UN General Assembly
1998

engage, is where our discussion must begin. As a world community, we face trends and challenges that test our wisdom and courage. Before I discuss our common efforts, I would like to begin by addressing how we are now handling our own concerns in Korea. Last February, the Republic of Korea inaugurated the Government of President Kim Dae-jung. This Government carries special significance for the Korean people because it marks the first time an opposition party has acceded to power in the 50-year constitutional history of Korea. The Republic of Korea is one of the countries that gained independence during the last half-century; it has subsequently developed into a liberal democracy within a relatively short period of time. Poverty-stricken and war- torn only 50 years ago, the Republic of Korea has now grown to be a middle-power State. My country is currently endeavouring to overcome enormous economic difficulties and to ensure the parallel and harmonious development of democracy and free market economy. We are well aware that the world is