDUCATION, HEALTH AND SOCIAL WELFARE)
INFO
LOG-00
AGRE-00
AID-00
AIT-03
CEA-01
CIAE-00
CTME-00
C-01
OASY-00
DODE-08
DOEE-90
EB-00
EXIM-06
E-01
80904
VOCATIONAL TRAINING SCHOOL
FRB-03
HA-09
H-01
TEDE-90
INR-00
10-19
ITC-01
85111
GENERAL HOSPITALS
JUSE-00
LAB-04
L-00
ADS-00
NSAE-00
NSCE-00
01C-02
85112
DENTAL HOSPITALS
OMB-01
OPIC-08
PA-01
PM-00
PRS-01
P-01
SNP-00
85113
HERB DOCTOR HOSPITALS
SP-00
SS-00
STR-16
T-00
USIE-00
CORE-00
/087W
85119
HOSPITAL N.E.C.
D26229 020751Z /38
85121
GENERAL CLINICS
P 0207442 JUL 93
85122
DENTAL CLINICS
FM AMEMBASSY SEOUL
85123
HERB DOCTOR CLINIC
TO SECSTATE WASHDC PRIORITY 6961
85191
PROFESSIONAL MIDWIFERY SERVICE
INFO USDOC WASHDC
85192
PARA-MEDICAL SERVICES
TREASURY WASHDC
85193
CLINIC-PATHOLOGICAL DIAGNOSTIC LABORATORIES
USMISSION GENEVA
85199
OTHER HUMAN HEALTH ACTIVITIES N.E.C.
AMEMBASSY TOKYO
85200
VETERINARY ACTIVITIES
AMEMBASSY SINGAPORE
AIT TAIPEI 2736
(OTHER PUBLIC, SOCIAL AND PERSONAL SERVICES)
AMCONSUL HONG KONG
AMCONSUL PUSAN
92112
PRODUCTION OF MOTION PICTURES FOR ADVERTISING
92194
ATTRACTIONS SHOWING PLACE OPERATION
92199
OTHER ENTERTAINMENT ACTIVITIES N.E.C.
LIMITED OFFICIAL USE SECTION 04 OF 09 SEOUL 06489
JANUARY 1, 1996 (45 INDUSTRIES)
USTR FOR RCASSIDY/PCOLLINS
USDOC FOR 4430/1EP/OPB/EAP/JDONIUS
(AGRICULTURE, FISHERIES, FORESTRY, MINING)
TREASURY FOR OASIA/MBRETTSCHNEIDER
01122
GROWING OF HORTICULTURAL SPECIALITIES
01132
GROWING OF BEVERAGE AND SPICE CROPS
GENEVA FOR USTR
DEPARTMENT FOR EAP/K RICHARDSON AND HEIDT
STATE PASS USDA ELECTRONICALLY FOR FAS/ITP HEMPHILL
E.O. 12356: N/A
TAGS: EIND, ETRD, PGOV, KS
SUBJECT: ROKG ANNOUNCES FOREIGN INVESTMENT LIBERALIZATION PLAN
(MANUFACTURING)
15522
MANUFACTURE OF REFINED RICE WINE
(RETAIL AND WHOLESALE DISTRIBUTION)
51211
WHOLESALE OF GRAIN AND SEED
51221
WHOLESALE OF FRUITS AND VEGETABLES
51342
WHOLESALE OF BOOKS AND OTHER PRINTED MATERIALS
52205
RETAIL SALE OF FRUITS
52311
RETAIL SALE OF PHARMACEUTICAL AND MEDICAL GOODS
52313
RETAIL SALE OF COSMETIC ARTICLES AND TOILET SOAP
52351
RETAIL SALE OF BOOKS AND NEWSPAPERS
52362
RETAIL SALE OF LIQUID FUEL
52363
RETAIL SALE OF GASEOUS FUEL
(TRANSPORTATION, WAREHOUSE AND TELECOMMUNICATIONS)
61109
SEA AND COASTAL WATER TRANSPORT N.E.C.
63042
PILOTAGE
63051
OPERATION OF AIR-TERMINAL FACILITIES
63091
FREIGHT FORWARDING
63092
FREIGHT BROKERAGE AGENCIES
(OTHER SERVICES)
74302
ADVERTISING PREPARATION
74941
PHOTOGRAPH PRODUCTION
74942
PHOTOGRAPH PROCESSING
LIMITED OFFICIAL USE
INCOMING
LIMITED OFFICIAL USE
TELEGRAM
Department of State
PAGE 01
SEOUL 06489 05 OF 09 0207502
SHB3103
SEOUL 06489 05 OF 09 020750Z
SHB3103
ACTION EAP-00
45302
ELECTRICAL WORKS
45303
COMMUNICATION EQUIPMENT INSTALLATION
INFO
LOG-00
AGRE-00
AID-00
AIT-03
CEA-01
CIAE-00
CTME-00
45304
WATERPROOFING SOUNDPROOFING AND FIREPROOFING WORKS
C-01
OASY-00
DODE-00
DOEE-00
EB-00
EXIM-06
E-01
45305
INSTALLATION OF MACHINERY EQUIPMENT
FRB-03
HA-09
H-01
TEDE-00
INR-00
10-19
ITC-01
45306
INSTALLATION OF ENVIRONMENTAL HYGIENE TREATMENT
JUSE-00
LAB-04
L-00
ADS-00
NSAE-00
NSCE-00
01C-02
APPLIANCES
OMB-01
OPIC-08
PA-01
PM-00
PRS-01
P-01
SNP-00
45307
INSTALLATION OF FENCE RAIL AND RELATED METAL STRUCTURE
SP-00
SS-00
STR-16
T-00
USIE-00
CORE-00
/087W
45309
BUILDING INSTALLATION N.E.C.
D2623C 020751Z 138
45401
GLASS AND GLAZING WORKS
P 0207442 JUL 93
45402
INSTALLATION OR ERECTION OF DOORS
FM AMEMBASSY SEOUL
45403
PLASTERING AND TILE WORKS
TO SECSTATE WASHDC PRIORITY 6962
45404
PAINTING WORKS
INFO USDOC WASHDC
45405
PAPER HANGING AND DECORATING WORKS
TREASURY WASHDC
45406
CARPENTRY AND FLOORING WORKS
USMISSION GENEVA
45407
INSTALLATION OF ORNAMENTAL METAL STRUCTURE
AMEMBASSY TOKYO
45409
BUILDING COMPLETION N.E.C.
AMEMBASSY SINGAPORE
45500
RENTING OF CONSTRUCTION OR DEMOLITION EQUIPMENT WITH
AIT TAIPE! 2737
OPERATOR
AMCONSUL HONG KONG
AMCONSUL PUSAN
(TRANSPORTATION) WAREHOUSE AND TELECOMMUNICATIONS)
64120
COURIER ACTIVITIES OTHER THAN NATIONAL POST ACTIVITIES
LIMITED OFFICIAL USE SECTION 05 OF 09 SEOUL 06489
(REAL ESTATE, RENTAL, AND OTHER SERVICES)
USTR FOR RCASSIDY/PCOLLINS
71220
RENTING OF CONSTRUCTION AND CIVIL ENGINEERING
USDOC FOR 4430/IEP/OPB/EAP/JDONIUS
MACHINERY AND EQUIPMENT
74121
CERTIFIED PUBLIC ACCOUNTING SERVICES
TREASURY FOR OASIA/MBRETTSCHNEIDER
74122
TAXATION SERVICES
74129
ACCOUNTING BOOK-KEEPING, AND AUDITING ACTIVITIES N.E.C.
GENEVA FOR USTR
DEPARTMENT FOR EAP/K RICHARDSON AND HEIDT
STATE PASS USDA ELECTRONICALLY FOR FAS/ITP HEMPHILL
E.O. 12356: N/A
TAGS: EIND, ETRD, PGOV, KS
SUBJECT: ROKG ANNOUNCES FOREIGN INVESTMENT LIBERALIZATION PLAN
01223
RAISING OF OTHER TYPES OF POULTRY
(MANUFACTURING)
15312
MILLING OF CEREALS
22190
OTHER PUBLISHING
22211
OFFSET PRINTING
(WHOLESALE AND RETAIL DISTRIBUTION)
51991
COMMODITY CHAIN MARKET
(CONSTRUCTION)
45224
INDUSTRIAL PROVISION ASSEMBLY AND ERECTION OF
CONSTRUCTION
45225
WASTE TREATMENT AND POLLUTION PREVENTION PLANT
CONSTRUCTION
45231
PILE DRIVING AND RELATED CONSTRUCTION FOUNDATION WORKS
45232
BORING, GROUTING AND WATER WELL DRILLING WORKS
45233
SCAFFOLDING WORKS AND FRAME WORKS
45234
STEEL FRAME WORKS
45235
STEEL REINFORCING AND REINFORCED CONCRETE WORKS
45236
BRICK LAYING AND STONE SETTING WORKS
45237
ROOFING AND SHEET METAL WORKS
45238
UNDERWATER WORKS
45239
BUILDINGS CONSTRUCTION RELATED SPECIAL STRUCTURES
CONSTRUCTION N.E.C.
45301
PLUMBING, HEATING AND RELATED WORKS
LIMITED OFFICIAL USE
LIMITED OFFICIAL USE
INCOMING
TELEGRAM
Department of State
PAGE 01
SEOUL 06489 07 OF 09 020752Z
SHB3112
SEOUL 06489 07 OF 99 020752Z
SHB3112
ACTION EAP-00
INFO
LOG-00
AGRE-00
AID-00
AIT-03
CEA-01
CIAE-00
CTME-00
U.S. INVESTMENT PROPOSAL ON LIBERALIZATION OF INDUSTRY SECTORS
C-01
OASY-00
DODE-08
DOEE-08
EB-00
EXIM-06
E-01
AND DISTRIBUTION
FRB-03
HA-09
H-01
TEDE-00
INR-00
10-19
ITC-01
JUSE-00
LAB-04
L-00
ADS-00
NSAE-00
NSCE-00
01C-02
USG PRIORITY SECTORS:
OMB-01 OPIC-08 PA-01
PM-00
PRS-01
P-01
SNP-00
SP-00
SS-00
STR-16
T-00
USIE-00
CORE-00
/087W
DATE OF
KSIC CODE AND SECTORS
D2626B
020754Z
/38
OPENING
P 020744Z JUL 93
FM AMEMBASSY SEOUL
N/A
(
CABLE TELEVISION EQUIPMENT, SERVICES AND
TO SECSTATE WASHDC PRIORITY 6964
PROGRAMMING
INFO USDOC WASHDC
TREASURY WASHDC
1/1/96
01122
GROWING OF HORTICULTURAL SPECIALITIES
USMISSION GENEVA
AMEMBASSY TOKYO
1/1/97
22110
PUBLISHING OF BOOKS, BROCHURES, MUSICAL BOOKS
AMEMBASSY SINGAPORE
AND OTHER PUBLICATIONS
AIT TAIPEI 2739
1/1/96
22190
OTHER PUBLISHING
AMCONSUL HONG KONG
1/1/96
22211
UPSET (E.G., OFFSET) PRINTING
AMCONSUL PUSAN
N/A
24233
MANUFACTURE OF BIOLOGICAL PRODUCTS
LIMITED OFFICIAL USE SECTION 07 OF 09 SEOUL 06489
1/1/95
52311
RETAIL SALE OF PHARMACEUTICAL AND MEDICAL GOODS
USTR FOR RCASSIDY/PCOLLINS
1/1/97
60233
GENERAL WHOLE COUNTRY FREIGHT
1/1/97
60234
GENERAL LOCAL FREIGHT (REMOVE CURRENT CRITERIA)
USDOC FOR 4430/1EP/OPB/EAP/JDONIUS
1/1/97
60235
GENERAL LOCAL CARGO PICK-UP AND DELIVERY
1/1/94
60239
FREIGHT TRANSPORT BY ROAD, N.E.C.
TREASURY FOR OASIA/MBRETTSCHNEIDER
N/A
63011
AIR FREIGHT AND LAND FREIGHT HANDLING
1/1/97
63033
OPERATION OF FREIGHT TERMINAL FACILITIES
GENEVA FOR USTR
DEPARTMENT FOR EAP/K RICHARDSON AND HEIDT
STATE PASS USDA ELECTRONICALLY FOR FAS/ITP HEMPHILL
E.0. 12356: N/A
TAGS: EIND, ETRD, PGOV, KS
SUBJECT: ROKG ANNOUNCES FOREIGN INVESTMENT LIBERALIZATION PLAN
60222
CHARTERBUS TRANSPORT
60233
GENERAL WHOLE COUNTRY FREIGHT TRANSPORT
60234
GENERAL LOCAL FREIGHT TRANSPORT
60235
GENERAL LOCAL CARGO PICK-UP AND DELIVERY TRANSPORT
61201
INLAND WATER PASSENGER TRANSPORT
61202
INLAND WATER FREIGHT TRANSPORT
62202
AIRPLANE RENTAL WITH OPERATOR
63033
OPERATION OF FREIGHT TERMINAL FACILITIES
63052
GROUND MANAGEMENT OF AIRPLANE
(FINANCIAL SERVICES)
65923
GRANTING OF CONSUMER CREDIT CARDS AND FUNDS
(OTHER SERVICES)
92133
WIRE BROADCASTING
92321
MUSEUM GALLERY AND SCIENCE HALL OPERATION
SOURCE: MINISTRY OF FINANCE
NOTE: KSIC IS AN ABBREVIATION OF THE KOREAN STANDARD
INDUSTRIAL CLASSIFICATION.
N.E.C. STANDS FOR NOT ELSEWHERE SPECIFIED
END LIST.
6. (U) BEGIN ANNOTATED LIST OF U.S. "PRIORITY SECTORS" FOR
FOREIGN INVESTMENT WITH DATE OF OPENING UNDER MOF PLAN:
LIMITED OFFICIAL USE
LIMITED OFFICIAL USE
INCOMING
TELEGRAM
Department of State
PAGE 01
SEOUL 06489 08 OF 09 020753Z
SHB3114
SEOUL 06489 08 OF 09 020753Z
SHB3114
ACTION EAP-00
N/A
67201 INSURANCE BROKERAGE
INFO
LOG-00
AGRE-00
AID-00
AIT-03
CEA-01
CIAE-00
CTME-00
N/A
71320
RENTING OF OFFICE MACHINERY AND EQUIPMENT
C-01
OASY-00
DODE-00
DOEE-00
EB-00
EXIM-06
E-01
N/A
74992
CREDIT RATING SERVICES
FRB-03
HA-09
H-01
TEDE-00
INR-00
10-19
ITC-01
1/1/94
74997
CLERICAL AGENCY SERVICES
JUSE-00
LAB-04
L-00
ADS-00
NSAE-00
NSCE-00
01C-02
OMB-01
OPIC-08
PA-01
PM-00
PRS-01
P-01
SNP-00
N/A
80904 VOCATIONAL TRAINING SCHOOL
SP-00
SS-00
STR-16
T-00
USIE-00
CORE-00
/087W
(ENGLISH LANGUAGE TEACHING, COMPUTER/ELECTRONICS
D26279
020754Z
/38
TRAINING)
P 0207442 JUL 93
1/1/96
80905 PRELIMINARY TRAINING COURSES
FM AMEMBASSY SEOUL
(ENGLISH LANGUAGE TEACHING)
TO SECSTATE WASHDC PRIORITY 6965
N/A
80909 ADULT AND OTHER EDUCATION, N.E.C.
INFO USDOC WASHDC
TREASURY WASHDC
N/A
81029 NON-MONETARY FINANCIAL INSTITUTION (CREDIT
USMISSION GENEVA
FINANCING)
AMEMBASSY TOKYO
AMEMBASSY SINGAPORE
OTHER POSSIBILITIES:
AIT TAIPEI 2740
AMCONSUL HONG KONG
N/A
22121
PUBLISHING OF NEWSPAPERS
AMCONSUL PUSAN
N/A
22122
PUBLISHING OF PERIODICALS
1/1/97
22219
COMMERCIAL PRINTING, N.E.C.
LIMITED OFFICIAL USE SECTION 08 OF 09 SEOUL 06489
N/A
51104
FOREIGN TRADE BROKERAGE
USTR FOR RCASSIDY/PCOLLINS
N/A
67120
SECURITY DEALING ACTIVITIES
USDOC FOR 4430/EP/OPB/EAP/JDONIUS
N/A
74119
LEGAL SERVICES
N/A
74121
CERTIFIED PUBLIC ACCOUNTING SERVICES
TREASURY FOR OASIA/MBRETTSCHNEIDER
1/1/96
74122
TAXATION SERVICES
GENEVA FOR USTR
DEPARTMENT FOR EAP/K RICHARDSON AND HEIDT
STATE PASS USDA ELECTRONICALLY FOR FAS/ITP HEMPHILL
E.O. 12356: N/A
TAGS: EIND, ETRD, PGOV, KS
SUBJECT: ROKG ANNOUNCES FOREIGN INVESTMENT LIBERALIZATION PLAN
1/1/94
63039 SUPPORTING LAND TRANSPORT ACTIVITIES, N.E.C.
1/1/95
63051 OPERATION OF AIR TERMINAL FACILITIES
1/1/97
63052 GROUND MANAGEMENT OF AIRPLANES
N/A
63059 SUPPORTING AIR TRANSPORT ACTIVITIES, N.E.C.
1/1/95
63891 FREIGHT FORWARDING (ELIMINATE EQUITY
RESTRICTIONS AND REQUIREMENT FOR KOREAN CEO)
1/1/95
63092 FREIGHT BROKERAGE AND AGENCY
N/A
63093 SHIP AND AIRCRAFT BROKERAGE AND SIMILAR
SERVICES
N/A
63094 FREIGHT PACKING, CRATING, INSPECTION AND
SIMILAR SERVICES
7/1/93
63099 OTHER SERVICES ALLIED TO TRANSPORT, N.E.C.
1/1/96
64120 COURIER ACTIVITIES OTHER THAN NATIONAL POST
ACTIVITIES
N/A
64202 WIRELESS TELEGRAPH AND TELEPHONE
1/1/94
64203 VALUE ADDED COMMUNICATION BY COMPUTER AND
SIMILAR SYSTEM (ELIMINATE 58 PERCENT EQUITY
LIMITATION AND PROHIBITION ON FOREIGN MANAGEMENT
N/A
64209 TELECOMS, N.E.C.
N/A
65199 OTHER FINANCIAL INTERMEDIATION (CREDIT
FINANCING)
1/1/97
65923 GRANTING OF CONSUMER CREDIT CARDS
N/A
65929 OTHER CREDIT GRANTING, N.E.C.
N/A
65991 VENTURE FUND
N/A
65992 STABLE-FUND MANAGEMENTAL COMPANIES
(INVESTMENT ADVISORY. SERVICES)
N/A
65993 TRUSTS AND TRUST COMPANIES
N/A
67120 SECURITY CLEARING ACTIVITIES
LIMITED OFFICIAL USE
LIMITED OFFICIAL USE
INCOMING
TELEGRAM
Department of State
PAGE 01
SEOUL 06440 01 OF 13 010918Z
SHB6335
SEOUL 06440 01 OF 13 010918Z
SHB6335
ACTION EAP-00
TECHNOLOGY SUBGROUP REPORT
PARAS. 35-38
DIALOGUE FOR ECONOMIC COOPERATION
PARA. 39
INFO LOG-00 AGRE-00 AID-00 CEA-01 CIAE-00 CTME-00 C-01
S&T COOPERATION
PARAS. 40-42
OASY-00
DODE-00
EB-00
EXIM-06
E-01
FRB-03
H-01
GATT/URUGUAY ROUND
PARAS. 43-45
TEDE-00
INR-00
10-19
ITC-01
JUSE-00
L-00
ADS-00
APEC
PARAS. 46-49
NSAE-00
NSCE-00
01C-02
OMB-01
OPIC-08
SNP-00
SP-00
CIVAIR ISSUES
PARAS. 50-51
SS-00
STR-16
USIE-00
CORE-00
/066W
MARITIME ISSUES
PARA. 52
D1E713 010919Z /38
CONCLUDING REMARKS
PARAS. 53-54
P 010918Z JUL 93
FM AMEMBASSY SEOUL
TO SECSTATE WASHDC PRIORITY 6898
OPENING STATEMENTS
INFO USDOC WASHDC
TREASURY WASHDC
USMISSION GENEVA
5. THE KOREAN DELEGATION TO THE JUNE 24 ECONOMIC SUBCABINET
AMEMBASSY TOKYO
MEETING WAS LED BY VICE MINISTER OF FOREIGN AFFAIRS HONG SOON
AMCONSUL PUSAN
YOUNG. THE ROK DELEGATION INCLUDED MOFA ASSISTANT MINISTER
COMUSKOREA SEOUL KS//C-J-CC/BJ-PL/H/SJS/EJ-J/J-5/SA//
SOON JOUNG YOUNG, EPB DIRECTOR GENERAL LEE YOON JAE, MAFF
USCINCPAC HONOLULU HI//FPA//
DIRECTOR GENERAL CHUN JOONG IN, MOHSA DIRECTOR CHEONG DOA
YOUNG, KOREA CUSTOMS ADMINISTRATION DIRECTOR GENERAL LEE GANG
YON, ECON M/C AT THE ROK EMBASSY IN WASHINGTON CHANG KI-HO, MOF
LIMITED OFFICIAL USE SECTION 01 OF 13 SEOUL 06440
DIRECTOR LEE JONG-KOO, MOC DIRECTOR KIM JAE SOB, MOFA DIRECTOR
GENERAL HONG JUNG PYO, MOF DIRECTOR GENERAL KANG YUNG JOO,
USTR FOR RCASSIDY/PCOLLINS
MOTIE DIRECTOR GENERAL NO YOUNG WOOK, MOST DIRECTOR PARK YOUNG
USDOC FOR 4430/1EP/OPB/EAP/JDONIUS
IL, MOFA DEPUTY DIRECTOR GENERAL LEE KYE SHIK, MOFA DIRECTOR
SUH YONG HYUN, AND MOT DIRECTOR KIM KWANG JAE.
TREASURY FOR OASIA/MBRETTSCHNEIDER
6. THE U.S. DELEGATION WAS LED BY UNDERSECRETARY OF STATE FOR
GENEVA FOR USTR
ECONOMIC AFFAIRS JOAN SPERO. THE U.S. DELEGATION INCLUDED
DEPUTY USTR CHARLENE BARSHEFSKY, COMMERCE ACTING DAS PETER
DEPARTMENT FOR EAP/K RICHARDSON AND HEIDT
CASHMAN, USTR OFFICE DIRECTOR PETER COLLINS, TREASURY OFFICER
MARTHA BRETTSCHNEIDER, USDA OFFICER JAMES TRURAN, SPECIAL
STATE PASS USDA ELECTRONICALLY FOR FAS/ITP HEMPHILL
E.O. 12356: N/A
TAGS: ETRD, EINV, KS
SUBJECT: REPORT ON JUNE 24 ECONOMIC SUBCABINET CONSULTATIONS
1. SUMMARY: THE ECONOMIC SUBCABINET CONSULTATIONS HELD IN
SEOUL JUNE 24 ACHIEVED THEIR KEY OBJECTIVES OF WRAPPING UP THE
PEL, LAUNCHING THE NEW DIALOGUE FOR ECONOMIC COOPERATION (DEC),
AND PUTTING PRESSURE ON THE ROKG TO SOLVE SPECIFIC TRADE
ISSUES. THE DISCUSSION ALSO TOUCHED ALSO TOUCHED ON POSSIBLE
ECONOMIC TOPICS FOR DISCUSSION BETWEEN THE TWO PRESIDENTS NEXT
MONTH.
2. THE QUICK AND CORDIAL MEETING CONCLUDED AHEAD OF SCHEDULE,
SLOWING ONLY ON THE DISCUSSION OF SIX THORNY OUTSTANDING TRADE
PROBLEMS. PROGRESS WAS MADE ON TWO ISSUES (BAXTER AND
AALBADENT), THE ROKG POSTPONED IMPLEMENTATION OF ANOTHER (THE
GREEN CARD SYSTEM FOR PESTICIDE MONITORING), AND BEEF WAS
SETTLED RIGHT AFTER THE MEETING. WHEAT REMAINS UNRESOLVED.
3. ITEMS FOR POSSIBLE PRESIDENTIAL ATTENTION: BOTH SIDES
AGREED THAT THE PRESIDENTS SHOULD GIVE IMPETUS TO THE DEC
THROUGH PUBLIC ACCEPTANCE AND SUPPORT. THE KOREAN SIDE ADVISED
THAT KYS MAY RAISE THE ISSUE OF ENHANCED S&T COOPERATION. THE
U.S. SIDE SUGGESTED THAT THE PRESIDENTS MIGHT WANT TO DISCUSS
THE URUGUAY ROUND. THE KOREANS BROUGHT UP APEC AS A POSSIBLE
SUMMIT TOPIC. IF THE WHEAT ISSUE IS NOT RESOLVED IN THE NEXT
TEN DAYS, IT MAY END UP ON THE PRESIDENT'S AGENDA AS WELL. END
SUMMARY
4. TABLE OF CONTENTS:
OPENING STATEMENTS
PARAS. 5-9
FINANCIAL POLICY TALKS
PARAS. 10-14
PEI FINAL REPORT
PARAS. 15-19
TRADE SUBGROUP REPORT
PARAS. 20-34
LIMITED OFFICIAL USE
LIMITED OFFICIAL USE
INCOMING
TELEGRAM
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THE KIM ADMINISTRATION WOULD FAITHFULLY IMPLEMENT THE MARKET
OPENING MEASURES PROMISED IN THE "NEW ECONOMY" FIVE YEAR PLAN
INFO
LOG-00
AGRE-00
AID-00
CEA-01
CIAE-00
CTME-00
C-01
SCHEDULED FOR RELEASE AT THE END OF JUNE. HE ADDED THAT THESE
OASY-00
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EXIM-06
E-01
FRB-03
H-01
MEASURES, INCLUDING FULL MEMBERSHIP IN THE OECD BY 1996, WOULD
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REFORM "ALL ASPECTS OF THE KOREAN ECONOMY, INCLUDING TRADE,
NSAE-00
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01C-02
OMB-01
OPIC-08
SNP-00
SP-00
FINANCE, INVESTMENT, TECHNOLOGY AND INFORMATION. HE URGED THE
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CLINTON ADMINISTRATION TO CONTINUE TO SUPPORT AN OPEN
D1E72C
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MULTILATERAL TRADE REGIME AND RESIST "PROTECTIONIST AND
P 010918Z JUL 93
REGIONALIST" PRESSURES.
FM AMEMBASSY SEOUL
TO SECSTATE WASHDC PRIORITY 6899
"UNIQUE OPPORTUNITY"
INFO USDOC WASHDC
TREASURY WASHDC
9. U/S SPERO RESPONDED BY STATING THAT THE TWO DELEGATIONS
USMISSION GENEVA
HAVE A UNIQUE OPPORTUNITY TO AFFECT THE COURSE OF FUTURE
AMEMBASSY TOKYO
U.S. -KOREA ECONOMIC AND TRADE RELATIONS IN LIGHT OF THE FACT
AMCONSUL PUSAN
THAT TWO NEW PRESIDENTS HAVE RECENTLY TAKEN OFFICE IN BOTH
COMUSKOREA SEOUL KS//C-J-CC/BJ-PL/H/SJS/EJ-J/J-5/SA//
COUNTRIES. SHE SAID THAT THE U.S. SHARES KOREA'S VISION OF
USCINCPAC HONOLULU HI//FPA//
BUILDING DOMESTIC MARKETS WHICH ARE OPEN, LIBERAL, AND
INTERNATIONAL AND THAT THE U.S. WOULD WORK WITH KOREA IN
ACHIEVING THAT GOAL. SHE ALSO NOTED THAT FOREIGN FIRMS STILL
LIMITED OFFICIAL USE SECTION 02 OF 13 SEOUL 06440
SEE KOREA AS BEING A DIFFICULT MARKET IN WHICH TO DO BUSINESS.
U/S SPERO CONCLUDED HER STATEMENT BY SAYING THAT THE MISSION OF
USTR FOR RCASSIDY/PCOLLINS
THE MEETINGS WAS NOT ONLY TO TAKE STOCK OF THE PAST YEAR'S
USDOC FOR 4430/1EP/OPB/EAP/JDONIUS
ECONOMIC RELATIONSHIP BUT MORE IMPORTANTLY TO LOOK TOWARDS THE
FUTURE AND AT STRENGTHENING THE U.S.-KOREA ECONOMIC PARTNERSHIP.
TREASURY FOR OASIA/MBRETTSCHNEIDER
GENEVA FOR USTR
STATUS REPORTS
DEPARTMENT FOR EAP/K - RICHARDSON AND HEIDT
STATE PASS USDA ELECTRONICALLY FOR FAS/ITP HEMPHILL
E.O. 12356: N/A
TAGS: ETRD, EINV, KS
SUBJECT: REPORT ON JUNE 24 ECONOMIC SUBCABINET CONSULTATIONS
ASSISTANT TO THE UNDERSECRETARY ANNE DERSE, EAP/K OFFICER
JOSEPH RICHARDSON, AGRICULTURE M/C, COMMERCIAL M/C, COMOFF,
ECON M/C AND ECONOFFS. U/S SPERO NOTED THE ABSENCE FROM THE
U.S. DELEGATION OF TREASURY UNDERSECRETARY FOR INTERNATIONAL
AFFAIRS LAWRENCE SUMMERS, BUT ASSURED THE KOREANS THAT U/S
SUMMERS WOULD ACCOMPANY PRESIDENT CLINTON DURING HIS JULY VISIT.
A SHIFT IN PRIORITIES FROM POLITICS TO ECONOMICS
7. IN HIS OPENING STATEMENT, VM HONG INVOKED THE 43RD
ANNIVERSARY OF THE OUTBREAK OF THE KOREAN WAR ON JUNE 25 TO
UNDERSCORE THE CHANGE IN THE KOREA-U.S. RELATIONSHIP FROM AN
ALLIANCE DOMINATED BY SECURITY CONCERNS TO ONE IN WHICH
ECONOMIC COOPERATION WOULD BE A DRIVING FORCE. HONG NOTED THAT
BOTH THE CLINTON AND KIM ADMINSITRATIONS HAD BEEN ELECTED WITH
MANDATES FOR REVITALIZING THEIR ECONOMIES AND REORDERING THE
PRIORITIES OF STATE, REFLECTING "A GLOBAL SHIFT FROM POLITICS
TO ECONOMICS." HONG ACKNOWLEDGED THE CONCRETE RESULTS ACHIEVED
ON THE ECONOMIC FRONT DURING THE PAST YEAR WITH THE SIGNATURE
OF THE ROK-U.S. SCIENCE AND TECHNOLOGY AGREEMENT AND THE
PRESIDENTS' ECONOMIC INITIATIVE. THESE ACHIEVEMENTS, HE
ASSERTED, REFLECTED A SUBSTANTIAL IMPROVEMENT IN ROK-U.S. TRADE
RELATIONS, WITH BILATERAL TRADE IN A "ROUGH BALANCE," AND
PROVIDED A MODEL FOR MANAGING THE BILATERAL ECONOMIC
RELATIONSHIP.
8. HONG NOTED THAT THE SUBCABINET MEETING WAS A PRELUDE TO THE
KIM-CLINTON JULY SUMMIT MEETING, AND CALLED ON THE TWO
DELEGATIONS TO ESTABLISH A "VIABLE FRAMEWORK FOR MUTUAL
COOPERATION" THAT THE PRESIDENTS COULD ENDORSE AS "A PATH
TOWARD A MORE MATURE ECONOMIC PARTNERSHIP." HONG PLEDGED THAT
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AND AN ACCELERATED OPENING OF THE BOND MARKET TO FOREIGN
INVESTORS. CONCLUDING, LEE SAID THE FINANCIAL POLICY TALKS HAD
INFO LOG-00 AGRE-00 AID-00 CEA-01 CIAE-00 CTME-00 C-01
PLAYED AN IMPORTANT ROLE IN PREPARING THE 3-STAGE BLUEPRINT
OASY-00
DODE-00
EB-00
EXIM-06
E-01
FRB-03
H-01
THROUGH EXCHANGES OF VIEWS BETWEEN THE TWO GOVERNMENTS'
TEDE-00
INR-00
10-19
ITC-01
JUSE-00
L-00
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FINANCIAL POLICY OFFICIALS. HE ENDED BY EXPRESSING THE HOPE
NSAE-00
NSCE-00
01C-02
OMB-01
OPIC-08
SNP-00
SP-00
THE FINANCIAL POLICY TALKS WOULD CONTINUE TO PROVIDE A FORUM
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FOR DISCUSSIONS.
D1E745 010921Z 138
P 0109187 JUL 93
13. TREASURY'S BRETTSCHNEIDER EXPLAINED THAT WHILE WE HAD
FM AMEMBASSY SEOUL
RECEIVED A COPY OF THE BLUEPRINT FROM THE KOREAN SIDE WE HAD
TO SECSTATE WASHDC PRIORITY 6900
NOT HAD TIME TO REVIEW IT IN DETAIL. SHE NOTED THAT TREASURY
INFO USDOC WASHDC
HAD BEEN WORKING CLOSELY WITH THE MOF THROUGH THE FINANCIAL
TREASURY WASHDC
POLICY TALKS AND IN MORE INFORMAL CHANNELS, IN AN EFFORT TO
USMISSION GENEVA
IMPROVE NATIONAL TREATMENT AND MARKET ACCESS FOR U.S. BANKS AND
AMEMBASSY TOKYO
SECURITY FIRMS OPERATING IN KOREA, AND TO ENCOURAGE BROADER
AMCONSUL PUSAN
LIBERALIZATION AND INTERNATIONALIZATION OF THE KOREAN FINANCIAL
COMUSKOREA SEOUL KS//C-J-CC/BJ-PL/H/SJS/EJ-J/J-5/SA//
SECTOR. WITH THIS OBJECTIVE IN MIND, SHE SAID, WE WELCOMED THE
USCINCPAC HONOLULU HI//FPA//
KOREAN DECISION IN MARCH 1992 TO EMBARK ON A COMPREHENSIVE
3-STAGE BLUEPRINT PROCESS AIMED AT FINANCIAL SECTOR
LIBERALIZATION. SHE REVIEWED THE SIX AREAS IN STAGE THREE
LIMITED OFFICIAL USE SECTION 03 OF 13 SEOUL 06440
WHERE TREASURY WILL BE LOOKING FOR SPECIFIC, TIMELY STEPS, AND
CONCLUDED BY THANKING THE MOF FOR ITS CLOSE CONSULTATIONS WITH
USTR FOR RCASSIDY/PCOLLINS
THE TREASURY DEPARTMENT AS FINANCIAL SECTOR REFORMS HAVE
USDOC FOR 4430/1EP/OPB/EAP/JDONIUS
PROCEEDED.
TREASURY FOR OASIA/MBRETTSCHNEIDER
14. VM HONG SUMMARIZED BY SAYING HE WAS ENCOURAGED BY THE
CLOSE CONSULTATIONS, AND UNDERLINED THE ROKG DETERMINATION TO
GENEVA FOR USTR
PUSH AHEAD WITH REFORMS. FINANCIAL REFORM, HE ADDED, WOULD
GIVE A SOLID IMPROVEMENT TO THE INVESTMENT CLIMATE AND ALLOW
DEPARTMENT FOR EAP/K RICHARDSON AND HEIDT
STATE PASS USDA ELECTRONICALLY FOR FAS/ITP HEMPHILL
E.O. 12356: N/A
TAGS: ETRD, EINV, KS
SUBJECT: REPORT ON JUNE 24 ECONOMIC SUBCABINET CONSULTATIONS
FINANCIAL POLICY TALKS
10. MOF DIRECTOR LEE JONG K00 BRIEFLY SKETCHED THE HISTORY OF
THE BILATERAL FINANCIAL POLICY TALKS, NOTING THAT AT THE MARCH
1992 MEETING THE ROKG AGREED TO PREPARE A 3-STAGE BLUEPRINT FOR
FINANCIAL LIBERALIZATION. HE EXPLAINED THAT THE THIRD STAGE
BLUEPRINT TO BE ANNOUNCED AT THE END OF JUNE 1993 REFLECTED A
WIDE RANGE OF DOMESTIC AND FOREIGN COMMENTS, INCLUDING THOSE
FROM THE UNITED STATES. AS THE RESULT OF CLOSE CONSULTATIONS
WITH TREASURY, HE SAID, THE BLUEPRINT WOULD ENCOMPASS THE SIX
AREAS OF PARTICULAR INTEREST TO THE U.S., INCLUDING INTEREST
RATE DEREGULATION, AN IMPROVED MONETARY MANAGEMENT SYSTEM, A
RESTRUCTURED CREDIT CONTROL SYSTEM, AND A VITALIZED MONEY
MARKET. THESE MIRRORED THE CONTENTS OF THE FINANCIAL SECTOR
REFORM PLAN ANNOUNCED MAY 29.
11. CONTINUING, LEE NOTED THAT ROKG FINANCIAL PLANNERS AVOIDED
ADDING MACROECONOMIC "PRECONDITIONS" OR QUALIFIERS TO THE
BLUEPRINT, BUT ADDED THAT IMPLEMENTATION OF REFORM WOULD NEED
TO TAKE INTO ACCOUNT CHANGES IN THE MACROECONOMIC ENVIRONMENT.
HE FURTHER NOTED, HOWEVER, THAT THE BLUEPRINT ACCELERATES THE
IMPLMENTATION OF REFORM SOONER THAN THE TIMETABLE SPECIFIED IN
THE FINANCIAL SECTOR REFORM PLAN.
12. TURNING TO THE SUBSTANCE OF THE BLUEPRINT MEASURES, LEE
NOTED A NUMBER OF STEPS TO ACCELERATE THE PACE OF FOREIGN
EXCHANGE AND CAPITAL ACCOUNT LIBERALIZATION, INCLUDING THE
EXEMPTION OF ABOUT 90 PERCENT OF FORWARD EXCHANGE TRANSACTIONS
FROM UNDERLYING DOCUMENTATION REQUIREMENTS, EXTENSION OF THE
DEFERRED PAYMENT PERIOD FOR IMPORTS, EXPANSION OF THE SCOPE OF
OVERSEAS BORROWING PERMITTED COMPANIES WITH FOREIGN OWNERSHIP,
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ACTION EAP-00
THAT FULL IMPLEMENTATION WOULD BE THE KEY TO THE SUCCESS OF THE
PEI, AND NOTED THAT INVESTMENT WAS AN AREA OF CONTINUING
INFO
LOG-00
AGRE-00
AID-00
CEA-01
CIAE-00
CTME-00
C-01
CONCERN TO THE U.S. SIDE.
OASY-00
DODE-00
EB-00
EXIM-06
E-01
FRB-03
H-01
TEDE-00
INR-00
10-19
ITC-01
JUSE-00
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18. DIRECTOR GENERAL LEE YOON JAE OF THE ECONOMIC PLANNING
NSAE-00
NSCE-00
01C-02
OMB-01
OPIC-08
SNP-00
SP-00
BOARD BRIEFLY OUTLINED THE ROKG'S PROGRAMS TO LIBERALIZE THE
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INVESTMENT REGIME, INCLUDING A PLAN TO OPEN 132 FIELDS TO
D1E75A 010921Z /38
FOREIGN FIRMS, MANY IN THE SERVICES SECTOR. HE ALSO DESCRIBED
P 010918Z JUL 93
EFFORTS TO STREAMLINE INVESTMENT APPLICATION PROCEDURES,
FM AMEMBASSY SEOUL
FURTHER REFORM IN THE FINANCIAL SECTOR, DEREGULATE BUSINESS
TO SECSTATE WASHDC PRIORITY 6901
ACVITIVIES AND IMPROVE PROTECTION OF INTELLECTUAL PROPERTY
INFO USDOC WASHDC
RIGHTS. U/S SPERO WELCOMED THESE STEPS, BUT ADDED THAT MORE
TREASURY WASHDC
NEEDED TO BE DONE, CITING THE EXAMPLE OF EXPRESS DOOR-TO-DOOR
USMISSION GENEVA
DELIVERY, A SERVICE OF INTEREST TO U.S. FIRMS, WHICH HAD NOT
AMEMBASSY TOKYO
BEEN OPENED. DIRECTOR GENERAL LEE DISAGREED, SAYING NO
AMCONSUL PUSAN
RESTRICTIONS WERE PLACED ON THIS TYPE OF SERVICE. (COMMENT:
COMUSKOREA SEOUL KS//C-J-CC/BJ-PL/H/SJS/EJ-J/J-5/SA//
SEE SEPTEL ON CIVAIR FACILITATION TASK FORCE MEETING DURING
USCINCPAC HONOLULU HI//FPA//
WHICH ROKG OFFICIALS REFUTED DG LEE. END COMMENT.)
19. AT THIS POINT THE PEI JOINT REPORT WAS APPROVED WITHOUT
LIMITED OFFICIAL USE SECTION 04 OF 13 SEOUL 06440
FURTHER DISCUSSION.
USTR FOR RCASSIDY/PCOLLINS
TRADE SUBGROUP REPORT "UNDERBRUSH" STILL LINGERS,
USDOC FOR 4430/IEP/OPB/EAP/JDONIUS
POSTPONMENT OF GREEN CARD
TREASURY FOR OASIA/MBRETTSCHNEIDER
20. DUSTR BARSHEFSKY OPENED BY STATING THAT THE CLINTON
ADMINISTRATION'S FOCUS IS ON REVITALIZING THE U.S. ECONOMY AND
GENEVA FOR USTR
THAT TRADE LIBERALIZATION AND EXPANSION OF EXPORT MARKETS ARE
CRITICAL ELEMENTS OF THIS STRATEGY. SHE NOTED THAT KOREA IS
DEPARTMENT FOR EAP/K RICHARDSON AND HEIDT
STATE PASS USDA ELECTRONICALLY FOR FAS/ITP HEMPHILL
E.O. 12356: N/A
TAGS: ETRD, EINV, KS
SUBJECT: REPORT ON JUNE 24 ECONOMIC SUBCABINET CONSULTATIONS
KOREA TO MEET THE REQUIREMENTS OF OECD MEMBERSHIP. U/S SPERO
NOTED THAT TREASURY U/S SUMMERS WOULD BE INTERESTED IN
DISCUSSING FINANCIAL SECTOR REFORM AND URUGUAY ROUND ISSUES, AS
WELL AS REVIEWING THE SUB CABINET DISCUSSIONS, DURING HIS JULY
VISIT.
PEI FINAL REPORT -- SUCCESSFUL CONCLUSION
15. LEADING OFF THE DISCUSSION OF THIS ADENDA ITEM, UM HONG
UNDERLINED THE ACCOMPLISHMENTS OF THE PEI, NOTING THAT MOST OF
THE RECOMMENDATIONS OF THE TRADE, CUSTOMS, STANDARDS,
INVESTMENT, AND TECHNOLOGY SUB-GROUPS HAD BEEN IMPLEMENTED. IN
PARTICULAR, HE HIGHLIGHTED THE PEI AS A USEFUL MECHANISM FOR
FINDING "SYSTEMIC SOLUTIONS TO RECURRING TRADE ISSUES," AND
SAID IT HAD BEEN INSTRUMENTAL IN IMPROVING THE BILATERAL TRADE
ENVIRONMENT. HE ACKNOWLEDGED THAT THE U.S. SIDE HAD BEEN
DISAPPOINTED WITH THE WORK OF THE INVESTMENT SUB-GROUP, BUT
SAID THE PEI SHOULD BE SEEN MORE AS A "PREVENTATIVE MECHANISM"
RATHER THAN A PROBLEM SOLVING ONE. AGAINST THIS STANDARD, THE
PEI WAS A SOLID SUCCESS, HE SAID.
16. IN SUBMITTING THE FINAL REPORT FOR ADOPTION, HE NOTED THAT
IT RECOMMENDED THAT THE ECONOMIC SUBCABINET: INSTRUCT THE TRADE
AND TECHNOLOGY SUBGROUPS TO FOLLOW UP ON IMPLEMENTATION OF
RECOMMENDATIONS IN THE STANDARDS AND TECHNOLOGY AREAS;
ESTABLISH A CUSTOMS AND IMPORT CLEARANCE SUBGROUP TO MONITOR
FOLLOW UP IN THE CUSTOMS AREA; AND ESTABLISH A FRAMEWORK TO
DISCUSS WAYS TO IMPROVE THE INVESTMENT ENVIRONMENT.
17. U/S SPERO WELCOMED THE FINAL REPORT, AND AGREED THE PEI
DIALOGUE HAD BEEN USEFUL IN ADDRESSING ISSUES. SHE STRESSED
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BAXTER BLOOD: SHE WELCOMED THE AGREEMENT OF JUNE 21 BETWEEN
MOHSA AND BAXTER ON A REIMBURSEMENT PRICE AND STATED OUR HOPE
INFO LOG-00 AGRE-00 AID-00 CEA-01 CIAE-00 CTME-00 C-01
THAT THE BLOOD PRODUCT WILL BE PROMPTLY AVAILABLE FOR USE IN
OASY-00
DODE-00
EB-00
EXIM-06
E-01
FRB-03
H-01
KOREA. SHE NOTED THE LONG HISTORY OF THIS ISSUE AND THAT THERE
TEDE-00
INR-00
10-19
ITC-01
JUSE-00
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ARE STILL A FEW MATTERS TO RESOLVE BEFORE WE CONSIDER THE
NSAE-00
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01C-02
OMB-01
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BAXTER ISSUE REALLY SETTLED.
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D1E76C 010922Z /38
AALBADENT: SHE NOTED THAT MOHSA RECENTLY HAS AUTHORIZED
P 010918Z JUL 93
ANOTHER AGENCY, KAITECH, TO APPROVE AALBADENT'S PRODUCT AS SAFE
FM AMEMBASSY SEOUL
FOR IMPORTATION AND USE IN KOREA. SHE ADDED THAT WE WELCOME
TO SECSTATE WASHDC PRIORITY 6902
THE NEWS THAT IT IS NOT NECESSARY FOR KAITECH TO CONDUCT A NEW
INFO USDOC WASHDC
SAFETY STUDY, AND THAT IT CAN RELY ON EXISTING STUDIES, FOR
TREASURY WASHDC
EXAMPLE, BY THE AMERICAN DENTAL ASSOCIATION.
USMISSION GENEVA
AMEMBASSY TOKYO
WHEAT: SHE REPEATED THE U.S.' STRONG OBJECTION TO THE
AMCONSUL PUSAN
FINDING THAT TWO SHIPMENTS OF U.S. WHEAT CONTAIN UNSAFE LEVELS
COMUSKOREA SEOUL KS//C-J-CC/BJ-PL/H/SJS/EJ-J/J-5/SA//
OF PESTICIDES. SHE CALLED AGAIN FOR JOINT TESTING TO RESOLVE
USCINCPAC HONOLULU HI//FPA//
THE ISSUE ON THE BASIS OF "SOUND SCIENCE."
-- GREEN CARD: SHE TERMED THE ROKG'S PROPOSED GREEN CARD
LIMITED OFFICIAL USE SECTION 05 OF 13 SEOUL 06440
SYSTEM "UNWORKABLE AND DISCRIMINATORY,' AND CALLED FOR A
SUSPENSION OF IMPLEMENTATION TO ALLOW TIME FOR FURTHER
USTR FOR RCASSIDY/PCOLLINS
CONSULTATIONS.
USDOC FOR 4430/1EP/OPB/EAP/JDONIUS
EMI: SHE NOTED OUR CONCERN OVER RECENT CHANGES IN THE
TREASURY FOR OASIA/MBRETTSCHNEIDER
REGULATIONS GOVERNING TESTING OF ELECTRICAL PRODUCTS FOR
ELECTRO-MAGNETIC INTERFERENCE (EMI). SHE NOTED THAT AMERICAN
GENEVA FOR USTR
COMPANIES OBJECT TO REQUIREMENTS FOR BUSINESS-CONFIDENTIAL
INFORMATION (I.E. DETAILED SCHEMATIC DIAGRAMS) AND TO DELAYS IN
DEPARTMENT FOR EAP/K RICHARDSON AND HEIDT
STATE PASS USDA ELECTRONICALLY FOR FAS/1TP HEMPHILL
E.O. 12356: N/A
TAGS: ETRD, EINV, KS
SUBJECT: REPORT ON JUNE 24 ECONOMIC SUBCABINET CONSULTATIONS
THE U.S. EIGHTH-LARGEST TRADING PARTNER WITH ABOUT USD 31
BILLION IN ANNUAL TWO-WAY TRADE. HOWEVER, SHE ADDED, THOSE
NUMBERS SHOULD BE LARGER AND WOULD BE IF NOT FOR THE LONG LIST
OF TRADE DISPUTES ON OUR BILATERAL AGENDA. SHE WARNED THAT THE
RELATIONSHIP CANNOT "FLOURISH" IF IT IS PLAGUED BY "SUSPICION
AND, IN SOME CASES, HOSTILITY." BROKERING SOLUTIONS TAKES
VALUABLE HIGH-LEVEL TIME FROM OTHER "MUTUALLY ADVANTAGEOUS"
ACTIVITIES, SHE CONCLUDED; WE APPLAUD PRESIDENT KIM YOUNG-SAM'S
EFFORTS AT REFORM, BUT THE "HORIZON IS CLOUDED" BY BILATERAL
PROBLEMS.
21. BARSHEFSKY NOTED THAT WE HAD HOPED TO USE THE MARCH TRADE
SUBGROUP MEETING AS AN OPPORTUNITY TO RESOLVE SOME OF THESE
OUTSTANDING ISSUES. WE DID MAKE GOOD PROGRESS ON IPR, SHE
SAID, AND SHE PROPOSED ANOTHER FORMAL SET OF IPR CONSULTATIONS
IN LATE JULY OR EARLY AUGUST. SHE STATED THAT WE WOULD EXPECT
THESE CONSULTATIONS TO FORM THE BASIS FOR THE PLANNED
"OUT-OF-CYCLE" REVIEW OF KOREA'S IPR PRACTICES. SHE OBSERVED
THAT THERE HAD BEEN A REAPPEARANCE OF PIRATED SOFTWARE ON THE
KOREAN MARKET AND ASKED FOR RENEWED ENFORCEMENT EFFORTS TO
STAMP OUT THESE VIOLATIONS.
22. BARSHEFSKY EXPRESSED DISAPPOINTMENT AT THE LACK OF
PROGRESS ON OTHER ISSUES. SHE SAID THAT WE "REGRET HAVING TO
RAISE INDIVIDUAL TSG ITEMS AT THIS MEETING," BUT HAVE NO
ALTERNATIVE. AN U/S AND DUSTR SHOULD FOCUS ON "BROADER AND
MORE FUTURE-ORIENTED ISSUES," SHE CONTINUED, AND EXPRESSED THE
HOPE THAT FUTURE ESC AGENDAS WOULD NOT INCLUDE SPECIFIC TRADE
ITEMS. BARSHEFSKY THEN OUTLINED BRIEFLY THE U.S. POSITION ON
SIX KEY TRADE ISSUES THAT THE USG WANTS TO SEE RESOLVED ASAP.
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STEER AMERICAN BUSINESS TO KOREA," SHE SAID. SHE WELCOMED THE
POSITIVE STEPS MENTIONED, BUT SAID THAT U.S. COMPANIES STILL
INFO LOG-00 AGRE-00 AID-00 CEA-01 CIAE-00 CTME-00 C-01
HAVE RESERVATIONS ABOUT OPERATING IN THIS MARKET. SHE RETURNED
OASY-00 DODE-08 EB-00
EXIM-06
E-01
FRB-03
H-01
TO THE WHEAT ISSUE, SAYING THAT THE U.S. DOES NOT QUESTION
TEDE-00
INR-00
10-19
ITC-01
JUSE-00
L-00
ADS-00
KOREA'S RIGHT TO REVIEW HEALTH AND SAFETY MATTERS, BUT THAT WE
NSAE-00
NSCE-00
01C-02
OMB-01
OPIC-08
SNP-00
SP-00
DO QUESTION RESULTS WHEN THEY ARE NOT BASED ON "SOUND
SS-00
STR-16
USIE-00
CORE-00
/066W
SCIENCE." SHE STRESSED THAT SEVEN LABORATORIES IN THREE
D1E790 010923Z /38
COUNTRIES HAD FOUND NO RESIDUES, IN CONTRAST THE THE ROKG
P 010918Z JUL 93
FINDING OF 132 TIMES KOREA'S LEGAL LIMIT. THE ISSUE SHOULD
FM AMEMBASSY SEOUL
NEVER HAVE GONE TO THE COURTS, SHE SAID, AND UNDER THESE
TO SECSTATE WASHDC PRIORITY 6903
CIRCUMSTANCES, "A COURT REMEDY IS NO REMEDY AT ALL." AGAIN SHE
INFO USDOC WASHDC
URGED JOINT TESTING AND SAID THE U.S. WOULD ACCEPT THE RESULTS
TREASURY WASHDC
OF A JOINT TEST.
USMISSION GENEVA
AMEMBASSY TOKYO
32. MINISTRY OF COMMUNICATIONS DIRECTOR KIM, RESPONDING TO
AMCONSUL PUSAN
EARLIER POINTS ON EMI, SAID THAT THE MOC REQUIRES ONLY A BLOCK
COMUSKOREA SEOUL KS//C-J-CC/BJ-PL/H/SJS/EJ-J/J-5/SA//
DIAGRAM AND A USERS MANUAL FOR EMI TESTING PURPOSES, NOT
USCINCPAC HONOLULU HI//FPA//
DETAILED SCHEMATIC DIAGRAMS. (COMMENT: EMBASSY WILL HAVE TO
CONFIRM WITH MOC WHETHER THIS IS A CHANGE IN POLICY OR KIM'S
INTERPRETATION OF WHAT U.S. FIRMS HAVE FOUND TO BE A BURDENSOME
LIMITED OFFICIAL USE SECTION 06 OF 13 SEOUL 06440
AND DETAILED REQUIREMENT. END COMMENT.
USTR FOR RCASSIDY/PCOLLINS
33. USDOC'S CASHMAN STATED THE USG POSITION THAT AD/CVD CASES
USDOC FOR 4430/IEP/OPB/EAP/JDONIUS
ARE TECHNICAL PROCEEDINGS, NOT POLICY STATEMENTS, BASED ON
COMPREHENSIVE INVESTIGATIONS. HE REPEATED INFORMATION PASSED
TREASURY FOR OASIA/MBRETTSCHNEIDER
TO THE ROKG LAST YEAR THAT THERE IS NO SPECIFIC RELIEF IN THE
LAW IN THE CASE OF JOINT VENTURES. TREASURY'S BRETTSCHNEIDER,
GENEVA FOR USTR
RESPONDING TO MOFA DG HONG'S POINT ON TAX REGULATIONS STATED
THAT THERE IS NO TARGETING OF KOREAN FIRMS UNDER THE NEW
DEPARTMENT FOR EAP/K RICHARDSON AND HEIDT
REGULATIONS.
STATE PASS USDA ELECTRONICALLY FOR FAS/ITP HEMPHILL
34. FAS M/C CHILD NOTED THAT THE KOREAN REQUEST FOR A RULING
ON FOOT AND MOUTH DISEASE IS NOW UNDER REVIEW BY A VETERINARY
E.O. 12356: N/A
COMMITTEE IN THE U.S. HE POINTED OUT THAT FMD HAS MAJOR
TAGS: ETRD, EINV, KS
SUBJECT: REPORT ON JUNE 24 ECONOMIC SUBCABINET CONSULTATIONS
IMPORT CLEARANCE CAUSED BY LENGTHY TESTING PROCEDURES. SHE
URGED THE ROKG TO TAKE STEPS TO ENSURE THAT PRODUCTS FLOW MORE
SMOOTHLY.
- BEEF: SHE NOTED THAT OUR DELEGATION HAD COME TO SEOUL FOR A
FIFTH R0QQQQ3 Q0)
IS SLOW, WE ARE
ALWAYS MOVING FORWARD IN OUR BILATERAL RELATIONSHIP. HE
PRAISED THE ESC AS AN OPPORTUNITY TO REVIEW THE ISSUES AND COME
UP WITH SOLUTIONS." MOFA'S DG HONG, THE KOREAN CHAIRMAN OF THE
TRADE SUBGROUP, READ A LENGTHY STATEMENT IN WHICH HE LISTED
ISSUES THE ROKG SEES AS SUCCESS STORIES -- IPR, POULTRY,
CUSTOMS SERVICE EXCHANGES, THE DESIGNATED ANALYSIS SYSTEM, H.S.
CLASSIFICATIONS, TOXIC SUBSTANCES, DUAL LANGUAGE LABELLING, AND
THE MARRIOTT FLIGHT KITCHEN.
25. DG HONG SAID THAT DESPITE KOREA'S OVERALL SATISFACTION
WITH THE PROGRESS MADE THROUGH THE TRADE SUBGROUP, THE ROKG
FEELS THAT KOREAN CONCERNS HAVE NOT ALWAYS BEEN TAKEN
SERIOUSLY. HE CITED AD/CVD CASES AGAINST STEEL PRODUCTS AND
SEMICONDUCTORS, TAX REGULATIONS ON FOREIGN-OWNED COMPANIES, AND
FOOT AND MOUTH DISEASE AS EXAMPLES OF SUCH I ISSUES. HE ALSO
SUGGESTED THAT U.S. OFFICIALS SHOULD SCREEN COMPLAINTS FROM
U.S. BUSINESSMEN MORE CAREFULLY. "TRADE ISSUES RAISED WITHOUT
SUFFICIENT INFORMATION CON (D/Q HE NOTED THAT THE MARGINS WOULD ALSO
HAVE A INJURIOUS IMPACT ON UPI, THE JOINT VENTURE BETWEEN POSCO
AND USX. HE EXPRESSED THE HOPE THAT THE ITC INJURY FINDING,
SCHEDULED TO BE ANNOUNCED IN AUGUST, WOULD BE NEGATIVE.
31. BARSHEFSKY REITERATED PRESIDENT CLINTON'S INTENTION TO
FOCUS MORE ON ASIA, PARTICULARLY ON KOREA. "WE WOULD LIKE TO
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SEOUL 06440 08 OF 13 010922Z
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ACTION EAP-00
AGENCY. ADDITIONALLY, THE ROKG PROPOSES THAT THE U.S. OVERSEAS
PRIVATE INVESTMENT CORPORATION MAKE ITS PROGRAMS AND SERVICES
1NFO
LOG-00
AGRE-00
AID-00
CEA-01
CIAE-00
CTME-00
C-01
AVAILABLE TO U.S. INVESTORS IN KOREA.
OASY-00
DODE-00
EB-00
EXIM-06
E-01
FRB-03
H-01
TEDE-00
INR-00
10-19
ITC-01
JUSE-00
L-00
ADS-00
38. STATE'S RICHARDSON RESPONDED BY CITING GOOD PROGRESS ON
NSAE-00
NSCE-00
01C-02
OMB-01
OPIC-08
SNP-00
SP-00
THE PART OF THE U.S. AND KOREAN GOVERNMENTS IN PROMOTING
SS-00
STR-16
USIE-00
CORE-00
/066W
COMMERCIAL TECHNOLOGY EXCHANGE AS ENVISAGED UNDER THE PEI AND
D1E7A2
010924Z
/38
ENCOURAGED CONTINUED EFFORTS IN SUCH MUTUALLY BENEFICIAL
P 010918Z JUL 93
ACTIVITY. WITH REGARD TO THE UPCOMING TECHNO-MART IN SEOUL, HE
FM AMEMBASSY SEOUL
STATED THAT FCS HAS AGREED TO SUPPORT ROKG EFFORTS TO PROMOTE
TO SECSTATE WASHDC PRIORITY 6905
THE PROGRAM, HOWEVER, DUE TO INSUFFICIENT LEAD TIME, THERE IS
INFO USDOC WASHDC
NO DEDICATED PERSONNEL AVAILABLE TO ASSIST IN PERSONALLY
TREASURY WASHDC
RECRUITING U.S. PARTICIPANTS. FOR FUTURE ENDEAVORS OF THIS
USMISSION GENEVA
KIND, HE RECOMMENDED THAT THE ROKG PROVIDE AS MUCH ADVANCE
AMEMBASSY TOKYO
NOTIFICATION AS POSSIBLE (AT LEAST ONE YEAR) TO BE ABLE TO TAKE
AMCONSUL PUSAN
ADVANTAGE OF THE USG'S (FCS') LIMITED RESOURCES IN THIS AREA.
COMUSKOREA SEOUL KS//C-J-CC/BJ-PL/H/SJS/EJ-J/J-5/SA//
USCINCPAC HONOLULU HI//FPA//
STRENGTHENING OF THE KOREA U.S. ECONOMIC PARTNERSHIP
LIMITED OFFICIAL USE SECTION 08 OF 13 SEOUL 06440
PREPARATIONS FOR PRESIDENTIAL ACTION -- THE DEC
USTR FOR RCASSIDY/PCOLLINS
USDOC FOR 4430/IEP/OPB/EAP/JDONIUS
39. AS THE DRAFT TEXT OF THE DIALOGUE FOR ECONOMIC COOPERATION
(DEC) HAD PREVIOUSLY BEEN WORKED OUT AT THE STAFF LEVEL,
TREASURY FOR OASIA/MBRETTSCHNEIDER
DISCUSSION UNDER THIS AGENDA ITEM WAS BRIEF. U/S SPERO SAID A
NEW FRAMEWORK BUILDING ON THE ACCOMPLISHMENTS OF THE PEI WOULD
GENEVA FOR USTR
BE USEFUL. OUR OBJECTIVE IN THE NEW FRAMEWORK SHOULD BE TO
EXAMINE ECONOMIC DEREGULATION AND SEEK NEW WAYS OF ENHANCING
DEPARTMENT FOR EAP/K RICHARDSON AND HEIDT
STATE PASS USDA ELECTRONICALLY FOR FAS/ITP HEMPHILL
E.O. 12356: N/A
TAGS: ETRD, EINV, KS
SUBJECT: REPORT ON JUNE 24 ECONOMIC SUBCABINET CONSULTATIONS
ECONOMIC CONSEQUENCES AS IT IS THE MOST SERIOUS DISEASE
AFFECTING CATTLE. HE ADDED THAT THE USG WILL PROCESS THE ROKG
REQUEST IN A SPEEDY MANNER, BUT CONSISTENT WITH U.S. LEGAL
REQUIREMENTS.
TECHNOLOGY SUBGROUP
35. MOTIE'S DG NOH, CHAIRMAN FOR THE KOREAN SIDE, DELIVERED
OPENING REMARKS ON THE STATUS, RECOMMENDATIONS, AND FUTURE
ACTIVITIES OF THE REVIVED TECHNOLOGY SUBGROUP. HE PROVIDED AN
UPDATE ON THE STATUS AND RECOMMENDATIONS FORMULATED BY BOTH
SIDES DURING THEIR MOST RECENT MEETING IN JUNE 1993.
36. NOH ALSO STRESSED THE UPCOMING "SEOUL TECHNO-MART 93",
SPONSORED BY KINITI WHICH IS TO BE HELD IN SEOUL FROM OCTOBER
4-8, A PROJECT TO MARRY U.S. HIGH TECHNOLOGY SUPPLIERS WITH
KOREAN CUSTOMERS. NOH URGED THAT THE U.S. GOVERNMENT FULLY
SUPPORT THE EVENT (WHICH IS BEING LARGELY FINANCED BY THE ROKG)
BY PUBLICIZING IT AMONG U.S. HIGH TECHNOLOGY COMPANIES.
37. NOH BRIEFED USDEL ON THE ROKG'S RECENT MEASURES TO
STRENGTHEN IPR PROTECTION. HE STATED THAT THE NEW
ADMINISTRATION IN KOREA IS COMMITTED TO CONTINUE ITS EFFORTS ON
IPR IN PART TO IMPROVE THE INVESTMENT CLIMATE AND THE
ENVIRONMENT FOR TECHNOLOGY COOPERATION. HE SAID THAT THROUGH
THE TECHNOLOGY SUBGROUP, THE ROKG INTENDS TO PURSUE NEW
PROGRAMS FOR PROMOTING TECHNOLOGY COOPERATION, INCLUDING
PROMOTION OF TECHNOLOGY COOPERATION BETWEEN SMALL AND
MEDIUM-SIZED ENTERPRISES. TO HELP ACHIEVE THIS OBJECTIVE, NOH
ASKED THAT THE USG EXPAND ITS CURRENT TRAINING PROGRAM FOR
KOREAN TECHNICIANS CONDUCTED BY THE U.S. TRADE AND DEVELOPMENT
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ACTION EAP-00
41. THE U.S. -KOREA TECHNOLOGY FOUNDATION WOULD BE ESTABLISHED
WITH AN INITIAL ENDOWMENT OF USD 60 MILLION, WITH EACH COUNTRY
INFO
LOG-00
AGRE-00
AID-00
CEA-01
CIAE-00
CTME-00
C-01
CONTRIBUTING USD 10 MILLION PER YEAR FOR THREE YEARS (1994-96),
OASY-00
DODE-00
EB-00
EXIM-06
E-01
FRB-03
H-01
ACCORDING TO PARK. HE STATED THAT MOST WAS SEEKING AN INITIAL
TEDE-00
INR-00
10-19
ITC-01
JUSE-00
L-00
ADS-00
USD 10 MILLION CONTRIBUTION IN ITS 1994 BUDGET. (COMMENT: VM
NSAE-00
NSCE-00
01C-02
OMB-01
OPIC-08
SNP-00
SP-00
HONG'S CAUTIOUS REACTION TO THE AMBITIOUS PROPOSALS TABLED BY
SS-00
STR-16
USIE-00
CORE-80
/066W
HIS COLLEAGUE AT MOST SUGGESTS THEY HAD NOT BEEN FULLY VETTED
D1E7BB
010924Z
/38
IN INTERMINISTERIAL MEETINGS PRIOR TO THE SUBCABINET.)
P 010918Z JUL 93
FM AMEMBASSY SEOUL
42. U/S SPERO NOTED THE DIFFERENCE BETWEEN THE GENERAL IDEA OF
TO SECSTATE WASHDC PRIORITY 6906
S&T COOPERATION WHICH THE USG ENDORSED IN THE CONTEXT OF THE
INFO USDOC WASHDC
STA AND THE ACTUAL ESTABLISHMENT OF THE FOUNDATION PROPOSED
TREASURY WASHDC
BY MOST. SHE STRESSED THAT MOST'S PROPOSAL WOULD REQUIRE
USMISSION GENEVA
ADDITIONAL DIALOGUE AT THE WORKING LEVEL. STATE'S RICHARDSON
AMEMBASSY TOKYO
ADDED THAT WITH THE ENTRY INTO FORCE OF THE STA, U.S.-KOREA
AMCONSUL PUSAN
SCIENCE AND TECHNOLOGY RELATIONS COULD BE RENEWED AFTER FIVE
COMUSKOREA SEOUL KS//C-J-CC/BJ-PL/H/SJS/EJ-J/J-5/SA//
YEARS OF INACTIVITY. HE NOTED THAT THE USG WOULD SEND A TEAM
USCINCPAC HONOLULU HI//FPA//
TO KOREA BY THE END OF THE YEAR TO INITIATIATE DISCUSSION OF
THE SUPER CONDUCTOR/SUPER COLLIDER PROGRAM UNDER THE STA.
RICHARDSON STRESSED THAT THE MOST PROPOSAL FOR A TECHNOLOGY
LIMITED OFFICIAL USE SECTION 09 OF 13 SEOUL 06440
FOUNDATION COULD BE DISCUSSED FURTHER, BUT BUDGET CONSTRAINTS
WOULD CLEARLY BE A MAJOR CONCERN FOR THE U.S. SIDE. RICHARDSON
USTR FOR RCASSIDY/PCOLLINS
SAID THAT THE USG AGREED IN PRINCIPLE TO THE ESTABLISHMENT OF A
USDOC FOR 4430/IEP/OPB/EAP/JDONIUS
JOINT COMMITTEE AS CALLED FOR IN THE STA, BUT HAD NOT MADE A
DECISION ON THE APPROPRIATE LEVEL OF REPRESENTATION. HE
TREASURY FOR OASIA/MBRETTSCHNEIDER
SUGGESTED THAT FURTHER DISCUSSION OF THE TIMING AND LEVEL OF
REPRESENTATION OF THE JOINT COMMITTEE WOULD BE APPROPRIATE
GENEVA FOR USTR
AFTER THE STA ENTERED INTO FORCE NEXT MONTH.
DEPARTMENT FOR EAP/K RICHARDSON AND HEIDT
STATE PASS USDA ELECTRONICALLY FOR FAS/ITP HEMPHILL
E.O. 12356: N/A
TAGS: ETRD, EINV, KS
SUBJECT: REPORT ON JUNE 24 ECONOMIC SUBCABINET CONSULTATIONS
ECONOMIC COOPERATION. WE HAVE REACHED AGREEMENT ON THE DEC,
SHE SAID, AND WE SHOULD AGREE TO PRESENT IT TO OUR TWO
PRESIDENTS. VM HONG CONFIRMED THE KOREAN SIDE'S AGREEMENT AND
NOTED THAT MOFA ASSISTANT MINISTER SUN JOUN-YUNG WOULD
REPRESENT KOREA IN THE DEC DISCUSSIONS. HONG WELCOMED THE
AGREEMENT ON THE DEC, NOTING THAT IT WAS A FORWARD-LOOKING ISSUE.
S&T COOPERATION
40. VM HONG SAID THAT INCREASED SCIENTIFIC AND TECHNOLOGICAL
COOPERATION WOULD BE EXTREMELY IMPORTANT TO THE NEW U.S. -ROK
ECONOMIC PARTNERSHIP. HE ADDED THAT PRESIDENT KIM YOUNG SAM
WOULD RAISE THE ISSUE "IN GENERAL TERMS" DURING HIS UPCOMING
SUMMIT MEETING WITH PRESIDENT CLINTON. HONG NOTED WITH
SATISFACTION THAT THE U.S.-ROK AGREEMENT ON SCIENTIFIC AND
TECHNICAL COOPERATION (STA), WHICH WAS SIGNED DURING THE
BUSH-ROH SUMMIT IN JANUARY 1992, WOULD ENTER INTO FORCE IN JULY
AFTER AGREEMENT ON IMPLEMENTATION PROCEDURES FOR THE PATENT
SECRECY AGREEMENT (PSA). HONG CALLED FOR PROMPT ESTABLISHMENT
OF A JOINT COMMITTEE ON SCIENCE AND TECHNOLOGY UNDER THE STA,
AND A JOINTLY FUNDED AND OPERATED U.S. -KOREA TECHNOLOGY
FOUNDATION TO COORDINATE SPECIFIC PROJECTS. HE DESCRIBED THE
LATTER PROPOSAL AS THE "PROTOTYPE OF A WIN-WIN GAME" FOR
BILATERAL ECONOMIC COOPERATION. MINISTRY OF SCIENCE AND
TECHNOLOGY DIRECTOR PARK YOUNG-IL (OVERALL TECHNOLOGY
COOPERATION DIVISION) ELABORATED ON THE ROKG'S PROPOSAL,
SUGGESTING A FIRST MEETING OF THE JOINT COMMITTEE FOR THE
"SECOND HALF OF 1993," AND STATING THAT MOST HAD FORWARDED A
LETTER TO THE ASSISTANT TO THE PRESIDENT FOR SCIENCE AND
TECHNOLOGY OUTLINING THE PROPOSAL.
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SEOUL 06440 10 OF 13 010924Z
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SEOUL 06440 10 OF 13 010924Z
SHB6365
ACTION EAP-00
LDC IN THE AGRICULTURAL AREA. AGAIN HE URGED A SPEEDY
CONCLUSION TO THE ROUND.
INFO LOG-00 AGRE-00 AID-00 CEA-01 CIAE-00 CTME-00 C-01
OASY-00
DODE-00
EB-00
EXIM-06
E-01
FRB-03
H-01
45, BARSHEFSKY REPLIED THAT THE U.S. ALSO WANTS AN EARLY
TEDE-00
INR-00
10-19
ITC-01
JUSE-00
L-00
ADS-00
CONCLUSION. SHE SAID SHE WAS "HEARTENED" TO HEAR SUN'S
NSAE-00 NSCE-00 01C-02 OMB-01 OPIC-08 SNP-00 SP-00
STATEMENTS OF COMMITMENT TO THE ROUND. SUN SUGGESTED THAT THE
SS-00
STR-16
USIE-00
CORE-00
/066W
U.S. SHOULD USE FAST-TRACK AUTHORITY "TO ITS MAXIMUM EXTENT"
D1E7CC 010926Z /38
(PERHAPS HINTING AT AN FTA WITH KOREA). VM HONG REITERATED THE
P 010918Z JUL 93
ROKG'S POSITION ON TARIFFICTION WITHOUT EXCEPTION, AGAIN
FM AMEMBASSY SEOUL
WITHOUT MENTIONIN THE "R" WORD, AND SAID THAT KOREA'S POSITION
TO SECSTATE WASHDC PRIORITY 6907
"OES NOT MEAN WE ARE LESS ENTHUSIASTIC ABOUT THE COCLUSIO OF
INFO USDOC WASHDC
THE URUGUAY ROUND; INDEED, WE HAVE A ITAL STAKE."
TREASURY WASHDC
USMISSION GENEVA
APEC
AMEMBASSY TOKYO
AMCONSUL PUSAN
46. U/S SPERO COMEDED KOREA FOR ITS STRONG SUPPORT FOR APEC,
COMUSKOREA SEOUL KS//C-J-CC/BJ-PL/H/SJS/EJ-J/J-5/SA//
WHCH PLAYS AN INCREASINGLY IMPORTANT ROLE IN SHAPINGTHE
USCINCPAC HONOLULU HI//FPA//
REGION'S NEW ECONOMIC RELATIONSHIPS. SHE RITERATED US
ENGAGEMENT IN THE REGION AND EMPHASIED THE INCREASING
PREDOMINENCE OF ECONOMIC ISSUES AND INTERDEPENDENCE. SPERO
LIMITED OFFICIAL USE SECTION 10 OF 13 SEOUL 06440
POINTED OUT THAT REGIONAL TRADE AND INVESTMENT LIBERALIZATION
IS CRITICAL TO PROMOTING REGIONAL GROWTH AND PROSPERITY AND
USTR FOR RCASSIDY/PCOLLINS
SOLICITED KOREA'S SUPPORT FOR THE TRADE AND INVESTMENT
USDOC FOR 4430/IEP/OPB/EAP/JDONIUS
FRAMEWORK AS PART OF APEC'S REGIONAL TRADE LIBERALIZATION (RTL)
PROCESS. SHE EXPLAINED THAT INVESTMENT LIBERALIZATION WITHIN
TREASURY FOR OASIA/MBRETTSCHNEIDER
APEC COMPLEMENTS OTHER MULTILATERAL EFFORTS AND THAT THE THE
RTL PROCESS PROVIDES A BLUEPRINT FOR LIBERALIZATION IN THE
GENEVA FOR USTR
POST-URUGUAY ROUND ERA AND, POSSIBLY, A MECHANISM FOR
IMPLEMENTING URUGUAY ROUND REFORMS. SHE UNDERSCORED THE UNIQUE
DEPARTMENT FOR EAP/K RICHARDSON AND HEIDT
STATE PASS USDA ELECTRONICALLY FOR FAS/ITP HEMPHILL
E.O. 12356: N/A
TAGS: ETRD, EINV, KS
SUBJECT: REPORT ON JUNE 24 ECONOMIC SUBCABINET CONSULTATIONS
MULTILATERAL AND REGIONAL ECONOMIC ISSUES
GATT/URUGUAY ROUND
43. DUSTR BARSHEFSKY ADVISED THAT THE QUAD INTENDS TO DEVELOP
AN OUTLINE OF AN AGREEMENT ON AGRICULTURE BEFORE THE G-7
MEETING IN TOKYO. SHE STRESSED THAT KOREA IS NOT BEING SINGLED
OUT; EVERY COUNTRY IN THE ROUND FACES DIFFICULT AND CONTENTIOUS
ISSUES. KOREAN COOPERATION IS NEEDED TO PUT TOGETHER THE BEST
POSSIBLE GLOBAL PACKAGE AND MARKET ACCESS WILL MAKE OR BREAK
THE FINAL OUTCOME.
44. MOF A ASSISTANT MINISTER SUN REPLIED THAT A SUCCESSFUL
OUTCOME OF THE URUGUAY ROUND IS A PRIORITY FOR KOREA. HE SAID
THAT THE PASSAGE OF FAST TRACK AUTHORITY BY THE U.S. HOUSE OF
REPRESENTATIVES WAS A GOOD SIGNAL AND THAT KOREA HOPED THE
SENATE WOULD FOLLOW SUIT. HE AGREED THAT A G-7 PACKAGE WOULD
PROVIDE CRUCIAL MOMENTUM FOR THE URUGUAY ROUND AND THAT KOREA
WOULD HAVE, UNDER THOSE CIRCUMSTANCES, TO TAKE A SECOND LOOK AT
ITS MARKET ACCESS OFFER. HE SAID THAT THE ROKG WOULD REVIEW
THE LIST OF 15 AGRICULTURAL PRODUCTS FOR WHICH IT HAS SUBMITTED
NO OFFER, BUT STATED CATEGORICALLY THAT ON SOME OF THE 15 KOREA
FINDS IT IMPOSSIBLE TO MAKE PROGRESS BECAUSE OF NATIONAL
SECURITY CONSIDERATIONS. (SUN DID NOT MENTION RICE BY NAME.)
HE WENT ON TO SAY THAT THE U.S. AND KOREA HAVE BASIC
DIFFERENCES IN THEIR INTERPRETATIONS OF THE BOP ISSUE. HE
NOTED THAT KOREA HAD DISINVOKED ITS ARTICLE XVIII RIGHTS UNDER
GATT, BUT THAT THE PERIOD BEFORE JULY 1997 IS A GRACE PERIOD.
MANY KOREAN OFFICIALS, HE SAID, BELIEVE THAT KOREA IS STILL AN
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SEOUL 06440 11 OF 13 010925Z
SHB6364
SEOUL 06440 11 OF 13 010925Z
SHB6364
ACTION EAP-00
NOT LOSE THE FORCE OF THEIR VIEWS. SHE NOTED THAT USTR WORKS
CLOSELY WITH THE DEPARTMENT OF STATE ON APEC ISSUES AND
INFO LOG-00 AGRE-00 AID-00 CEA-01 CIAE-00 CTME-00 C-01
REPORTED THAT PRESIDENT CLINTON WAS "EXTREMELY ENGAGED" ON THE
OASY-00 DODE-00 EB-00
EXIM-06 E-01
FRB-03
H-01
APEC PROGRAM.
TEDE - 00
INR-00
10-19
ITC-01
JUSE-00
L-00
ADS-00
NSAE-00
NSCE-00
01C-02
OMB-01
OPIC-08
SNP-00
SP-00
SS-00 STR-16 USIE-00 CORE-00 /066W
OTHER ISSUES
D1E7E1 010926Z /38
P 010918Z JUL 93
FM AMEMBASSY SEOUL
CIVAIR - ROKG SEEKS ASSURANCES ON NEW U.S. ROUTES IN JULY 1994
TO SECSTATE WASHDC PRIORITY 6908
INFO USDOC WASHDC
50. VM HONG OPENED THE DISCUSSION OF TRANSPORTATION ISSUES BY
TREASURY WASHDC
REQUESTING WORKING-LEVEL CONSULTATIONS ON THE DELAYS IN
USMISSION GENEVA
CONSTRUCTION OF THE KIMPO CARGO WAREHOUSE FOR U.S. CARRIERS.
AMEMBASSY TOKYO
HE SAID THAT THE KOREAN MINISTRY OF TRANSPORTATION (MOT) WOULD
AMCONSUL PUSAN
MAKE A DETAILED PROPOSAL FOR CONSULTATIONS. HONG NOTED THAT
COMUSKOREA SEOUL KS//C-J-CC/BJ-PL/H/SJS/EJ-J/J-5/SA//
THE TIMETABLE FOR CONSTRUCTION OF THE CARGO WAREHOUSE WAS
USCINCPAC HONOLULU HI//FPA//
CURRENTLY EIGHT MONTHS BEHIND SCHEDULE DUE TO DELAYS IN
RELOCATING U.S. FORCES KOREA'S MILITARY MAIL TERMINAL (APO
FACILITY) AT KIMPO. HE ACKNOWLEDGED THAT "BOTH SIDES" SHARED
LIMITED OFFICIAL USE SECTION 11 OF 13 SEOUL 06440
RESPONSIBILITY FOR DELAYS, AND ASSURED THAT THE ROKG WOULD
EXPEDITE CONSTRUCTION OF THE CARGO WAREHOUSE. MOT DIRECTOR KIM
USTR FOR RCASSIDY/PCOLLINS
KWANG-JAE (INTERNATIONAL COOPERATION DIVISION) ASSERTED THAT
USDOC FOR 4430/IEP/OPB/EAP/JDONIUS
THE ROKG HAD MET ALL ITS COMMITMENTS FOR RELOCATION OF THE APO
FACILITY, INCLUDING PROVISION OF OVER USD 3.5 MILLION TO USFK
TREASURY FOR OASIA/MBRETTSCHNEIDER
TO FUND THE PROJECT. KIM REQUESTED THAT THE EMBASSY URGE USFK
TO EXPEDITE RELOCATION OF THE MMT TO HELP RECOVER DELAYS, AND
GENEVA FOR USTR
STRESSED THAT THE DELAYS SHOULD NOT PREJUDICE THE RIGHTS OF
KOREAN CARRIERS TO NEW U.S. ROUTES IN JULY 1994. (NOTE: UNDER
DEPARTMENT FOR EAP/K RICHARDSON AND HEIDT
STATE PASS USDA ELECTRONICALLY FOR FAS/ITP HEMPHILL
E.O. 12356: N/A
TAGS: ETRD, EINV, KS
SUBJECT: REPORT ON JUNE 24 ECONOMIC SUBCABINET CONSULTATIONS
AND IMPORTANT ROLE OF THE PRIVATE SECTOR IN APEC WORK PROGRAMS
AND WELCOMED THE EFFORTS OF THE EMINENT PERSONS GROUP.
47. VM HONG RESPONDED THAT KOREA WAS PROUD TO BE A FOUNDING
MEMBER AND IMPORTANT SUPPORTER OF APEC AND REPEATED PRESIDENT
KIM YOUNG-SAM'S CALL FOR APEC TO BECOME A "COMMON UMBRELLA" FOR
THE REGION. HE SAID KOREA SUPPORTED WHAT HE INTERPRETED TO BE
PRESIDENT CLINTON'S CALL FOR AN APEC SUMMIT AND EXPRESSED
KOREA'S HOPE THAT IT WOULD MATERIALIZE "WITH THE CONSENSUS" OF
ALL APEC MEMBERS. HONG REPEATED THREE TIMES THAT APEC COULD
EVOLVE INTO AN IMPORTANT FORUM FOR POLITICAL AND SECURITY
COOPERATION AND EXPRESSED HIS HOPE THAT APEC WOULD BE A TOPIC
DURING THE BILATERAL SUMMIT.
48. EPB DG LEE SAID KOREA SUPPORTED THE TRADE AND INVESTMENT
FRAMEWORK CONCEPT BUT EMPHASIZED THE IMPORTANCE OF ACHIEVING
CONSENSUS AND DELAYING THE DEVELOPMENT OF THE WORK PROGRAM
UNTIL AFTER THE CONCLUSION OF THE URUGUAY ROUND. LEE SAID
KOREA WAS NOT PARTICULAR ABOUT USING THE WORD "AGREEMENT" OR
"DECLARATION" TO DESCRIBE THE FRAMEWORK BUT SAID THE PREAMBLE
SHOULD RESPECT GATT PRINCIPLES AND THE DIVERSITY OF APEC
ECONOMIES. LEE STATED KOREA'S VIEW THAT ADDITIONAL MEMBERSHIP
TO APEC SHOULD BE LIMITED TO MEXICO UNTIL APEC FURTHER
"SOLIDIFIED."
49. DUSTR BARSHEFSKY CONCURRED WITH KOREA'S POSITION ON
MEXICO'S MEMBERSHIP BUT EMPHASIZED THAT THAT WE MUST NOT LOSE
VALUABLE MOMENTUM IN THE DELAYING THE WORK PROGRAM UNTIL THE
END OF THE URUGUAY ROUND. SHE ALSO SUGGESTED THAT WE SHOULD
CONSIDER A MECHANISM TO ENSURE THAT THE RECOMMENDATIONS OF THE
EMINENT PERSONS GROUP ARE FOLLOWED UP THOROUGHLY SO THAT WE DO
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SEOUL 06440 12 OF 13 010925Z
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ACTION EAP-00
ACCESS AFTER THAT DATE WITHOUT ADDITIONAL ONEROUS OPERATING
CONDITIONS. HE ALSO NOTED THAT THE USG WOULD CONTINUE TO
INFO LOG-00 AGRE-00 AID-00 CEA-01 CIAE-00 CTME-00 C-01
FOLLOW THE PROGRESS FOR FULLY OPENING THE KOREAN TRUCKING
OASY-00
DODE-00
EB-00
EXIM-06
E-01
FRB-03
H-01
SECTOR BY MARCH 1994 FOR U.S. OCEAN CARRIERS. VM HONG NOTED
TEDE-00
INR-00
10-19
ITC-01
JUSE-00
L-00
ADS-00
THAT THE ROKG HAD INDEED MADE PROGRESS ON MARITIME MARKET
NSAE-00 NSCE-00 01C-02 OMB-01 OPIC-08 SNP-00 SP-00
OPENING AND WELCOMED THE USG'S COMMENTS.
SS-00
STR-16
USIE-00
CORE-00
/066W
D1E7F2 010927Z /38
P 010918Z JUL 93
CONCLUDING REMARKS
FM AMEMBASSY SEOUL
TO SECSTATE WASHDC PRIORITY 6909
INFO USDOC WASHDC
53. U/S SPERO FOCUSED ON THE AGREED "DIALOGUE FO ECONOMIC
TREASURY WASHDC
COOPERATION," STATING THAT IT WOULD GIVE THE ROKG TO "ACCESS TO
USMISSION GENEVA
THE VIEWS AND CONCERNS OF U.S. FIRMS AND THE U.S. GOVERNMENT"
AMEMBASSY TOKYO
AND ALLOW KOREA'S REFORM PLAN "TO ACCOMMODATE THE CONCERNS OF
AMCONSUL PUSAN
U.S. FIRMS INTERESTED IN COOPERATION." SHE NOTED THE
COMUSKOREA SEOUL KS//C-J-CC/BJ-PL/H/SJS/EJ-J/J-5/SA/
SUCCESSFUL CONCLUSION OF THE PEI AND EXPRESSED THE HOPE THAT
USCINCPAC HONOLULU HI//FPA//
PROGRESS WOULD CONTINUE ON OUTSTANDING TRADE ISSUES. SHE
CONCLUDED BY ASSURING THE ROKG THAT "WE ARE PREPARED TO WORK
WITH YOU IN THE SPIRIT OF COOPERATION" TO IMPROVE THE
LIMITED OFFICIAL USE SECTION 12 OF 13 SEOUL 06440
U.S. -KOREA "PARTNERSHIP."
USTR FOR RCASSIDY/PCOLLINS
54. AFTER THANKING THE DELEGATES FOR THEIR CONTRIBUTIONS, VM
USDOC FOR 4430/IEP/OPB/EAP/JDONIUS
HONG EXPRESSED ENCOURAGEMENT THAT SIGNIFICANT PROGRESS WAS MADE
IN REMOVING INSTITUTIONAL AND ADMINISTRATIVE BARRIERS TO THE
TREASURY FOR OASIA/MBRETTSCHNEIDER
FREE FLOW OF GOODS, INVESTMENT, FINANCE AND TECHNOLOGY BETWEEN
THE KOREA AND THE U.S. WHILE THERE WERE DISAGREEMENTS ON SOME
GENEVA FOR USTR
ISSUES, THE IMPORTANCE OF THE ECONOMIC SUBCABINET MEETING LAY
IN THAT THE DELIBERATIONS HELPED CLARIFY DIFFERENCES AND SET
DEPARTMENT FOR EAP/K RICHARDSON AND HEIDT
STATE PASS USDA ELECTRONICALLY FOR FAS/ITP HEMPHILL
E.O. 12356: N/A
TAGS: ETRD, EINV, KS
SUBJECT: REPORT ON JUNE 24 ECONOMIC SUBCABINET CONSULTATIONS
THE 1991 CIVAIR MOU, KOREAN CARRIERS ARE SCHEDULED TO RECEIVE
FOUR NEW ROUTES IN JULY 1994 AFTER COMPLETION OF THE KIMPO
CARGO WAREHOUSE.)
51. IN REPLY, U/S SPERO STATED THAT IMPLEMENTATION OF THE JUNE
1991 CIVIL AVIATION MOU HAD BEEN FRAUGHT WITH PROBLEMS IN THE
PAST, BUT WE CURRENTLY FACE NO MAJOR DISPUTES IN OUR CIVAIR
RELATIONSHIP. SHE NOTED THAT THE WORKING-LEVEL CIVAIR TASK
FORCES AND WORKING GROUPS ESTABLISHED UNDER THE MOU HAVE PROVEN
TO BE EFFECTIVE PROBLEM-SOLVING FORA FOR THE MANY "DOING
BUSINESS" ISSUES FACING U.S. CARRIERS IN KOREA. SPERO ALLOWED
THAT USG AGENCIES WERE AWARE OF ALL THE REASONS FOR DELAY IN
CONSTRUCTION OF THE KIMPO CARGO WAREHOUSE. SHE STRESSED THAT
THE DECISION ON NEW U.S. ROUTES FOR KOREAN CARRIERS IN JULY
1994 WOULD BE BASED ON THE DEMONSTRATED GOOD FAITH OF BOTH
SIDES TO OVERCOME DELAYS AND DESIGN AND BUILD A CARGO WAREHOUSE
THAT FULLY MEETS U.S. CARRIERS' REQUIREMENTS AND EXPECTATIONS.
ECON M/C ADDED THAT KIMPO CARGO WAREHOUSE DELAYS HAD BEEN
DISCUSSED FULLY AND FREQUENTLY IN THE QUARTERLY WORKING-LEVEL
CIVAIR FACILITATION TASK FORCE MEETINGS, AND WOULD CONTINUE TO
BE A CONCERN AS THE DATE FOR A DECISION ON NEW ROUTES
APPROACHED. HE NOTED THAT THE DECISION WAS STILL "ONE YEAR
AWAY" AND URGED THAT BOTH SIDES CONTINUE TO COOPERATE TO
MINIMIZE DELAYS.
MARITIME AFFAIRS AGREEMENT ON MARKET OPENING
52. EAP/K OFFICER RICHARDSON NOTED USG SATISFACTION WITH
PROGRESS MADE SO FAR ON AMENDING KOREAN LAWS AND REGULATIONS TO
ALLOW U.S. COMPANIES TO OPERATE WHOLLY-OWNED FREIGHT FORWARDING
COMPANIES BY JUNE 30. HE ADDED THAT THE USG EXPECTED IMMEDIATE
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PAGE 01
SEOUL 06440 13 OF 13 010925Z
SHB6367
ACTION EAP-00
INFO LOG-00
AGRE-00
AID-00
CEA-01
CIAE-00
CTME-00
C-01
OASY- 00
DODE-00
EB-00
EXIM-06
E-01
FRB-03
H-01
TEDE-
INR-00
IO-19
ITC-01
JUSE-00
L-00
ADS-00
NSAE 00
NSCE-00
OIC-02
OMB-01
OPIC-08
SNP-00
SP-00
SS-00
STR-16
USIE-00
CORE-00
/066W
D1E7F8
010926Z
/38
P 010918Z JUL 93
FM AMEMBASSY SEOUL
TO SECSTATE WASHDC PRIORITY 6910
INFO USDOC WASHDC
TREASURY WASHDC
USMISSION GENEVA
AMEMBASSY TOKYO
AMCONSUL PUSAN
COMUSKOREA SEOUL KS//C-J-CC/BJ-PL/H/SJs/EJ-J/J-5/SA//
USCINCPAC HONOLULU HI//FPA//
LIMITED OFFICIAL USE SECTION 13 OF 13 SEOUL 06440
USTR FOR RCASSIDY/PCOLLINS
USDOC FOR 4430/IEP/OPB/EAP/JDONIUS
TREASURY FOR OASIA/MBRETTSCHNEIDER
GENEVA FOR USTR
DEPARTMENT FOR EAP/K - RICHARDSON AND HEIDT
STATE PASS USDA ELECTRONICALLY FOR FAS/ITP HEMPHILL
E.O. 12356: N/A
TAGS: ETRD, EINV, KS
SUBJECT: REPORT ON JUNE 24 ECONOMIC SUBCABINET CONSULTATIONS
OUT TO NARROW GAPS IN FUTURE TRADE TALKS. MINISTER HONG
EXPRESSED HIS CONFIDENCE THAT THE ISSUES OF DISAGREEMENT WOULD
BE EFFECTIVELY ADDRESSED THROUGH THE ECONOMIC REFORMS CURRENTLY
UNDER WAY IN KOREA, AND MOST NOTABLY, THROUGH THE DIALOGUE FOR
ECONOMIC COOPERATION WHICH WAS ESTABLISHED DURING THE COURSE OF
THE MEETING.
BURGHARDT
LIMITED OFFICIAL USE