RESTRICTEDWORLD TRADE
ORGANIZATIONTN/S/O/KOR
2 April 2003
(03-1873)
Council for Trade in Services
Special SessionOriginal:  English
COMMUNICATION FROM THE REPUBLIC OF KOREA
Initial Offer
The following initial offer has been received from the delegation of the Republic of Korea on
31 March with the request that it be circulated to Members of the Council for Trade in Services
_______________
In observance of the Ministerial Declaration of the 4th WTO Ministerial Conference held in
Doha in November 2001 and in line with the principles of the GATS, the Republic of Korea hereby
submits its ‘Initial Offer on the Schedule of Specific Commitments’ for the WTO Services
Negotiations.
This initial offer covers horizontal commitments and services sectors , inter alia , as listed below.
- BUSINESS SERVICES
Legal Services
- COMMUNICATION SERVICES
Courier Services
- CONSTRUCTION SERVICES- DISTRIBUTION SERVICES
- EDUCATIONAL SERVICES
Higher Education Services, Adult Education Services
- ENVIRONMENTAL SERVICES
- FINANCIAL SERVICES- TOURISM AND TRAVEL RELATED SERVICES
- RECREATIONAL, CULTURAL AND SPORTING SERVICES
- TRANSPORT SERVICES
- ARTICLE II (MFN) EXEMPTIONSTN/S/O/KOR
Page 2
The offer has been prepared in accordance with the Negotiating Guidelines S/L/92 and has been
drafted utilizing the editorial conventions proposed in JOB(02)/88.  The sectors and sub-sectors areidentified in accordance with the classification list as contained in MTN.GNS/W/120.  Corresponding
UN Provisional CPC numbers, where applicable, have also been indicated to facilitate easier
comprehension of the services classification.
In addition, a “Notes” box at the bottom of some of the pages, a headnote in one services sector,
and italic text in curly braces, i.e. {…} have been  used to provide additional information.  As for the
numbering of the footnotes, new numbering starts at  every page where a footnote has been used.  This
method has been adopted to avoid confusion, which results from the difference in numbering of the
footnotes in the various parts of the consolidated schedule with the new footnotes that have been
applied.
The Republic of Korea reserves the right to amend, revise or withdraw its offer in whole or in
part in light of subsequent developments in the process of the negotiations.
The government of Korea would be willing to  provide any clarification and answer any
questions regarding this offer.  All corresponde nce can be addressed to the following officials.
- Mr. MIN, Dong-seok, Chief Negotiator for Trade in Services
Multilateral Trade Bureau, Ministry of Foreign Affairs and Trade, Seoul, Korea
Tel: 82-2-2100-7617,  Fax: 82-2-2100-7976,  E-mail: dsmin79@mofat.go.kr
- Mr. AHN, Chong-gee, Director
Mr. WOO, Kyoung-ha, Deputy Director
Mr. PARK, Hyung-chul , Deputy Director
WTO Division, Ministry of Foreign Affairs and Trade, Seoul, Korea
Tel: 82-2-2100-7638-9,  Fax: 82-2-2100-7979,  E-mail: wto@mofat.go.krTN/S/O/KOR
Page 3KOREA – INITIAL OFFER ON THE SCHEDULE OF SPECIFIC COMMITMENTS
Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
I. HORIZONTAL COMMITMENTS
ALL SECTORS
INCLUDED IN THISSCHEDULE
(ALL SECTORS)
3) The acquisition of outstanding stocks of
existing domestic companies by natural
persons or juridical persons of another
member is restricted.  However, foreign
portfolio investment in Korean stocks is
permitted only for the stocks listed on the
Korean Stock Exchanges, and individual
foreign investors can own up to 6 per cent of
each company's total stock, while aggregate
foreign investments cannot exceed 23 per cent
(18 per cent in the case of two public
enterprises: Pohang Iron and Steel Company,
Korea   Electric Power Corporation) per each
company .  The acquisition of outstanding
stocks of existing domestic companies such
as broadcasting, communication andaviation by natural person or juridicalpersons of another Member is restricted.
    
The acquisition of outstanding bonds of 
existing domestic companies by natural 
persons or juridical persons of another 
Member is restricted except in the following 
cases:
    (i)  Direct foreign investment is allowed in 
         non-guaranteed Convertible Bonds issued
         by listed companies.3) The amount of foreign direct investment must
be at least 50 million Won.
The acquisition of land is unbound except:
(i) that the acquisition of land by companies
which are not deemed as foreign under the
Alien Land Law is permitted, and
(ii) that the acquisition of land by companies
which are deemed as foreign under theAlien Land Law and branches of foreign
company is permitted, subject to approval
or notification in accordance with the AlienLand Law, for the following legitimatebusiness purposes:
•land used for supplying services during the
course of normal business activities;
•land used for housing senior company
personnel under pertinent laws; and
•land used for fulfilling land-holding
requirements stipulated by pertinent laws.3) Residents who have
been treated asforeigners in theSecurities ExchangeAct are accordednational treatment in
portfolio investment
in Korean stocks.TN/S/O/KOR
Page 4Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
           (ii)  The purchase of government and public 
  bonds, with interest rates comparable to 
  international interest rates, is allowed in 
  the primary market.
(iii) Foreign investors are allowed to make
indirect bond investment through the
purchase of beneficiary certificates
offered exclusively to foreigners.
(iv) Foreign investors are allowed to make
indirect  bond  investment  through  country
funds.
         (v)  Foreign direct investment in medium and
long-term non-guaranteed bonds issued
by small-and medium-sized companies
are allowed.
        The establishment of branches must be 
approved in accordan ce with the Foreign 
Exchange Management Act.Eligibility for subsidies, including tax benefits,
may be limited to companies which areestablished in Korea acco rding to the pertinent
laws.
Unbound for research and development
subsidies.TN/S/O/KOR
Page 5Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
4) Unbound except for measures affecting the 
entry and temporary stay of natural persons as defined below:
A. Natural persons who are employees of firms
that supply services through 100 per cent
foreign ownership, joint venture companies ,
foreign capital invested companies under the
“Foreign Investment Promotion Act”, or
branches established in Korea and who have
been in the employ of their firm for a period ofnot less than one year immediately precedingthe date of their application for admission andwho are one of the following:
(i) Executives - persons within an 
organization who primarily direct the management of the organization, exercise 
wide latitude in decision-making, and 
receive only general supervision or direction from higher-level executives, the board of directors, or shareholders of the business.  Executives would not directly 
perform tasks related to the actual supply 
of a service or services of the organization
(ii) Senior Managers - persons within an 
organization who primarily direct the organization or a department of the organization; supervise and control the work of other supervisory, professional or managerial employees;  have the authority 
to hire and fire or recommend hiring, firing
or other personnel actions; and exercise discretionary authority over day-to-day operations.  Senior managers do not include first-line supervisors, unless the employees supervised are professionals, 
nor do they include employees who 
primarily perform tasks necessary for the supply of the service.4) Unbound except for measures concerning the
categories of natural persons referred to in themarket access column.
The acquisition of land is unbound except that
the lease hold right of land is permitted. subject
to approval.
Eligibility for subsidies, including tax benefits,may be limited to residents according to thepertinent laws.TN/S/O/KOR
Page 6Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
(iii) Specialists-persons within an 
organization who possess knowledge at an advanced level of continued expertise and proprietary knowledge on the services, research equipment, techniques, or management of the organization.
B. Natural persons meeting the criteria of
category A(i) or A(ii) and who are responsiblefor the setting up, in Korea, of a commercialpresence of a service supplier of a Memberwhen the service supplier has norepresentative office, branch or subsidiary in
Korea and the persons are not engaged in
making direct sales or supplying services
.
C. Natural persons not based in the territory of
Korea and receiving no remuneration from a 
source located within Korea, who are engaged
in activities or representing a service supplierfor the purpose of negotiating for the sale ofthe services of that supplier when such salesare not directly made to the general public andthe persons are not engaged in supplying the
services.
Entry and stay of natural persons as defined in A
is limited to a period not exceeding three yearsthat may be extended if extension is deemed to benecessary.
Entry and stay of natural persons as defined in B
and C is limited to a period of 90 days.
Natural persons whose entries and
temporary stays are permitted shall observe the
Immigration Law and the labour laws.  Korea's
commitments regarding temporary movementof natural persons do not apply in the case oflabour-management disputes.TN/S/O/KOR
Page 7Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
II. SECTOR-SPECIFIC COMMITMENTS
1. BUSINESS SERVICES
A. Professional Services
 a. Legal services;
(CPC 861*)
Advisory Services on law of
the jurisdiction whereservice supplier is qualifiedas a lawyer and on publicinternational law, excluding
the following :
(i) representation for
juridical or statutory
procedures in courts
and other governmentagencies as well aspreparation of legaldocuments for such
procedures ;
(ii) legal representation for
the entrustment of the
preparation of notarial
deeds ;1)  None
2)  None3) Only in the form of representative office.
      Association with or employment of local
lawyers with Korean qualification or
equivalent  is not permitted.
4)  Unbound except as indicated in the
Horizontal Comm itments section.
Commercial presence is required.1)  None
2)  None
3)  Foreign legal consultants are required to
stay in Korea not less than 180 days peryear.
4)  Unbound except as indicated in the
Horizontal Comm itments section.(i) Representation in
international
commercial
arbitration ispermitted, providedthat the applicableprocedural andsubstantive laws in
the arbitration are
the laws which theforeign legalconsultant isqualified to practicein Korea.
(ii) Use of firm name is
permitted, provided
that it is used with
reference to"Foreign legalconsultants office"in KoreanTN/S/O/KOR
Page 8Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
(iii)  those activities
concerning a legal
case whose objective
is the acquisition orloss or change ofrights concerning realproperty in Korea,intellectual property
rights, mining rights
or other rights arisingupon registrationthereof withgovernment agenciesin Korea ; and
(iv)  legal cases concerning
family relations orinheritance, in which
a Korean national is
involved as a party orthe propertyconcerned is locatedin Korea.
※ Notes
The following information is provided for transparency purposes only :
 i) A foreign lawyer who wishes to practice law as a foreign legal  consultant in Korea must be approved by the Minister of Just ice, must have practiced law
for at least 3 years in the jurisdiction where he/she is qualified as a lawyer, and must be in good standing of the legal profe ssion in the jurisdiction.
ii) Permission of the Minister of Justi ce is required for the establishment of a representative office in  Korea. The representa tive office consists of a FLC or
FLCs approved by the Minister of Justice. It must have credibility and expertise, a nd sufficient capability to compensate for d amages caused to the client,
if any. The chief of the representative office must have practiced law for at least 7 years, including 3 years in the jurisdict ion of his/her qualification.TN/S/O/KOR
Page 9Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
b. Accounting,  auditing and
book-keeping services(CPC 862)1)Unbound for  None, other than
 auditing
services which are unbound .
2) Unbound for  None, other than  auditing
services which are unbound .
3) Only sole proprietorships, auditing task forces,
joint accounting  offices,  and Hapmyung Hoesa
(incorporated partnership)  accounting
corporations (limited liability companies)  by
CPAs licensed under the Certified PublicAccountant Law are permitted.
Only those
 CPAs in auditing task forces, joint
accounting offices  and Hapmyung Hoesa
accounting corporations (limited liability
companies)  are allowed to supply auditing
services.1) None
2) None
3) None1)2)3) A Korean
accounting firm oroffice may, bypaying an annualmembership fee,acquire membership
to international
accountingorganizations whichhave world-widebusiness networks.The following
services may be
supplied to a Koreanaccounting firm oroffice through amembershipcontract:
- Consultancy for
foreign accounting
standards andauditing, training ofCPAs, transfer ofauditing technology
and exchange of
information.TN/S/O/KOR
Page 10Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
In order to practice as a CPA, a candidate must
have field experience of two years in Koreaafter passing the CPA examination.4)  Temporary movement
of natural persons whoare qualified as CPAsunder their homecountry's laws and areemployed by
international
accounting firms forthe purpose ofsupplying the servicesmentioned above isallowed.  Entry and
stay of these persons is
limited to a one-yearperiod that may beextended if extensionis deemed to benecessary.
c. Taxation services
(CPC 863)1)Unbound for  None, other than  tax
reconciliation services and tax representativeservices which are unbound
.
2)Unbound for  None, other than  tax
reconciliation services and tax representative
services which are unbound .1) None
2) None
3) Only sole proprietorships, tax reconciliation
task forces, joint tax accounting offices  and
Hapmyung Hoesa (incorporated partnership)
tax agency corporations (limited liability
companies)  by  CTAs licensed under the
Certified Tax Accountant Law are permitted.3) None
Only those  CTAs in tax reconciliation task
forces, joint tax accounting offices  and
Hapmyung Hoesa  tax agency corporations
(limited liability companies)  are allowed to
supply tax reconciliation services.TN/S/O/KOR
Page 11Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
In order to practice as a CTA, a candidate must
have field experience of six months in Koreaafter passing the CTA examination.
d. Architectural services
(CPC 8671)1) Commercial presence is required.
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1)2)4)Supply of services
by foreign architectsthrough joint contractswith architectslicensed under Koreanlaw w
ill be allowed
from January 1, 1996 .
is allowed.
Foreign architects
licensed under theirhome country's law
may acquire a Korean
architect license bypassing a simplifiedexamination whichcovers only two of the
regular test's six
subjects: architecturallaws and regulationsand architecturaldesign
e. Engineering services
(CPC 8672)1) None
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .TN/S/O/KOR
Page 12Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
f. Integrated engineering
services(CPC 8673)1) None
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
g. Urban planning and
landscape
architectural services(CPC 8674)1) None
2) None
3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None
3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
i. Veterinary services
(CPC 932)1)   Unbound
2)   None
3)   Limited to corporations established to
provide veterinary services.
4)   Unbound except as indicated in the
Horizontal Comm itments section.1)   Unbound
2)   None
3)   None
4)   Unbound
B. Computer and Related
Services
a. Consultancy services related
to the installation of
computer hardware
(CPC 841)1) None
2) None
3) None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None
3) None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
b. Software implementation
services
(CPC 842)1) None
2) None
3) None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None
3) None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
c. Data processing services
(CPC 843)1) None
2) None
3) None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None
3) None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .TN/S/O/KOR
Page 13Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
d. Data base services
(CPC 844)1) None
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
e. Other (CPC 845, 849) 1) None
2) None
3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None
3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
C. Research and Development
Services
a. Research and development
services on naturalsciences
(CPC 851)1) None
2) None3) Unbound4) Unbound except as indicated in the
Horizontal Comm itments section.1) None
2) None3) Unbound4) Unbound except as indicated in the
Horizontal Comm itments section.
b. Research and development
services on social sciencesand humanities
(CPC 852)1) Unbound
 None
2) Unbound  None
3) None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None3) None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
c. Interdisciplinary research
and development services(CPC 853)1)   None
2)   None3)   Unbound
4)   Unbound except as indicated in the
Horizontal Comm itments section.1)    None
2)    None3)    Unbound
4)    Unbound except as indicated in the
Horizontal Comm itments section.TN/S/O/KOR
Page 14Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
D. Real Estate Services
Brokerage services
(CPC 82203*, 82204*,82205*, 82206*)1)    Unbound
2)    None for real estate located abroad3)    None4)  Unbound except as indicated in the
Horizontal Comm itments section.1)    Unbound
2)    None for real estate located abroad3)    None4) Unbound except as indicated in the
Horizontal Comm itments section.
Appraisal services
(CPC 82201*, 82202*)
Excluding appraisal
services related to services
supplied in the exercise of
governmental authoritysuch as assessment of landprices and compensation forexpropriation1)    Unbound
2)    None for real estate located abroad3)    None4)    Unbound except as indicated in the
Horizontal Comm itments section.1)    Unbound
2)    None for real estate located abroad3)    None4) Unbound except as indicated in the
Horizontal Comm itments section.
E. Rental/Leasing Services
without Operators
a. Relating to ships
(CPC 83103)1) Unbound  None   
2) Unbound  None   
3) None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None
3) None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
b. Relating to aircraft
(CPC 83104)1) Unbound
2) Unbound
3) Joint venture in which foreign equity
participation is less than 50% ispermitted.
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None
3) Representatives of joint
venture companies must be Koreannationals.
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .TN/S/O/KOR
Page 15Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
c. Relating to other transport
equipment(CPC 83101, 83105*)
11) None2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
d. Relating to other machinery
and equipment
(CPC 83106 , 83108,   
-  83109)1) None
2) None
3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None
3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
d.   Relating to construction
machinery and equipment
(CPC 83107)
        {now covered by d. above}1) Unbound until January 1, 1996.  No
limitations after that date .
2) Unbound until January 1, 1996.  No
limitations after that date.
3) Unbound until January 1, 1996.  No
limitations after that date.
4) Unbound until January 1, 1996.  After that
date, unbound except as  indicated in ALL
SECTORS .
         {now covered by d. above}1) Unbound until January 1, 1996.  No limitations
after that date.
2) Unbound until January 1, 1996.  No limitations
after that date.
3) Unbound until January 1, 1996.  No limitations
after that date.
4) Unbound until January 1, 1996.  After that date,
unbound except as indicated in  ALL SECTORS
{now covered by d. above}
e. Other
Leasing or rental services
concerning p ersonal or
household goods(CPC 832)1) None
2) None
3) None
4) Unbound except as indicated in the
Horizontal Comm itments section.1)    None
2)    None3)    None4)    Unbound except as indicated in the
Horizontal Comm itments section.
                                                          
1 83105*: Only passenger vehicles for less than 15 passengers under CPC 83105.TN/S/O/KOR
Page 16Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
F. Other Business Services
a. Advertising services
(CPC 871)1) None
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
b. Market research and public
opinion polling services(CPC 864)1) Unbound
 None
2) Unbound  None
3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
c. Management consulting 
services(CPC 865)1) None
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
d. Project management
services(CPC 86601)1) None
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
e. Composition and purity
testing and analysisservices(CPC 86761*)
11) None2) None3) Establishment of a commercial presence is
subject to the economic needs test.
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
                                                          
1 86761: Only inspection, testing and analysis services of air, water, noise level and vibration level under CPC 86761.TN/S/O/KOR
Page 17Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
e. Technical inspection
services(CPC 86764)1) None
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
f. Consulting services related
to agriculture and animal
husbandry(CPC 8811*, 8812*)1) Unbound
 None
2) Unbound  None
3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None
3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
f. Services incidental to
forestry excluding aerial
fire fightingand disinfection(CPC 8814*)1) Unbound
 None
2) Unbound  None
3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None
3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
g. Consulting services
related to fishing
(CPC 882*)1) Unbound
2) Unbound
3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None
3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
h. Consulting services related
to mining (CPC 883*)
Services incidental
to mining(CPC 883)1) Unbound
 None
2) Unbound  None
3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
i. Services incidental to
manufacturing(CPC 884* and 885*excluding 88411, 88442,and 88493)1) None
2) None
3) None
4)  Unbound except as indicated in the
Horizontal Comm itments section.1) None
2) None
3) None
4) Unbound except as indicated in the
Horizontal Comm itments section.TN/S/O/KOR
Page 18Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
 j.  Services incidental to
energy distribution(CPC 887*)
Only wholesale and retail
trade of oil products, gas
station business, and
exports and imports of oilproducts.1)   None
2)   None3)   None4)   Unbound except as indicated in the
Horizontal Comm itments section.1)    None
2)    None3)    None4)    Unbound except as indicated in the
Horizontal Comm itments section.
k. Placement services of
personnel(CPC 87201, 87202)
Excluding placement
services for seafarers underthe Seamen Act1)    None
2)    None3)    Foreign service suppliers may supply
services only in the form of a corporation
under the Commercial Act with a paid-incapital of 50 million won or more. Ifsuppliers wish to install additional branchoffices, the total paid-in capital shallincrease by 20 million won for each branch
office additionally installed.
4)   Unbound except as indicated in the
Horizontal Comm itments section.1)    None
2)    None3)    None
4)    Unbound except as indicated in the
Horizontal Comm itments section.
※ Notes
The corporations shall follo w the rules for service fees determined and announced by the Minister of Labor.
m. Related scientific and
technical consultingservices(CPC 86751, 86752)
Geological, geophysicaland other scientific
prospecting services
 (CPC 86751)Subsurface surveyingservices
(CPC 86752)1) None
2) None
3) None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None
3) None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .TN/S/O/KOR
Page 19Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
 Surface surveying
services
(CPC 86753*)
Excluding services
related to cadastral
survey1) Unbound
2) None3) None4) Unbound except as indicated in the
Horizontal Comm itments section.1)    Unbound
2)    None3)    None4)    Unbound except as indicated in the
Horizontal Comm itments section.
 Map-making services
(CPC 86754*)
Excluding services
related to cadastral maps1) Unbound
2) None3) None4) Unbound except as indicated in the
Horizontal Comm itments section.1)    Unbound
2)    None3)    None4) Unbound except as indicated in the
Horizontal Comm itments section.
n. Maintenance and repair of
equipment(CPC 633, 8861, 8862,8863, 8864, 8865, 8866)1) None
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
p. Photographic services
(CPC 875)1) Unbound
2) Unbound3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .TN/S/O/KOR
Page 20Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
q. Packaging services
(CPC 876)1) Unbound  None
2) Unbound  None
3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
r. Printing
(CPC 88442*)11) None2) None
3) None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None
3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
r. Publishing
(CPC 88442*)
Excluding publishing
services of newspapersand periodicals1) None
2) None
3) None4) Unbound except as indicated in the
Horizontal Comm itments section.1) None
2) None
3) Unbound4) Unbound except as indicated in the
Horizontal Comm itments section.
s. Convention  agency
services(CPC 87909*)1) None
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
s. Stenography services
(CPC 87909*)1) None
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
t. Translation and
interpretation services(CPC 87905)1) None
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
                                                          
1 88442: Screen painting, gravure printing and services related to printing under CPC 88442.TN/S/O/KOR
Page 21Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
t.   Specialty design services
(CPC 87907)1)   None
2)   None3)   None4)   Unbound except as indicated in the
Horizontal Comm itments section.1)    None
2)    None3)    None4)    Unbound except as indicated in the
Horizontal Comm itments section.TN/S/O/KOR
Page 22Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
2. COMMUNICATION
SERVICES
B. Courier Services
International courierservices
(CPC 75121**)
Excluding the services
currently reserved to theKorean Postal Authority bylaw.
1
   The commitment shall not
be construed to include theright to operate transportservices under one’s ownresponsibility for hire.
   The commitment shall not
include under anycircumstances, the grant ofair traffic rights for courier
operators with own Air
Operator’s Certificate(AOC) and aircraft fleet.1) Provision of services is limited to air and
sea transport modes.
2) None
3) Limited to land based operations in support
of international courier services
4) Unbound except as indicated in the
Horizontal Comm itments section.1)    Provision of services is limited to air and sea
transport modes.
2)    None
3) Limited to land based operations in support
of international courier services
4) Unbound except as indicated in the
Horizontal Comm itments section.
                                                          
1 According to the Postal Service Act, the Korean Postal Authority reserves exclusive rights for collecting, processing and deli vering letters.  However, the Act allows private
couriers to operate commercial document services, which include a) unsealed freight-attached documents or dispatch notes, b) tr ade-related documents, c) foreign capital or
technology related documents, or d) foreign exchange or its related documents.TN/S/O/KOR
Page 23Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
C. Telecommunication
Services1
Facilities-based :
a.   Voice telephone services
(CPC 7521**)
b.   Packet-switched data
transmission services
(CPC 7523**)
c.   Circuit-switched data
transmission services
(CPC 7523**)
d.   Telex services
(CPC 7523**)
e.   Telegraph services
(CPC 7523**)
f.   Facsimile services
(CPC 7521**, 7529**)
g.   Private leased circuit services
(CPC 7522**, 7523**)1) None except that  The provision of all services is
subject to commercial arrangements with
licensed Korean service suppliers.
2) None3)     
None except that:
(i)  Each service supplier must be a licensed
Korean juridical person .
(ii)  Until 31 December 1998, a licence, including
radio station licence, may not be granted to a
juridical person whose largest shareholder is:
        (a)  Foreign government
       (b)  Foreign person, or
       (c)  Juri dical person 50 per cent (15 per cent,
if the largest shareholder of the juridical
person is a foreign government or a foreign
person) or more of whose voting shares are
owned by foreign governments or foreign
persons.1)  None
2)  None
3)  NoneAs contained in the
attachment
                                                          
1 In this Schedule of Specific  Commitments on Basic Telecommunications, the * indicates that the service specified is a componen t of a more aggregated CPC item specified elsewhere
in this classification list, and the ** indicates that the serv ice specified constitutes only part of the total range of activi ties covered by the CPC concordance.TN/S/O/KOR
Page 24Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
o.     Other
Digital cellular services
(CPC 75213*)
Paging services
(CPC 75291*)
PCS (personal
communications services,
CPC  75213*)
TRS ( trunked radio system)
services (CPC 7523**,
CPC 75213*)
Mobile data services
(CPC 7523**)(iii)   Until 31 December 2000, a license, including
radio station licence, may be granted to a
juridical person  in whom no more than 33%
of the aggregate voting shares are owned by
entities identified in (a) through (c).
From 1 January 2001, a license, including
radio station licence, may be granted to a
juridical person  in whom no more than 49 %
of the aggregate voting shares are owned by
entities identified in (a) through (c).
(iv)   A licence, including radio station licence, may
not be granted to a juridical person more than
33 per cent (10 per cent, in the case of
wireline-based voice telephone services) of
whose voting share is owned by a person1
(v)    The largest shareholder of KT must be Korean
government or a Korean person. While KT's
share owned by a person2 must be no more
than 3 per cent, the aggregate foreign
shareholding in KT must be no more than 20
per cent until 31 December 2000, and no more
than 33 per cent from 1 January 2001.
                                                          
1  The definition of "a person" is in accordance with the releva nt provision of the Presidential Decree of the Korea's Telecommu nications Business Law.
2  The definition of "a person" is in accordance with the releva nt provision of the Presidential Decree of the Korea's Telecommu nications Business Law.TN/S/O/KOR
Page 25Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
Ownership of a licence for the provision of
facilities-based services, including radio station
licence:
Direct: May not be granted to or held by
(a) Foreign government
(b) Foreign natural person
(c) Foreign juridical person or
(d)Korean juridical person of which    
more than 49 percent of thevoting shares are owned by
foreign governments, foreign
natural persons or foreignjuridical persons.
Indirect:  Foreign ownership may not be
equal to or more than 80 percent of
the voting shares  (15 percent, if the
largest shareholder is a foreigngovernment, a foreign natural
person or a foreign juridical
person).
The largest shareholder of KT may not be
permitted to be:
(a) Foreign government
(b) Foreign natural person
(c) Foreign juridical person or(d) Korean juridical person of which 80
percent (15 percent, if the largest
shareholder is a foreign government, aforeign natural person or a foreign
juridical person) or more of the voting
shares are owned by foreigngovernments, foreign natural persons or
foreign juridical persons.
4) Unbound except as indicated in the Horizontal
Commitments section .4) Unbound except as indicated in the Horizontal
Commitments section .TN/S/O/KOR
Page 26Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
Resale-based :
a.      Voice te lephone services
(CPC 7521**)
b.      Packet-switched data
transmission services
(CPC 7523**)
c.      Circuit-switched data
transmission services
(CPC 7523**)
d.      Telex services
(CPC 7523**)
e.      Telegraph services
(CPC 7523**)
f.       Facsimile services
(CPC 7521**, 7529**)
g.      Private leased circuit
services  (CPC 7522**,
7523**)
o.      Other
Digital cellular services
(CPC 75213*)
Paging services
(CPC 75291*)
PCS  (personal
communications services,
CPC  75213*)
TRS ( trunked radio system)
services (CPC 7523**,
CPC 75213*)
Mobile data services
(CPC 7523**)1)       None except that:
(i)   Provision of all services is subject to
commercial arrangements with licensed
Korean service suppliers
(ii) Until 31 December 2000 resale of voice
telephone services interconnected to the
public telecommunications network can
only be supplied by companies established
in Korea
2)             None
3)           None except that:
         (i) Each service supplier must be a licensed
Korean juridical person.
         (ii)Foreign shareholding in suppliers of  resale
voice telephone services, interconnected to
the public telecommunications network,
will be permitted only after 1 January
1999. From 1 January 1999, foreign
shareholding will be permitted up to 49 per
cent. As of 1 January 2001, 100 percent
foreign shareholding will be permitted.
4)    Unbound except as indicated in horizontal
commitments1)  None
2)  None
3)  None
4) Unbound except as indicated in horizontal
commitmentsTN/S/O/KOR
Page 27Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
Value-added Services1:
Including On-Line Data Base and
Remote Computing Services2:
h. Electronic mail
i. Voice mail
j. On-line information and data
base retrieval
k. Electronic data interchangel. Enhanced/value-added
facsimile services including
store and forward, store andretrieve
m. Code and protocol conversion
n. On-line information and/or
data processing (includingtransaction processing)
o. Other
On-line data base and
remote computing services
21) None2) None
3) None
4) Unbound except as indicated in ALL
SECTORS  the Horizontal Commitments
section .1) None
2) None
3) None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .Registered, operating,
Value-added service
providers are allowed to
supply data transmissionservices
3.
1Value-added services means telecommunication services which are provided through telecommunications network facilities leased f rom network service providers and which
store and forward, or process and forward, the customer's information on a non-real time base.
Value-added services mean telecommunication services, which are pr ovided through teleco mmunications network facilities leased f rom facilities-based basic
telecommunication service providers, and which store and forward, or process and forward, the customer's information.
2On-line data base and remote computing services means telecommunication services which are provided through telecommunications network facilities leased from network
service providers and which do not mediate third party communications.
On-line data base and remote computing services do not cover telecommunication services which mediate third party communication s.
3Telecommunication services which are provided through telecommuni cations network facilities leased from network service provide rs and which transmit and/or
exchange the customer's data on a real-time base without change in the form or content (voice telephony, telex, facsimile servi ces and simple resale of leased circuits are
excluded).
Telecommunication services which transmit and/or exchange the cust omer's data without change in the form or content (voice tele phony, telex, facsimile services and
simple resale of leased circuits are excluded).TN/S/O/KOR
Page 28Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
D. Audiovisual Services
a. Motion picture and video
tape production anddistribution services
(CPC 96112*, 96113*)
Excluding those services
for cable TV broadcasting1) None
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
e. Record production and
distribution services(Sound recording)1) None
2) None3) None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None3) None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
3.    CONSTRUCTION
SERVICES
(CPC 511-518)1) Unbound* except for CPC 5111 which Is  none .
2) None
3) Branches are not permitted.  From January 1,
1996, branches will be permitted.1) Unbound* except for CPC 5111 which is none.
2) None
3) None
General construction work
(CPC 5111, 5112, 5113,
5115, 5116, 512,  5131,
5132, 5133, 5136*, 5137,
5139)1New licenses are issued during a specific
period every year.
Limits on contract amount per contract are
applied.
A compulsory subcontract system is applied
for contractors registered as general
contractors .
4)   Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
                                                          
1 5136: Excluding construction work of power plants under CPC 5136.TN/S/O/KOR
Page 29Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
Special construction work
(CPC 5134, 5135, 5136*,
514, 515, 516, 517)11)    Unbound*
2)    None
3)      Only joint ventures with licensed local
companies are permitted.
From January 1, 1996, 100% foreign
ownership will be permitted.
From January 1, 1998, branches will be
permitted.
New licenses are issued during a specific
period every year.
Limits on contract amount per contract are
applied.
4)      Unbound except as indicated in ALL
SECTORS1)    Unbound*
2)    None
3)    None
4)    Unbound except as indicated in ALL
SECTORS
4. DISTRIBUTION
SERVICES2
A. Commission Agents'
Services
(CPC 621, excluding62111, 62112 andcommission agents'services of future contracts)1) Unbound
 Unbound for pharmaceuticals and
medical goods.
2) Unbound  None
3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None
3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
                                                          
              1 5136: Only construction work of power plants under CPC 5136
2 Excluding trade in firearms, explosives and swords; works of art and antiques, and the establishment and operation of, and dist ribution services at, the public wholesale markets for
agricultural, fishery and livestock products, which are officially  designated by the local authorities as public wholesale mark ets.TN/S/O/KOR
Page 30Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
B. Wholesale Trade Services
(CPC 622, excluding grain
in 62211, raw milk in
62222,  62223, red ginseng
and farinaceous products in 62229 and
fertilizers in 62276)1) Unbound
 Unbound for pharmaceuticals,
medical goods, functional foods, and items
subject to limitations under Mode 3.
2) Unbound  None
3) Following services are subject to the
economic needs test:
-    wholesale markets with floor space of
more than 3,000m2
-    large stores with floor space of more than
3,000m2
-    wholesale trade centers
-    wholesale trade of used cars-    wholesale trade of gaseous fuels and
related products
-    foreign trade services
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1)    None
2) None
3) None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
C. Retailing Services
(CPC 6111, 61130, 61210,
63101, 63104 and  631, 632,
excluding animal feed,
livestock and other
animal in 632951) Unbound  Unbound for pharmaceuticals,
medical goods, functional foods, and items
subject to limitations under Mode 3.
2) Unbound  None
3) For a joint venture or a 100%
foreign ownership, not more than
twenty (20) shops with floor space
of less than 3,000m2 per shop are
allowed.  From January 1, 1996, this
restriction will be eliminated.1)    None
2) None
3) None
For a branch, only one (1) shop with
floor space of less than 700m2 is
allowed.  From January 1, 1996, this
restriction will be eliminated.TN/S/O/KOR
Page 31Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
Retailing services for used cars and
gaseous fuels are subject to theeconomic needs test.Department stores and shopping
centers are prohibited.
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
D. Franchising
(CPC 8929*)11)    None
2)    None3)    For a joint venture or a 100%
foreign ownership, not more than
twenty (20) shops with floor space
of less than 3,000m2 per shop are
allowed.  From January 1, 1996, this
restriction will be eliminated.  None
4)   Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1)    None
2)    None3)    None
4)    Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
※ Notes
     The following explanatio n pertains to Retailing Services.
Supply of pharmaceuticals directly to the general public (Pharmacie s) should be only allowed by certified pharmacists in order to protect public health.
                                                          
1 Franchising services are limited to those items which are allowed under Wholesale Trade Services and Retailing Services in this  schedule.TN/S/O/KOR
Page 32Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
5.   EDUCATIONAL
SERVICES
C.  Higher Education Services
(CPC 923**)
Higher education services
provided by private highereducational institutions forthe purpose of conferringdegrees which obtainedrecognition from the
government or public
accreditation bodies.
Excluding education
services for medical andhealth related subjects and
for training pre-school,
primary and secondaryschool teachers.1) Unbound
2) Credits acquired from other higher
educational institutions, local or foreign, areacknowledged to the extent that suchacknowledged credits do not exceed half ofthe total credits requi red for graduation.
3)  -    Only those sc hool juridical persons*,
established under the approval by theMinister of Education and HumanResources Development may establisheducational institutions under theMinister’s authorization (Intra-companyUniversities do not need to establish aschool juridi cal person).
      -    Only the types of educational institutions
listed in Attachment 1 are allowed.
      -    New educational institutions other than
Technology Universities and Intra-company Universities are not allowed inthe Metropolitan area of Seoul or in itsvicinities.
-    Junior Colleges, Universities and
Industrial Universities may operate jointeducational programs with foreignuniversities which ob tained accreditation
by foreign public a ccreditation bodies or
which acquired recognition orrecommendation by their governments,in the field of state-of -the-arttechnologies, basic sc iences, international
studies and specialization of therespective Korea n universities.1)   None
2)   None
3)   UnboundTN/S/O/KOR
Page 33Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
-    Credits acquired  from other higher
educational institutions, local or foreign,are acknowledged to the extent that suchacknowledged credits do not exceed half ofthe total credits requi red for graduation.
-    The Minister of Education and Human
Resources Development may restrict thenumber of students for each educationalinstitution.
4) Unbound except as indicated in the
Horizontal Comm itments section.4)   Unbound except as indicated in the
Horizontal Comm itments section.
* School juridical persons are non-profit juridical persons established solely for the purpose of establishing regular educatio nal institutions in accordance with
pertinent education related laws.
     Attachment 1
1. Only the following types of educational institutions are in cluded: (Excluding Universities via Broadcasting and Communicatio ns; Cyber Universit ies; and etc.)
a)  Junior Colleges (Excluding Polytechnic Colleges) : higher education institutions which train technical experts for a 2-3 ye ar curriculum and confer an
associate degree, in accordance with the Higher Education Law.
b)  Universities: higher education institutions which conduct research and educate professional s for 4-6 years and confer a bac helor’s degree, in accordance
with the Higher Education Law.
c)  Industry Universities: higher education institutions which educate those who want to continue theoretical or technical rese arch and training for 4 years,
conferring a bachelor’s degree, in a ccordance with the Hi gher Education Law.
d)  Technology Universities: higher education institutions, located within workplaces, which educate workers to provide expert knowledge and skills and confer
associate degrees and bachelor ’s degrees, in accordance wi th the Higher Education Law.
e)  Intra-company Universities: higher educ ation institutions which are established and operated by employers, and educate empl oyees, in order to confer
equivalent degrees or diplomas to those in  Junior Colleges or Universities, in a ccordance with the Life -long Education Law.TN/S/O/KOR
Page 34Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
D.  Adult Education Services
(CPC 924**).
Adult education services
provided by private adulteducational institutions.
Excluding education
services which confer orlead to local or foreigndegree or diploma,vocational training services
financially supported by the
government in accordancewith the EmploymentInsurance Act and theVocational TrainingPromotion Act, and
educational services via
broadcasting.
Also excluded are
vocational training services
provided by institutions
under authority delegatedby the government.1) Unbound for health and medical related
adult education services.
2) None3)   -   Only the types of educational institutions
listed in Attachment 2 are allowed.
       -   The Superintendent of a Provincial
Office for Education (Kyo-yook-gam)
may regulate tuition rates for privatetutoring institutions (Hag-won).
       -    The establishment and/or enlargement
of educational institutions in theMetropolitan area of Seoul and its
vicinities may be restricted.
4) Unbound except as indicated in the
Horizontal Comm itments section.1)  None
2)  None
3)  Unbound
4)   Unbound except as indicated in the
Horizontal Comm itments section.TN/S/O/KOR
Page 35Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
     Attachment 2
1. The following types of private tutoring institutions (Hag-won) and life-long educat ion facilities are included :
a)  Hag-won are private education institutions to provide tutori ng services on the following s ubjects to more than 10 persons f or periods longer than 30 days in
accordance with the Act on the Establishment and Operation of Private Tutoring institutions. Excluded are schools, libraries, m useums, workplace facilities
to provide education services to the employees, life-long educat ion facilities in accordance with the Life-long Education Law, and driving schools.
1)   Infrastructure industrial technology: machinery, automobile, metal, chemical a nd ceramic, electrics, telecommunications, e lectronics, shipbuilding,
aviation, civil engineering, text ile and apparel, mining resources , land development, agriculture and forestry, oceanic, energy , art craft, transportation,
safety management
2)   Applied industrial technology: design, hair and cosmetic management, food and beverage, packaging, printing, photograph, m usical tuning
3)   Information processing: telecommunic ations equipment, software, multimedia, computer communication,  internet, computer
4)   Nursing assistant: nursing assistant5)   Culture and tourism: p ublishing, imaging and record, movi e, broadcasting, advertising,  character products, tourism
6)   Foreign languages: foreign languages, translation, interpretation
7)   Humanities: public management, business manageme nt, accounting, statistics, public service examination
8)   Management: finance, insu rance, distribut ion, real estate
9)   Office work: bookkeeping, fast writing, reading a nd calculation, word-processing, secretary, abacus, calligraphy
10)   Arts: traditional Korean music, dance and calligraphy, mu sic, painting, dance, speech, modeling, cartoon, baduk, theater,  flower arrangement
b)  Life-long education facilities are thos e facilities which have been approved, regis tered or notified in  accordance with the  Life-long Education Law.  
Among the Life-long education facilities, on ly life-long educational fa cilities annexed to workplaces, NGOs, schools, mass-medi a, and those related to the
development of knowledge and human resources are included.TN/S/O/KOR
Page 36Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
6. ENVIRONMENTAL
SERVICES
A. Sewage Services
Refuse water disposalservices
(CPC 9401*)
11) Unbound
2) None
3) The number of service suppliers is
limited to twenty-five (25).  None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None
3) None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
B. Refuse Disposal Services
Industrial refuse disposal
services(CPC 9402*)
21) Unbound2) None3) Establishment of a commercial
presence is subject to the economic
needs test.1) None2) None3) None
Refuse collection and transport
service suppliers may conduct
business only within the jurisdiction
of the respective Regional
Environment Office which has
granted them approval for operation.  None .
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
                                                          
1 9401: Only collection and treatment services of industrial waste water under CPC 9401
2 9402: Only collection, transport and disposal services of industrial refuse under  CPC 9402.TN/S/O/KOR
Page 37Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
D.  Other
Cleaning services of
exhaust gases and noiseabatement services
(CPC 9404*
, 9405* )1) None
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
Environment testing and
assessment services
(CPC 9406*, 9409*)11) None
2) None
3) Establishment of a commercial
presence is subject to the economic
needs test.  None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None
3) None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
                                                          
 9404*, 9405*: Services other than construction work services under CPC 9404 and 9405.
1 9406*, 9409*: Only environmental impact assessment services under CPC 9406 and 9409.TN/S/O/KOR
Page 38Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
Explanation on the Initial Offer on Financial Services
1. Financial sectors are basically re-classified according to the cat egory of the Annex on Financial Services. Therefore the order  of sub-sectors is different from that of the
commitment in GATS/SC/48/Suppl.3/Rev.1.
2. Specific statements in the sub-sectors apply only to existing domestic financial services.
3. The following statements in GATS/SC/48/Suppl.3/Rev.1 can be deleted if they are understood as monetary or exchange rate poli cies as stipulated in Article 1(b)(i) of the
Annex on financial  services or as domestic prudential regulations as stipulated in Article 2(a) of the Annex on financial serv ices.
(1) Cross-border supply of financial services and supply through consumer movement may not be settled in Korean currency.  After th e establishment of a commercial
presence, financial institutions may handle only transactions, denominated and settled in Korean currency, with residents.  App roval is required for transactions
denominated or settled in foreign currency or transactions with non-residents.
(2) The management and operation of assets of a financial institution are restricted.
(3) Foreign exchange position is regulated.  The oversold position of spot foreign exchange is US$ 5 million, or 3 per cent of capi tal (whichever is greatest).
(4) Demand deposit interest rates are regulated.  The maturity of CDs shall be more than 30 days.
(5) Representative offices may be established by pre notification
(6) Underlying transaction and documentation requirements apply to  foreign exchange transactions.  Underlying documentation req uirements are exempt in the case of
forward transactions.TN/S/O/KOR
Page 39Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
7. FINANCIAL SERVICES
    All financial services are subject to the following provisions.
(1)  As described in paragraph 2(a) of the Annex on Financial Se rvices, Korea shall not be prevented from taking prudential measur es including requirements related  to
parent companies, the minimum capital requirement, or minimum operating funds requirement . In those cases where the estab lishment of commercial presence by
foreign companies in the financial sector is allowed, approval by the relevant autho rities is required in accordance with relat ed laws and regulations unless otherwise
specified in any of subsectors below.  For prudential reasons within the context of paragraph 2(a) of the Annex on Financial Services, Korea shall not be
prevented from taking measures including requirements related to  parent companies, the minimum capital requirement, minimum ope rating funds
requirement, business worker's license and approval for business activities .
(2)  Subsectors in financial services are class ified based on the unit of business establishm ent.  A financial institution must be e stablished for only one business defined in
subsectors   (1) through (14), and thus cannot engage in business activities in other subsectors .  A financial institution must be established for only one business
defined in related law and thus cannot engage in other business activities regulated by other relevant laws.
(3) Cross-border supply of financial services and supply through co nsumer movement may not be settled in Korean currency. After  the establishment of a commercial
presence, financial institutions may handle only transactions, denominated and settled in Korean currency, with residents. Appr oval is required for transactions
denominated or settled in foreign currency or transactions with non-residents .{Can be deleted if understood as  foreign exchange rate policies}
(4) Assets owned by branches must be kept within the territory of  Korea.  Capital of the head of fice is not recognized as the b asis for determining the extent of funding and
lending activities of domestic branches.
(5) Demand deposit interest rates are regulated .{Can be deleted if understood as a monetary policy}
(6) The management and operation of assets of a financial institution are restricted .{Can be deleted if understood as prudential regulations}
(7) A financial institution may not own non-business real estate.
(8) Some new financial products, including derivatives, are subject to approval.   Introduction of new financial products including derivatives is subject to approval.  With
interest rate and foreign exchange liberalization, such products will be more widely allowed, subject to relevant laws and regu lations .
(9) Mode 1)2)3) Korea undertakes a standstill commitment for limitations on market access and national treatment, where specifi c commitments are undertaken, in
financial services listed in this schedule as of 31 August 1997.
NOTE) The following statements in GATS/SC/48/Suppl.3/Rev.1 can be deleted if they are understood as monetary or exchange rate p olicies as stipulated in Article
1(b)(i) of the Annex on financial services or as domestic prudential regulations as stipulated in Article 2(a) of the Annex on financial services.
(1) Cross-border supply of financial services and supply through consum er movement may not be settled in Korean currency.  After th e establishment of a
commercial presence, financial institutions may handle only tr ansactions, denominated and settled in Korean currency, with resi dents.  Approval is required
for transactions denominated or settled in foreig n currency or transactions with non-residents.
(2) The management and operation of assets of a financial institution are restricted.
(3) Foreign exchange position is regulated.
      The oversold position of spot foreign exchange is US$ 5 million, or 3 per cent of capital (whichever is greatest).
(4)  Demand deposit interest rates are regulated.  The maturity of CDs shall be more than 30 days.
(5) Representative offices may be es tablished by pre notification.
(6) Underlying transaction and documentation requirements apply to foreign exchange transactions.  Underlying documentation req uirements are exempt in the
case of forward transactions.TN/S/O/KOR
Page 40Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
A. Insurance and Insurance-
related Services
(i) Direct Insurance
   Life insurance services
   [81211]
 a) Life Insurance Services
Including accident and
health insurance services1) Unbound
2) Unbound
3) Commercial presence is permitted only to
foreign life insurance companies.
     The establishment of joint ventures with Korean      life insurance companies are 
 is not allowed.
      The recruitment and employment of insurance      professionals, including sales personnel, are      restricted.
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) Unbound
2) Unbound3) None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
        Top executive personnel of each establishment
        must  reside in Korea.
Non-life insurance services
[8129]
b) Non-life Insurance services1) Unbound except for marine export/import
    cargo and aviation insurance.
2) Unbound3) Commercial presence is permitted only to    foreign non-life insurance companies.    The establishment of joint ventures with
    Korean non- life insurance companies are 
 is
     not allowed.
    The recruitment and employment of insurance    professionals, including sales personnel, are    restricted.
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1)  Unbound
2)  Unbound
3)  None
4)  Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
        Top executive personnel of each establishment
        must reside in Korea.TN/S/O/KOR
Page 41Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
Reinsurance and retrocession
services [81299*]
(ii) Reinsurance and
      retrocession services1) None
2) None
3) Direct insurance companies may participate in
the supply of services subject to the restriction
in section (10) regarding non-life insurance
services
 Commercial presence is permitted only to
foreign reinsurance and retrocessioninsurance companies.
    The recruitment and employment of insurance    professionals, including sales personnel, are    restricted.
    The establishment of joint ventures with
    Korean reinsurance and retrocession    insurance companies is not allowed.
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None
3) None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
Top executive personnel of each establishment
must reside in Korea.
   Insurance broking and agency
services [81401*]
(iii) Insurance broking and
agency services
a) Brokerage1) Unbound
2) Unbound3) None for insurance agency services.
   Commercial Presence is permitted only to
    foreign insurance brokerage companies.
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) Unbound
2)  Unbound3)  None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
Top executive personnel of each establishment
must reside in Korea.TN/S/O/KOR
Page 42Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
b) Agency 1) Unbound
2) Unbound
3) None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) Unbound
2) Unbound
3) None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
Top executive personnel of each establishment
must reside in Korea.
(iv) Services auxiliary to
insurance
     (applicable only to sub-
sector a) and b))
   Claim settlement services
   [81403*]
a) Claim settlement and
adjustment services1
    Actuarial services [81404]
b) Actuarial services1) Unbound
2) Unbound
3) Commercial presence is permitted only to
foreign claim settlement companies.
Commercial presence is permitted only to
foreign actuarial companies
Commercial Presence is permitted only to
foreign claim settlement and adjustment
companies and actuarial companies .
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None
3) None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
Top executive personnel of each establishment
must reside in Korea.
                                                          
1 Activities which assess and adjust the loss and compensation.TN/S/O/KOR
Page 43Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
B. Banking and Other Financial
     Services
 (applicable only to the sub-
  sectors listed below)
Deposit and related services
[81115*, 81116*]
Mutual instalment deposit
[81132*] Securities
savings[81119*]
(i) Deposit1
Loan and related services
[81131*, 81132*] Credit
granting[81139*]
Credit card services [81133]
(ii) Lending2
(iii) Financial leasing  [81120]
Payment and money
transmission services including
(iv) Payment and Money
transmission
Payment guarantees and
commitments[81339*]
(v) Guarantees and commitments
(vi) Foreign exchange
services3[81333*]
(vii) Settlement and clearing4
[81339*]1) Unbound
2) Unbound
3) Commercial presence is permitted only to
foreign banks.
Commercial presence is permitted only to
foreign suppliers that deal with credit card
services.
Commercial presence is permitted only to
foreign financial institutions (except forfinancial leasing) which deal with the sameservices in their country of origin.
 A person  may own up to 4 per cent
 10 per cent
of the stocks of a bank (up to 4% in case of
non-financial  service business entity)  and 15
per cent of the stocks of a provincial bankwithout the special  authorization of the relevantauthorities
5.
   A person can own up to 100 per cent of a bank
   and a provincial bank with the special
   authorization of the relevant authorities .
   Foreign exchange position is regulated.
   The oversold position of spot foreign exchange is   US$ 5 million, or 3 per cent of capital
   (whichever is greatest ).{Can be deleted if
    understood as prudential regulations}   Deposit for specific purpose, such as housing   subscription deposit, may be handled only  by   designated institutions.1) Unbound
2) Unbound
3) None
                                                          
1 Activities in which banks obtain funds from the public by r eceiving deposits or issuing transferable instruments or other securities.
2  Activities in which banks provide funds to the public in order to receive in terest via loans or bill discounts.
3 Activities which issue, remit and collect foreign exchange .
4 Activities which settle and clear notes, bills and cheques by bank s according to the Article of KFTCI (Korea Financial Telecomm unications and Clearings Institute).
5 The definitions of "a person" and "non-financial service busine ss entity" are in accordance with the relevant provision of the  Presidential Decree of the Bank Act .TN/S/O/KOR
Page 44Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
Ceilings and operating conditions are applied to
the services listed under (iv) and (v).
Securities savings and securities credit
granting are subject to restriction of ceilingand operation.
 Lending for credit card members through such
  means as card loans is subject to limitation.
    For credit card services,  maximum limits are
    applied to various rates such as fees and interest    rates.    The maturity of CDs shall be more than 30 days .
    {Can be deleted if understood as a monetary
     policy}
Underlying transaction and documentation
requirements apply to foreign exchangetransactions. Underlying documentationrequirements are exempt in the case of forwardtransactions.  {Can be deleted if  understood as
prudential regulations}
    Mandatory lending to small-and-medium sized    companies are
 is required.
     Foreign currency loans are restricted with     respect to ceiling and uses.
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
        Top executive personnel of each establishment
        must reside in Korea .
        Top executive personnel of financial leasing,
credit granting and security savings
companies must reside in Korea.TN/S/O/KOR
Page 45Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
(viii) Trading for own account
or for account ofcustomers, whether onan exchange, in an over-the-counter market orotherwise
 SECURITIES BUSINESSES
  (i) Dealing [81199*]
(ii) Broking [81321*]
(applicable only to the
 instruments as listed below)
a) Money market instruments
(including cheques, bills,certificates of deposit)
b) Foreign exchange
c) Financial Derivative
products ( including futuresand options)
d) Exchange rate and interest
Rate instruments (including
   swaps and forward rate   agreements)
Services auxiliary to banking:
Sale of commercial
bills[81339*]
Sale of trade bills [81339*]
 e) Transferable securities
f) Other negotiable
instruments and financialassets (including bullion)1) Unbound
2) Unbound
3) Commercial Presence is permitted only to
foreign financial institutions which deal with thesame instruments in its
 their  country of origin.
Representative offices may be established by
pre-notification .{Can be deleted if understood as
a domestic regulation}
Broking for foreigners is limited to securities
allowed for foreign investment as specified in
ALL SECTORS in this schedule
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) Unbound
2) Unbound
3)    None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
Top executive personnel of each establishment
 must reside in Korea.TN/S/O/KOR
Page 46Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
(ix) Participation in issues of
all kinds of securities
a) Security issue
b) Underwriting [81322*]
c) Placement
d) Other services related to
securities1) Unbound
2) Unbound
3) Commercial presence is permitted only to
foreign securities companies . Commercial
presence is permitted only to foreign financial
institutions which deal with the
     issuing of all kinds of securities .
 In joint ventures, which must be established as a
Chusik Hoesa (a joint stock corporation),
foreign equity participation must be at least 40
per cent but less than 50 per cent.
Representative offices may be established by
pre-notification .{Can be deleted if understood as
a domestic regulation}
4)Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) Unbound
2) Unbound3) None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
Top executive personnel of each establishment
must reside in Korea.TN/S/O/KOR
Page 47Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
(x) Asset management
 (applicable only to  services  listed below)
a) Cash or portfolio
management
b) All forms of collective
investment management
c) Custody
Trust
 services[81192*, 81193]
Securities investment trust
services [81193*]
d) Trust 1 (including
investment   discretionaryadvisory service)1) Unbound
2) Unbound
3) Commercial presence is permitted only to
foreign securities investment trust companies.
Commercial presence is permitted only to
foreign asset management companies .
    Representative offices may be established by
    Pre-notification .{Can be deleted if understood
as a domestic  regulation}
    To handle a trust business, approval (two types)    is required from the Ministry of Finance and    Economy both for engaging in businesses other
    than the main banking businesses and for
    engaging in the trust business. {Can be deleted
    if  understood as  domestic regulation}    Real estate trust business is prohibited.
    Unbound for real estate trust businesses.
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) Unbound
2) Unbound
3) None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
Top executive personnel of each establishment
must reside in Korea.
(xi) Credit information
services[81339*]1) Unbound
2) Unbound
3) Unbound except for equity participation of less
than 50 percent in existing financial informationcompanies.
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) Unbound
2) Unbound
3) None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
                                                          
1  Activities where a trustee is commissioned to manage  the financial assets for beneficiary's benefit.TN/S/O/KOR
Page 48Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
(xii) Advisory, intermediation
and other auxiliaryfinancial services
(applicable only to services
listed below)
Investment advisory services
[81332]
a) Investment advice1) Unbound
2) Unbound
3) Commercial presence is permitted only to
foreign investment advisory companies.
        Representative offices may be established by
pre-notification .{Can be deleted if understood
as a domestic regulation}
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) Unbound
2) Unbound
3) None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
 Top executive personnel of each establishment
must reside in Korea.
 Credit rating services [81339*]
b) Credit rating and analysis1) Unbound
2) Unbound
3) Credit rating companies should be designated by
the relevant authorities to assess the credit ratingof companies which may wish to issue non-guaranteed corporate bonds and commercial
papers.
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) Unbound
2) Unbound
3) None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .TN/S/O/KOR
Page 49Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
9. TOURISM AND TRAVEL
RELATED SERVICES
A. Hotels and Restaurants
(CPC 641, 642 , 6431* )
Excluding rail and air
transport related facilitiesin CPC 64311) Unbound*
2) None
3) None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) Unbound*
2) None
3) None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
B. Travel Agencies and Tour 
Operators Services
Travel agency services and
tour operator services
(CPC 7471)1) None
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
C.   Tourist Guides Services
(CPC 7472)1) None
2) None3) Only travel agencies are allowed to
supply tourist guide services.  None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None3) None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
10. RECREATIONAL,
CULTURAL AND
SPORTING SERVICES
A. Entertainment Services
(CPC 96191, 96192)
Entertainment services
provided by individual
artists or groups such asmusical, theatre, liveband, opera, etc.1)   Unbound
2)   None3)   None4)   Unbound except as indicated in the
Horizontal Comm itments section.1)  Unbound
2)  None3)  Unbound4)   Unbound except as indicated in the
Horizontal Comm itments section.Foreign performers or
persons who desire toinvite them for providingperformances shall
obtain a recommendation
from the Korea MediaRating Board(KMRB).TN/S/O/KOR
Page 50Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
11. TRANSPORT SERVICES
A. Maritime Transport
Services1
International transport
(CPC 7211*, 7212*)
Excluding cabotage1)   a) Liner shipping: None
b) Bulk, tramp, and other internationalshipping: The cargo preference system applies
to 8 items, which are crude petroleum, iron ore,
raw materials for fertilizer, grain, coal, raw
materials for petrochemical products, liquefied
gas and steel products.  None
2) None1) None
2) NoneThe following services at
the port are made publiclyavailable to internationalmaritime transportsuppliers on reasonableand non-discriminatory
terms and conditions.
3) (a) Establishment of a registered
company for the purpose ofoperating a fleet under the nationalflag of Korea: Unbound
i)   International maritime passenger
transport: Unbound
ii)  International maritime cargo
transport:Only Chusik Hoesa(stock companies)
as stipulated under the Commercial
Act are permitted.
(b) Other forms of commercial
presence: None
4) (a) Ship's crew: Unbound
(b) Shore personnel: Unbound except as
indicated in ALL SECTORS
 the
Horizontal Commitments section .3) (a) Unbound  None
(b) None
4) (a) Unbound
(b) Unbound except as indicated in ALL
SECTORS  the Horizontal Commitments
section .1. Pilotage
2. Towing and tug assistance
3. Provisioning, fuelling
and watering
4. Garbage collecting and
ballast waste disposal
5.Port Captain's services6. Navigation aids7. Shore-based operational
services essential to ship
operations, includingcommunications, waterand electrical supplies
8.Emergency repair
facilities
9.Anchorage, berth and
berthing services
※ Notes
      Without prejudice to the scope of activities which may be considered as cabo tage under the relevant national legislation,  this schedule does not include
maritime cabotage services, which are assumed to cover transportation of passengers or goods between a port or point located wi thin the territory of the
Republic of Korea, and traffic originating and terminating in the same port or point located within the territory of the Republ ic of Korea, provided that this
traffic remains within the Republic  of Korea’s territorial waters.
                                                          
1 Refer to ATTACHMENT CONCERNING MARITIME TRANSPORT SERVICES.TN/S/O/KOR
Page 51Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
Maritime Auxiliary
Services
Maritime cargo handling
services
(CPC 741*)1) Unbound*
2) None
3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) Unbound*
2) None
3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
Storage and warehouse
services in ports Excluding
services for agricultural,
fishery and livestock
products
(CPC 742*)1) Unbound*
2) None
3) None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) Unbound*
2) None
3) None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
Customs clearance
services1) Unbound*
2) None
3) None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) Unbound*
2) None
3) None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
Maritime agency services
(CPC 748*)11) None2) None
3) A joint venture or a 100% foreign ownership
must be incorporated as a Chusik Hoesa (a
joint stock company).   All the companies as
stipulated under the Commercial Act are
permitted.
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None
3) None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
                                                          
1 Agency services on behalf of maritime passenger transport businesses or maritime cargo transport businesses (including foreign  transport businesses) under CPC 748TN/S/O/KOR
Page 52Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
Container station services
(CPC 741*)11) Unbound*2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) Unbound*
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
Maritime freight
forwarding services
(CPC 748*)21) None
2) None
3) A joint venture or a 100% foreign ownership
must be incorporated as a Chusik Hoesa (a
joint stock company).   Only Chusik Hoesa
(stock companies) as stipulated under the
Commercial Act are permitted.
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None
3) None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
Shipping brokerage
services(CPC 748*, 749*)
31) None2) None3)    A joint venture or a 100% foreign ownership
must be incorporated as a Chusik Hoesa (a
joint stock company).   Only Chusik Hoesa
(stock companies) as stipulated under the
Commercial Act are permitted.
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None3)    None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
Maintenance and repair of
vessels11) Unbound*2) None3) A joint venture or a 100% foreign ownership
must be incorporated as a Chusik Hoesa (a
joint stock company).   Only Chusik
Hoesa(stock companies) as stipulated under
the Commercial Act are permitted.
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) Unbound*
2) None3) None
4)    Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
                                                          
1 Container station services provided in port areas under CPC 741
2 Freight forwarding services by vessels in the name of the forwarder (including any foreign forwarders under contract) under CP C 748.
* Unbound due to lack of technical feasibility
* Unbound due to lack of technical feasibility.
3 748*, 749*: Brokerage services for maritime cargo transport or for the chartering, leasing, purchasing or selling of vessels u nder CPC 748 and 749.TN/S/O/KOR
Page 53Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
Rental of vessels with crew
(CPC 7213)1) None
2) None
3) None
4) Unbound except as indicated in the
Horizontal Comm itments section.1)    None
2) None3) None4) Unbound except as indicated in the
Horizontal Comm itments section.
Pushing and towing services
(CPC 7214)1)   Unbound
2)   None
3)   None4)   Unbound except as indicated in the
Horizontal Comm itments section.1)    Unbound
2)    None
3)    None4)    Unbound except as indicated in the
Horizontal Comm itments section.
Tally, measuring and survey
services(CPC 745*)1)   Unbound*
2)   None3)   None4)   Unbound except as indicated in the
Horizontal Comm itments section.1)    Unbound*
2)    None3)    None4)    Unbound except as indicated in the
Horizontal Comm itments section.
C. Air Transport Services
Computer reservation
system (CRS)  services21) Access only through publicly
switched networks is allowed.  None
2) None3) None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) None
2) None
3) None
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
                                                                                                                                                                                                                                                                                       
1  Services, such as repair and management of vessels, management of crew, and marine insurance, provided on behalf of a maritim e passenger transport business,
maritime cargo transport business or vessel leasing business.
2 As defined in the Annex on Air Transport Services.TN/S/O/KOR
Page 54Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
Selling and marketing of
air transport services11) Unbound*  None
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) Unbound*  None
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
  Maintenance and repair of
aircraft1)   Unbound*
2)   None
3)   None4)   Unbound except as indicated in the
Horizontal Comm itments section.1)    Unbound*
2)    None
3)    None4)    Unbound except as indicated in the
Horizontal Comm itments section.
E. Rail Transport Services
a. Passenger transportation
(CPC 7111)
    b. Freight transportation
(CPC 7112)1)   Unbound*
2)   None
3)   Unbound for existing operations.
Establishment of new operations are subjectto the economic needs test.
4)   Unbound except as indicated in the
Horizontal Comm itments section.1)    Unbound*
2)    None
3)    Unbound
4)    Unbound except as indicated in the
Horizontal Comm itments section.
F. Road Transport Services 1) Unbound
2) None3)  Licenses are granted only to international
shipping companies.
4)   Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) Unbound
2) None3) Cargoes are confined to containerized cargoes
to be exported or imported.
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
G. Pipeline Transport
    (CPC 7131*)
Only the transportation
of oil products, excludingthe transportation of LPG1)   Unbound
2)   Unbound3)   None
4)   Unbound except as indicated in the
Horizontal Comm itments section.1)    None
2)    None3)    None
4)    Unbound except as indicated in the
Horizontal Comm itments section.
                                                          
1 Services defined in provisions 34 (general air transport agency services) and 32 (air cargo transport agency services) of Artic le 2 of the Aviation Act. " General air transport agency"
means an enterprise which undertakes to make contracts for international transport of passengers or cargoes by aircraft  (exclu ding the service of acting for other persons in the application
procedure for visa or passport) on behalf of air transport services firms for compensation.  "Air cargo transport agency" means  an enterprise which undertakes  to make contracts for cargo
transport by aircraft on behalf of air transport services firms or general air transport agency services firms for compensation .TN/S/O/KOR
Page 55Modes of supply:            1)  Cross-border supply               2)  Consumption abroad               3)  Commercial presence               4)  Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limit ations on National Treatment Additional Commitments
H. Services Auxiliary to all
Modes of Transport
b. Storage and warehouse
services other than those inports
    (CPC 742*)
Excluding services for
agricultural, fishery andlivestock products.1) Unbound*
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) Unbound*
2) None3) None4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
I. Other Transport Services
COMBINED TRANSPORT
SERVICES
Freight forwarding for
rail transport11) Unbound2) None
3) Licenses are granted only to
international shipping companies,
subject to the economic needs test.  None
Business areas are restricted to
Pusan and Pukok area.
4) Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .1) Unbound
2) None
3) Cargoes are confined to containerized
cargoes to be exported or imported .
Business activities are restricted as
follows:
- Pusan: freight handling and ancillary
transportation; and
- Pukok: freight handling.  None
4)    Unbound except as indicated in ALL SECTORS
the Horizontal Commitments section .
                                                          
1 “Freight Forwarding for Rail Transport” means such auxiliary se rvices to be carried out at the ends of railway transport; thes e services include collecting containerized cargoes,
contracting with Korea National Railroad for transport of the freight on trains, loading/unloading and delivery of freight.TN/S/O/KOR
Page 56
REFERENCE PAPER
Scope
The following are definitions and principles on the regulatory framework for the basic
telecommunications services.
Definitions
Users mean service consumers and service suppliers.
Essential facilities mean facilities of a public telecommunications transport network or service that
(a) are exclusively or predominantly provided by a single or limited number of suppliers;
and
(b) cannot feasibly be economically or technically substituted in order to provide a
service.
A major supplier is a supplier which has the ability to materially affect the terms of participation
(having regard to price and supply) in the relevant  market for basic telecommunications services as a
result of:
(a) control over essential facilities;  or
(b) use of its position in the market.
1. Competitive safeguards
1.1 Prevention of anti-competitive practices in telecommunications
Appropriate measures shall be maintained for the purpose of preventing suppliers who, alone
or together, are a major supplier from engaging in or continuing anti-competitive practices.
1.2 Safeguards
The anti-competitive practices referred to above shall include in particular:(a) engaging in anti-competitive cross-subsidization;
(b) using information obtained from competitors with anti-competitive results;  and
(c) not making available to other services suppliers on a timely basis technical 
information about essential facilities and commercially relevant information which 
are necessary for them to provide services.
2. Interconnection
2.1 This section applies to linking with suppliers providing public telecommunications transport
networks or services in order to allow the users of one supplier to communicate with users of another
supplier and  to access services provided by another supplier, where specific commitments are
undertaken.TN/S/O/KOR
Page 57
2.2 Interconnection to be ensured
Interconnection with a major supplier will be ensured at any technically feasible point in the
network.  Such interconnection is provided.
(a) under non-discriminatory terms, conditions (including technical standards and 
specifications) and rates and of a quality no less favourable than that provided for its 
own like services or for like services of non-affiliated service suppliers or for its subsidiaries or other affiliates;
(b) in a timely fashion, on terms, conditions (including technical standards and 
specifications) and cost-oriented rates that are transparent, reasonable, having regard 
to economic feasibility, and sufficiently unbundled so that the supplier need not pay for network components or facilities that it does not require for the service to be 
provided;  and
(c) upon request, at points in addition to the network termination points offered to the 
majority of users, subject to charges that reflect the cost of construction of necessary additional facilities.
2.3 Public availability of the procedures for interconnection negotiations
The procedures applicable for interconnection to a major supplier will be made publicly
available.
2.4 Transparency of interconnection arrangements
It is ensured that a major supplier will make publicly available either its interconnection
agreements or a reference interconnection offer.
2.5 Interconnection:  dispute settlement
A service supplier requesting interconnection with a major supplier will have recourse, either:
(a) at any time or(b) after a reasonable period of time which has been made publicly known
to an independent domestic body, which may be a regulatory body as referred to in paragraph 5
below, to resolve disputes regarding appropriate terms, conditions and rates for interconnection withina reasonable period of time, to the extent that these have not been established previously.
3. Universal service
Any Member has the right to define the kind of universal service obligation it wishes to
maintain.  Such obligations will not be regarded  as anti-competitive per se, provided they are
administered in a transparent, non-discriminatory and competitively neutral manner and are not more
burdensome than necessary for the kind of universal service defined by the Member.TN/S/O/KOR
Page 58
4. Public availability of licensing criteria
Where a licence is required, the following will be made publicly available:
(a) all the licensing criteria and the period of time normally required to reach a decision 
concerning an application for a licence and
(b) the terms and conditions of individual licences.The reasons for the denial of a licence will be made known to the applicant upon request.
5. Independent regulators
The regulatory body is separate from, and not accountable to, any supplier of basic
telecommunications services. The decisions of and the procedures used by regulators shall be
impartial with respect to all market participants.
6. Allocation and use of scarce resources
Any procedures for the allocation and use of scarce resources, including frequencies, numbers
and rights of way, will be carried out in an objective, timely, transparent and non-discriminatory
manner.  The current state of allocated frequency bands will be made publicly available, but detailed
identification of frequencies allocated for specific government uses is not required.TN/S/O/KOR
Page 59
ATTACHMENT CONCERNING MARITIME TRANSPORT SERVICES
1. International Shipping, 3.b):
"Other forms of commercial presence for the supply of international maritime transport
services" means the ability for international maritime transport service suppliers of other Members to
establish branches and to undertake activities concerned for the supply to their customers of maritimetransport services.
2. Maritime Cargo Handling Services:
Activities exercised by stevedore companies, including terminal operators, but not including
the direct activities of dockers, when this workforce is organized independently of the stevedoring or
terminal companies.  The activities covered include the organization and supervision of:
- the loading/discharging of cargo to/from a ship;
- the lashing/unlashing of cargo;
- the reception/delivery and safekeeping of cargoes before shipment or after discharge.
3. Customs Clearance Services:
Activities consisting in carrying out on behalf of another party customs formalities
concerning import, export or through transport of cargoes, whether this service is the main activity of
the service supplier or a usual complement of its main activity.
4. Container Station and Depot Services:
Activities consisting in storing containers in port areas with a view to their stuffing/stripping,
repairing and making them available for shipments.
5. Maritime Agency Services:
Activities consisting in representing, within a given geographical area, as an agent, the
business interests of one or more shipping lines or shipping companies, for the following purposes:
- Marketing and sales of maritime transport and related services, from quotation to invoicing,
and issuance of bills of lading on behalf of the companies; acquisition and resale of the necessary
related services, preparation of documentation, and provision of business information;
- Acting on behalf of the companies organizing the call of the ship or taking over cargoes
when required.
6. Maritime Freight Forwarding Services:
Activities consisting of organizing and monitoring shipment operations on behalf of shippers,
through the acquisition of maritime transport and related services, preparation of documentation andprovision of business information.TN/S/O/KOR
Page 60
7. Tally, Measuring and Survey Services:
- Tally services : Activities consisting of calculating the number of cargoes or verifying
the delivery and the receipt when loading and unloading.
- Measuring services : Activities consisting of calculating or verifying the volume or
weight of cargoes when loading and unloading.
- Survey services : Activities consisting of th e verification, inspection and survey related
with shipped cargoes and vessels (including barges).TN/S/O/KOR
Page 61KOREA – FINAL LIST OF ARTICLE II (MFN) EXEMPTIONS
Sector or SubsectorDescription of measure
indicating its inconsistency
with Article IICountries to which the
measure appliesIntended durationConditions creating  the need for
the exemption
Computerized Reservation
SystemAccess to foreign CRS through
the SITA network is allowed
only for domestic travel
agencies which want to access
CRS designated by carriers of
the country indicated in column
3.The United States of America Indefinite Access to foreign CRS through the
SITA network could be limited or
otherwise affected by negotiations on
granting or receiving traffic rights.
__________