WORLD TRADE
ORGANIZATIONS/DCS/W/KOR
24 January 2003
(03-0483)
Trade in Services Original:  English
REPUBLIC OF KOREA
Draft consolidated Schedule of Specific Commitments1
Attached is a draft consolidated version of the Schedule of Specific Commitments of Korea in
word format.  This document  does not substitute for the legally binding commitments undertaken by
Korea in its Schedule of Specific Commitm ents (GATS/SC/48; GATS/SC/48/Suppl.1/Rev.1;
GATS/SC/48/Suppl.2;  GATS/SC/48/Suppl.3/Rev.1).
Attached to the draft consolidated schedule is a draft consolidated version of Korea's
Article II (MFN) Exemption List (GATS/EL/48 and GATS/EL/48/Suppl.1).
The draft consolidated version of the schedule and the MFN Exemption List were prepared by
the Secretariat, at the request of Members, to facilitate the process of negotiations, including the
presentation of initial offers.
_______________
                                                          
1 This document has been prepared, in English only, under the Secretariat's own responsibility and without
prejudice to the positions of Members and to their rights and obligations under the WTO.S/DCS/W/KOR
Page 2 KOREA – 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 Limitat ions 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 id 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 3 per cent of 
each company's total stock, while aggregate 
foreign investments cannot exceed 15 per cent(10 per cent in the case of two public enterprises: Pohang Iron and Steel Company, Korea   Electric Power Corporation) per each company.
The aggregate and individual ceilings will be 
raised in 1996-1997.3) 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 theAlien 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 foreigncompany is permitted, subject to approvalor notification in accordance with the
following legitimate business purposes:3) Residents who have
been treated as
foreigners in the
Securities ExchangeAct are accordednational treatment inportfolio investmentin Korean stocks.S/DCS/W/KOR
Page 3Modes 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 Limitat ions on  National Treatment Additional Commitments
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 small-and medium sized 
companies.
(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.•land used for supplying services during the
course of normal business activities;
•land used for housing senior company
personnel under pertinent law; and
•land used for fulfilling land-holding
requirements stipulated by pertinent laws.
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.
•Foreign investors will be allowed to make
indirect bond investment through the 
establishment of a country fund.
•Foreign direct investment in long-term 
non-guaranteed bounds issued by small-
and medium-sized companies will be allowed in 1997.
The establishment of branches must be approved in accordan ce with the Foreign 
Exchange Management Act.  In financial 
services, the establishment of representative offices must also be approved in accordance with the  Foreign Exchange Management Act.
4) Unbound except for measures affecting the 
entry and temporary stay of natural persons as defined below:4) Unbound except for measures concerning the
categories of natural persons referred to in themarket access column.S/DCS/W/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 Limitat ions on  National Treatment Additional Commitments
A. Natural persons who are employees of firms 
that supply services through 100 per cent foreign ownership, joint venture companies or branches established in Korea and who have 
been in the employ of their firm for a period of 
not less than one year immediately preceding the date of their application for admission and who are one of the following:The acquisition of land is unbound except that
the lease hold right of land is permitted, subjectto approval.
Eligibility for subsidies, including tax benefits,
may be limited to residents according to thepertinent laws.
(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, firingor 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.S/DCS/W/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 Limitat ions 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 responsible for the setting up, in Korea, of a commercial presence of a service supplier of a Member when the 
service supplier has no representative 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 supplier for the purpose of negotiating for the sale of theservices of that supplier when such sales are notdirectly made to the general public and the 
persons are not engaged in supplying the 
services.
Entry and stay of natural persons as defined inA is limited to a period not exceeding three
years that may be extended if extension is
deemed to be necessary.
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 movement of natural persons do not apply in the case of labour-management disputes.S/DCS/W/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 Limitat ions on  National Treatment Additional Commitments
II. SECTOR-SPECIFIC COMMITMENTS
1. BUSINESS SERVICES
A. Professional Services
(b) Accounting,  auditing and
book-keeping Services
(CPC 862)1) None, other than auditing services
which are unbound.
2) None, other than auditing services
which are unbound.
3) Only sole proprietorships, auditing
task forces, joint accountingoffices, and Hapmyung Hoesa (incorporated 
partnership) by CPAs licensed under the 
Certified Public Accountant Law are permitted.1) None
2) None
3) None1)2)3) A Korean 
accounting firm or 
office may, by  paying
an annual membershipfee, acquiremembership to international 
accounting 
organizations whichhave world-wide business  networks.  The following services may be 
supplied to a Korean 
accounting firm or office through a membership contract:
Only those CPAs in auditing taskforces, joint accounting offices and
Hapmyung Hoesa are allowed to
supply auditing services.- Consultancy for
foreign accounting
standards and
auditing, training ofCPAs, transfer ofauditing technologyand exchange ofinformation.S/DCS/W/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 Limitat ions on  National Treatment Additional Commitments
4) Unbound except as indicated in ALL
SECTORS4) Unbound except as indicated in ALL
SECTORS.
In order to practice as a CPA, a candidate
must have field experience of two years
in Korea after passing the CPAexamination.4) Temporary movement
of natural personswho are qualified asCPAs under their
home country's laws
and are employed byinternationalaccounting firms forthe purpose of
supplying the services
mentioned above isallowed.Entry and stay ofthese persons islimited to a one-year
period that
may be extended ifextension isdeemed to benecessary.
(c) Taxation services
(CPC 863)1) None, other than tax reconciliation
services and tax representative
services which are unbound.
2) None, other than tax reconciliation
services and tax representativeservices which are unbound.1) None
2) None
3) Only sole proprietorships, tax
reconciliation task forces, joint tax
accounting offices and Hapmyung
Hoesa (incorporated partnership) byCTAs licensed under the CertifiedTax Accountant Law are permitted.3) None
Only those CTAs in tax
reconciliation task forces, joint tax
accounting offices and HapmyungHoesa are allowed to supply taxreconciliation services.S/DCS/W/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 Limitat ions on  National Treatment Additional Commitments
4) Unbound except as indicated in ALL
SECTORS4) Unbound except as indicated in ALL
SECTORS.
In order to practice as a CTA, a candidate
must have field experience of six months
in Korea after passing the CTAexamination.
(d) Architectural services
(CPC 8671)1) Commercial presence is required.
2) None
3) None
4) Unbound except as indicated in ALL
SECTORS1) None
2) None
3) None
4) Unbound except as indicated in ALL
SECTORS1)2)4)Supply of
services by foreign
architects through
joint contracts witharchitects licensedunder Korean law willbe allowed fromJanuary 1, 1996.
Foreign architects 
licensed under their home country's law may acquire a Korean architect license by passing a simplified
examination which
covers only two of theregular test's sixsubjects: architecturallaws and regulationsand architectural
design.
(e) Engineering services
(CPC 8672)1) None
2) None3) None
4) Unbound except as indicated in ALL
SECTORS1) None
2) None3) None
4) Unbound except as indicated in ALL
SECTORSS/DCS/W/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 Limitat ions on  National Treatment Additional Commitments
(f) Integrated engineering
services(CPC 8673)1) None
2) None3) None4) Unbound except as indicated in ALL
SECTORS1) None
2) None3) None4) Unbound except as indicated in ALL
SECTORS
(g) Urban planning and
landscapearchitectural services(CPC 8674)1) None
2) None3) None4) Unbound except as indicated in ALL
SECTORS1) None
2) None3) None4) Unbound except as indicated in ALL
SECTORS
B. Computer and Related
Services
(a) Consultancy services
related
to the installation ofcomputerhardware(CPC 841)1) None
2) None
3) None4) Unbound except as indicated in ALL
SECTORS1) None
2) None
3) None4) Unbound except as indicated in ALL
SECTORS
(b) Software implementation
services(CPC 842)1) None
2) None3) None4) Unbound except as indicated in ALL
SECTORS1) None
2) None3) None4) Unbound except as indicated in ALL
SECTORS
(c) Data processing services
(CPC 843)1) None
2) None3) None4) Unbound except as indicated in ALL
SECTORS1) None
2) None3) None4) Unbound except as indicated in ALL
SECTORS
(d) Data base services
(CPC 844)1) None
2) None3) None4) Unbound except as indicated in ALL
SECTORS1) None
2) None3) None4) Unbound except as indicated in ALL
SECTORSS/DCS/W/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 Limitat ions on  National Treatment Additional Commitments
(e) Other (CPC 845, 849) 1) None
2) None3) None4) Unbound except as indicated in ALL
SECTORS1) None
2) None3) None4) Unbound except as indicated in ALL
SECTORS
C. Research and Development
Services
(a) Research and development
services on social sciences
and humanities
(CPC 852)1) Unbound
2) Unbound
3) None
4) Unbound except as indicated in ALL
SECTORS1) None
2) None
3) None
4) Unbound except as indicated in ALL
SECTORS
E. Rental/Leasing Services
without Operators
(a) Relating to ships
(CPC 83103)1) Unbound
2) Unbound3) None4) Unbound except as indicated in ALL
SECTORS1) None
2) None3) None4) Unbound except as indicated in ALL
SECTORSS/DCS/W/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 Limitat ions on  National Treatment Additional Commitments
(b) Relating to Aircraft
(CPC 83104)1) Unbound
2) Unbound3) Joint venture in which foreign equity
participation is less than 50% is
permitted.
4) Unbound except as indicated  in
ALL SECTORS1) None
2) None3) Representatives of joint
venture companies must be Korean
nationals.
4) Unbound except as indicated in ALL
SECTORS
(c) Relating to other transport
equipment
(CPC 83101, 83105*)11) None
2) None
3) None4) Unbound except as indicated  in
ALL SECTORS1) None
2) None
3) None4) Unbound except as indicated in ALL
SECTORS
(d) Relating to other machinery
and equipment(CPC 83106, 83108, 83109)1) None
2) None3) None4) Unbound except as indicated  in
ALL SECTORS1) None
2) None3) None4) Unbound except as indicated in ALL
SECTORS
(d) Relating to construction
machinery and equipment(CPC 83107)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 asindicated in ALL SECTORS.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 inALL SECTORS
                                                          
1 83105*: Only passenger vehicles for less than 15 passengers under CPC 83105.S/DCS/W/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 Limitat ions on  National Treatment Additional Commitments
F. Other Business Services
(a) Advertising services
(CPC 871)1) None
2) None3) None
4) Unbound except as indicated  in
ALL SECTORS1) None
2) None3) None
4) Unbound except as indicated in ALL
SECTORS
(b) Market research and public
opinion polling services
(CPC 864)1) Unbound
2) Unbound
3) None
4) Unbound except as indicated  in
ALL SECTORS1) None
2) None
3) None
4) Unbound except as indicated in ALL
SECTORS
(c) Management consulting 
services
(CPC 865)1) None
2) None
3) None
4) Unbound except as indicated  in
ALL SECTORS1) None
2) None
3) None
4) Unbound except as indicated in ALL
SECTORS
(d) Project management
services(CPC 86601)1) None
2) None3) None
4) Unbound except as indicated in ALL
SECTORS1) None
2) None3) None
4) Unbound except as indicated in ALL
SECTORS
(e) Composition and purity
testing and analysisservices
(CPC 86761*)
21) None
2) None3) Establishment of a commercial
presence is subject to the economic
needs test.
4) Unbound except as indicated in ALL
SECTORS1) None
2) None3) None
4) Unbound except as indicated in ALL
SECTORS
                                                          
2 86761: Only inspection, testing and analysis services of air, water, noise level and vibration level under CPC 86761.S/DCS/W/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 Limitat ions on  National Treatment Additional Commitments
(e) Technical inspection
services(CPC 86764)1) None
2) None3) None4) Unbound except as indicated in ALL
SECTORS1) None
2) None3) None4) Unbound except as indicated in ALL
SECTORS
(f) Consulting services related
to agriculture and animalhusbandry(CPC 8811*, 8812*)1) Unbound
2) Unbound3) None4) Unbound except as indicated in ALL
SECTORS1) None
2) None3) None4) Unbound except as indicated in ALL
SECTORS
(f) Services incidental to
forestry excluding aerialfire fightingand disinfection
(CPC 8814*)1) Unbound
2) Unbound3) None4) Unbound except as indicated in ALL
SECTORS1) None
2) None3) None4) Unbound except as indicated in ALL
SECTORS
(g) Consulting services related
to fishing(CPC 882*)1) Unbound
2) Unbound3) None4) Unbound except as indicated in ALL
SECTORS1) None
2) None3) None4) Unbound except as indicated in ALL
SECTORS
(h) Consulting services related
to mining(CPC 883*)1) Unbound
2) Unbound3) None4) Unbound except as indicated in ALL
SECTORS1) None
2) None3) None4) Unbound except as indicated in ALL
SECTORS
(m) Related scientific and
technical consultingservices
(CPC 86751, 86752)1) None
2) None3) None
4) Unbound except as indicated in ALL
SECTORS1) None
2) None3) None
4) Unbound except as indicated in ALL
SECTORSS/DCS/W/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 Limitat ions on  National Treatment Additional Commitments
(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
SECTORS1) None
2) None3) None4) Unbound except as indicated in ALL
SECTORS
(p) Photographic services
(CPC 875)1) Unbound
2) Unbound3) None4) Unbound except as indicated in ALL
SECTORS1) None
2) None3) None4) Unbound except as indicated in ALL
SECTORS
(q) Packaging services
(CPC 876)1) Unbound
2) Unbound3) None4) Unbound except as indicated in ALL
SECTORS1) None
2) None3) None4) Unbound except as indicated in ALL
SECTORS
(r) Printing
(CPC 88442*)31) None2) None3) None4) Unbound except as indicated in ALL
SECTORS1) None
2) None3) None4) Unbound except as indicated in ALL
SECTORS
(s) Convention  agency
services(CPC 87909*)1) None
2) None3) None4) Unbound except as indicated in ALL
SECTORS1) None
2) None3) None4) Unbound except as indicated in ALL
SECTORS
(s) Stenography services
(CPC 87909*)1) None
2) None3) None
4) Unbound except as indicated in ALL
SECTORS1) None
2) None3) None
4) Unbound except as indicated in ALL
SECTORS
                                                          
3 88442: Screen painting, gravure printing and services related to printing under CPC 88442.S/DCS/W/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 Limitat ions on  National Treatment Additional Commitments
(t) Translation and
interpretation services(CPC 87905)1) None
2) None3) None4) Unbound except as indicated in ALL
SECTORS1) None
2) None3) None4) Unbound except as indicated in ALL
SECTORS
2. COMMUNICATION
SERVICES
C. Telecommunication
Services4
Facilities-based:
(a) Voice telephone services
(CPC 7521**)
(b) Packet-switched data
transmission services(CPC 7523**)
(c) Circuit-switched data
transmission services(CPC 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:1) None
2) None
3) NoneAs contained in the
attachment
(d) Telex services
(CPC 7523**)
(e) Telegraph services
(CPC 7523**)
(f) Facsimile services
(CPC 7521**, 7529**)
(g) Private leased circuit
services(CPC 7522**, 7523**)(i)  Each service supplier must be a
licensed Korean juridical person.
(ii) Until 31 December 1998, a licence,
including radio station licence, maynot be granted to a juridical personwhose largest shareholder is:
                                                          
4 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.S/DCS/W/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 Limitat ions on  National Treatment Additional Commitments
(o) Other
Digital cellular services(CPC 75213*)Paging services
(CPC 75291*)
PCS (personalcommunications services,CPC  75213*)TRS (trunked radio system)
services (CPC 7523**,
CPC 75213*) Mobile dataservices (CPC 7523**)(a) Foreign government
(b) Foreign person, or(c) Juridical person 50 per cent (15 per
cent, if the largest shareholder of the
juridical person is a foreign
government or a foreign person) ormore of whose voting shares areowned by foreign governments orforeign persons.
(iii) Until 31 December 2000, a license,
including radio station licence, maybe granted to a  juridical person  inwhom 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, maybe granted to a  juridical person  in
whom no more than  49% of the
aggregate voting shares are ownedby 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 ofwireline-based voice telephoneservices) of whose voting share isowned by a person.
5
                                                          
5 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.S/DCS/W/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 Limitat ions on  National Treatment Additional Commitments
(v)  The largest shareholder of KT must
be Korean government or a Koreanperson. While KT's share owned bya person
6 must be no more than 3
per cent, the aggregate foreign
shareholding in KT must be no morethan 20 per cent until 31 December2000, and no more than 33 per centfrom 1 January 2001.
4) Unbound except as indicated in the
horizontal commitments4) Unbound except as indicated in the
horizontal commitments
Resale-based:
(a) Voice telephone services
(CPC 7521**)
(b) Packet-switched data
transmission services(CPC 7523**)1) None except that:
(i) Provision of all services is subject to
commercial arrangements withlicensed Korean service suppliers1) None
(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**)(ii) Until 31 December 2000 resale of
voice telephone servicesinterconnected to the publictelecommunications network canonly be supplied by companies
established in Korea
2) None
3) None except that:(i) Each service supplier must be a
licensed Korean juridical person.2) None
3) None
                                                          
6 The definition of "a person" is in accordance with the relevant provision of the Presidential Decree of the Korea's  Telecommun ications  Business Law.S/DCS/W/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 Limitat ions on  National Treatment Additional Commitments
(o) Other
- Digital cellular services
(CPC 75213*)
- Paging services
(CPC 75291*)
-P C S   ( p e r s o n a l
communications services,CPC  75213*)
- TRS (trunked radio system)
services (CPC 7523**,
CPC 75213*)
- Mobile data services
(CPC 7523**)(ii) Foreign shareholding in suppliers of
resale voice telephone services,interconnected to the publictelecommunications network, will
be permitted only after 1 January
1999.  From 1 January 1999, foreignshareholding will be permitted up to49 per cent.  As of  1 January 2001,100 percent foreign shareholding
will be permitted.
4) Unbound except as indicated in the
horizontal commitments4) Unbound except as indicated in the
horizontal commitments
Value-added services7
Including On-Line DataBase and Remote ComputingServices:
8
(h) Electronic mail(i) Voice mail(j) On-line information and
data base retrieval
(k) Electronic data interchange1) None
2) None3) None4) Unbound except as indicated  in
ALL SECTORS1) None
2) None3) None4) Unbound except as indicated  in
ALL SECTORSRegistered, operating, 
value-added service providers are allowed to supply data transmission 
services.
9
                                                          
7 Value-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.
8 On-line data base and remote computing services means telecomm unication services which are provided through telecommunications network facilities leased from network service
providers and which do not mediate third party communications.
9 Telecommunications services which are provided through telecomm unications network facilities leased from network service provid ers 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 services and simpl e resale of leased circuits are excluded).S/DCS/W/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 Limitat ions on  National Treatment Additional Commitments
(l) Enhanced/value-added
facsimile services includingstore and forward, store andretrieve
(m) Code and protocol
conversion
(n) On-line information and/or
data processing (including transaction processing)
D. Audiovisual Services
(a) Motion Picture and Video
Tape Production andDistribution ServicesExcluding Those Services
for Cable TV Broadcasting
(CPC 96112*, 96113*)1) None
2) None3) None4) Unbound except as indicated in ALL
SECTORS1) None
2) None3) None4) Unbound except as indicated in ALL
SECTORS
(e) Record Production and
Distribution Services(Sound Recording)1) None
2) None3) None
4) Unbound except as indicated in ALL
SECTORS1) None
2) None3) None
4) Unbound except as indicated in ALL
SECTORSS/DCS/W/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 Limitat ions on  National Treatment Additional Commitments
3. CONSTRUCTION
SERVICES
A. General Construction
Work
(CPC 5111, 5112, 5113,5115, 5116, 512,  5131,5132, 5133, 5136*, 5137,5139)
101) Unbound* except for CPC 5111
which is none.
2) None
3) Branches are not permitted.  From
January 1, 1996, branches will bepermitted.1) Unbound* except for CPC 5111 which is
none.
2) None
3) None
New licenses are issued during aspecific period every year.Limits on contract amount percontract are applied.A compulsory subcontract system isapplied.
4) Unbound except as indicated in ALL
SECTORS4) Unbound except as indicated in ALL
SECTORS
Special Construction  Work(CPC 5134, 5135, 5136*,
514, 515, 516, 517)
111) Unbound*
2) None
3) Only joint ventures with licensed
local companies are permitted.1) Unbound*
2) None
3) None
                                                          
10 5136: Excluding construction work of power plants under CPC 5136.
11 5136: Only construction work of power plants under CPC 5136S/DCS/W/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 Limitat ions on  National Treatment Additional Commitments
From January 1, 1996, 100% foreign 
ownership will be permitted.From January 1, 1998, branches willbe permitted.
New licenses are issued during a
specific period every year.Limits on contract amount percontract are applied.
4) Unbound except as indicated in ALL
SECTORS4) Unbound except as indicated in ALL
SECTORS
4. DISTRIBUTION
SERVICES12
A. Commission Agents'
Services
(CPC 621, excluding62111, 62112 andcommission agents'services of future contracts)1) Unbound
2) Unbound
3) None
4) Unbound except as indicated in ALL
SECTORS1) None
2) None
3) None
4) Unbound except as indicated in ALL
SECTORS
B. Wholesale Trade Services
(CPC 622, excluding grain
in 62211, raw milk in62222, 62223, red ginsengand farinaceous products in62229, and fertilizers in62276)1) Unbound
2) Unbound
3) Following services are subject to the
economic needs test:- wholesale markets with floor space
of more than 3,000m
2
- 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
SECTORS1) None
2) None
3) None
4) Unbound except as indicated in ALL
SECTORS
                                                          
12 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.S/DCS/W/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 Limitat ions on  National Treatment Additional Commitments
C. Retailing Services
(CPC 6111, 61130, 61210,63101, 63104 and 632,excluding animal feed,
livestock and other
animal in 63295)1) Unbound
2) Unbound3) For a joint venture or a 100%
foreign ownership, not more than
twenty (20) shops with floor space
of less than 3,000m
2 per shop are
allowed.  From January 1, 1996, thisrestriction will be eliminated.1) None
2) None3) None
For a branch, only one (1) shop with
floor space of less than 700m2 is
allowed.  From January 1, 1996, thisrestriction will be eliminated.
Retailing services for used cars and
gaseous fuels are subject to the
economic needs test.Department stores and shoppingcenters are prohibited.
4) Unbound except as indicated in ALL
SECTORS4) Unbound except as indicated in ALL
SECTORS
D. Franchising
(CPC 8929*)131) None2) None1) None
2) None
3) For a joint venture or a 100%
foreign ownership, not more thantwenty (20) shops with floor space
of less than 3,000m
2 per shop are
allowed.  From January 1, 1996, thisrestriction will be eliminated.
4) Unbound except as indicated in ALL 
SECTORS3) None
4) Unbound except as indicated in ALL
SECTORS
                                                          
13 Franchising services are limited to those items which are allowed under Wholesale Trade Services and Retailing Services in this  schedule.S/DCS/W/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 Limitat ions on  National Treatment Additional Commitments
6. ENVIRONMENTAL
SERVICES
A. Sewage Services
Refuse Water Disposal
Services (CPC 9401*)141) Unbound2) None3) The number of service suppliers is
limited to twenty-five (25).
4) Unbound except as indicated in ALL
SECTORS1) None
2) None3) None
4) Unbound except as indicated in ALL
SECTORS
B. Refuse Disposal Services
Industrial Refuse Disposal
Services
(CPC 9402*)151) Unbound
2) None
3) Establishment of a commercial
presence is subject to the economicneeds test.1) None
2) None
3) None
Refuse collection and transport
service suppliers may conduct
business only within the jurisdiction
of the respective RegionalEnvironment Office which hasgranted them approval for operation.
4) Unbound except as indicated in ALL
SECTORS4) Unbound except as indicated in ALL
SECTORS
                                                          
14 9401: Only collection and treatment services of industrial waste water under CPC 9401
15 9402: Only collection, transport and disposal services of industrial refuse under  CPC 9402.S/DCS/W/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 Limitat ions on  National Treatment Additional Commitments
D. Other
Cleaning Services of
ExhaustGases and Noise
Abatement
Services(CPC 9404*, 9405*]1) None
2) None3) None
4) Unbound except as indicated in ALL
SECTORS1) None
2) None3) None
4) Unbound except as indicated in ALL
SECTORS
Environment Testing and
Assessment Services
(CPC 9406*, 9409*)161) None
2) None
3) Establishment of a commercial
presence is subject to the economicneeds test.
4) Unbound except as indicated in ALL
SECTORS1) None
2) None
3) None
4) Unbound except as indicated in ALL
SECTORS
7. FINANCIAL SERVICES17
As described in paragraph 2(a) of the Annex on Financial Services, Korea shall not be prevented from taking prudential measures  including requirements related to
parent companies, the minimum capital requirement, or minimum operating funds requirement.
In those cases where the establishment of commercial presence by foreign companies in the financial sector is allowed, approval  by the relevant authorities is required
in accordance with related laws and regulations unless otherwise specified in any of subsectors below.
All financial servicescoveredby this schedule includingInsurance1),2),
3) Korea undertakes a standstill commitment for
limitations on market access, where specific commitments are undertaken, in financial 
services listed in this schedule as of 31 August
1997.1),2),
3) Korea undertakes a standstill commitment
for limitations on national treatment,where specific commitments are
undertaken, in financial services listed in
this schedule as of 31 August 1997.
                                                          
16 9406*, 9409*: Only environmental impact assessment services under CPC 9406 and 9409.
17 Sub-sectors in financial services are classification based on the unit of business established.  A financial institution must b e established for only one business defined in sub-sectors.S/DCS/W/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 Limitat ions on  National Treatment Additional Commitments
Cross-border supply of financial
services and supply throughconsumer movement may not be
settled in Korean currency.  After
the establishment of a commercialpresence, financial institutions mayhandle only transactions,denominated and settled in Korean
currency, with residents.  Approval
is required for transactionsdenominated or settled in foreigncurrency or transactions with non-residents.
The management and operation of
assets of a financial institution are
restricted. A financial institutionmay not own non-business realestate.
Assets owned by branches must be
kept within the territory of Korea.
The capital of the head office is notrecognized as the basis fordetermining the extent of fundingand lending activities of branches.
- Demand deposit interest rates are
regulated.Some new financial products,including derivatives, are subject toapproval.
- With interest rate and foreign
exchange liberalization, suchproducts will be more widelyallowed, subject to relevant lawsand regulations.S/DCS/W/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 Limitat ions on  National Treatment Additional Commitments
Banking and Other
Financial
Services
1. Banking Businesses
Following banking
services:
(i) Deposit and related
services) 18
(CPC 81115*, 81116*)
(ii) Loan and related services19
(CPC 81131*, 81132*)
(iii) Payment and money
transmission services
including credit card
services(CPC 81339*)1) Unbound
2) Unbound3) <Horizontal limitations on banking
services>
Commercial presence is permitted
only to foreign banks.  A person
20
may own up to 4 per cent of thestocks of a bank and 15 per cent ofthe stocks of a provincial bank
without the special authorization of
the relevant authorities.1) Unbound
2) Unbound3) None
(iv) Settlement and clearing
services21
(CPC 81339*)
(v) Foreign exchange
services22
(CPC 81333*)
(vi) Services auxiliary to
banking:Sale of commercial bills
23
(CPC 81339*)Foreign exchange position is
regulated. The oversold position ofspot foreign exchange is US$5
million, or 3 per cent of capital
(whichever is greatest).
<Limitations on Deposit and Related
Services>
The maturity of CDs shall be more
than 30 days.
                                                          
18 Activities in which banks obtain funds from the public by receiving deposits or issuing transferable instruments or other secur ities.
19 Activities, such as loans and bill discounts, in which bank s provide funds to the public in order to receive interest.
20 The definition of a “person” is in accordance with the relevant provision of the Presidential Decree of the Bank Act.
21 Settlement and clearing services on notes, bills and cheques by banks according to the Articles of KFTCI (Korea Financial Tele communications and Clearings Institute).
22 Purchase, sale, issuance, remittance and collection of foreign exchange.
23 A commercial bill is defined as a bill accompanying commercial transactionsS/DCS/W/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 Limitat ions on  National Treatment Additional Commitments
- Sale of trade bills24
(CPC 81339*)
- Mutual instalment deposit
(CPC 81132)]
- Payment guarantees and
commitments(CPC 81339*)
(vii) Trust services
25
(CPC 81192*, 81193)Deposits for specific purposes, such
as housing subscription deposits,may be handled only by designatedinstitutions.
<Limitations on loan and related
services>
- Foreign currency loans are restricted
with respect to ceiling and uses.
- Mandatory lending to small- and
medium-sized companies arerequired.<Limitations on foreign exchangeservices>
- Underlying transaction and
documentation requirements applyto foreign exchange transactions.
- Underlying documentation
requirements are exempt in the case
of forward transactions.
<Limitations on trust services>
- Real estate trust business is
prohibited.
                                                          
24 A trade bill is defined as a bill issued by ex porters based on L/C before shipping export cargo.
25 Activities where the trustee, having been delegated the au thority manages assets of the truster for the beneficiary.S/DCS/W/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 Limitat ions on  National Treatment Additional Commitments
To handle a trust business, approval
(two types) is required from theMinistry of Finance and Economyboth for engaging in businesses
other than the main banking
businesses and for engaging in thetrust business.
4) Unbound except as indicated in
ALL SECTORS.4) Unbound except as indicated in ALL
SECTORS.
2. Credit Card Businesses
Credit card services(CPC 81133)1) Unbound
2) Unbound3) Commercial presence are permitted
to foreign suppliers which deal with
credit card services.
Lending for credit card members
through such means as card loans issubject to limitations.
Maximum limits are applied to
various rates such as fees andinterest rates.
4) Unbound except as indicated in
ALL SECTORS.1) Unbound
2) Unbound3) None
4) Unbound except as indicated in ALL 
SECTORS.S/DCS/W/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 Limitat ions on  National Treatment Additional Commitments
3. Financial Leasing
Businesses
Financial leasing services
(CPC 81120)1) Unbound
2) Unbound
3) None
4) Unbound, except as indicated in
ALL SECTORS.1) Unbound
2) Unbound
3) None
4) Unbound, except as indicated in ALL
SECTORS.Top executive personnel of eachestablishment must reside in Korea.
4. Securities Businesses
Following services relatedto securities
(i)  Dealing
(CPC 81199*)
(ii) Broking
(CPC 81321*)
(iii) Underwriting
(CPC 81322*)
(iv) Securities savings
(CPC 81119*)
(v) Credit granting
(CPC 81139*)1) Unbound
2) Unbound3) Commercial presence is permitted
only to foreign securities companies.
Representative offices may beestablished by pre-notification.
In joint ventures, which must be
established as a Chusik Hoesa (a
joint stock corporation), foreign
equity participation must be at least40 per cent but less than 50 per cent.1) Unbound
2) Unbound3) None
Broking for foreigners is limited to
securities allowed for foreign
investment as specified in ALLSECTORS in this schedule.
Ceilings and operating conditions
are applied to the services listed
under (iv) and (v).
4) Unbound except as indicated in
ALL SECTORS.4) Unbound except as indicated in ALL
SECTORS.Top executive personnel of each
establishment must reside in Korea.S/DCS/W/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 Limitat ions on  National Treatment Additional Commitments
5. Securities Investment Trust
Businesses
Securities investment trust
services
(CPC 81193*)1) Unbound
2) Unbound
3) Commercial presence is permitted
only to foreign securities investmenttrust companies.  Representativeoffices may be established by pre-notification.
4) Unbound except as indicated in
ALL SECTORS.1) Unbound
2) Unbound
3) None
4) Unbound except as indicated in ALL
SECTORS.Top executive personnel of eachestablishment must reside in Korea.
6. Investment advisory
Businesses
Investment advisoryservices(CPC 81332)1) Unbound
2) Unbound3) Commercial presence is permitted
only to foreign investment advisory 
companies.
Representative offices may beestablished by pre-notification.
4) Unbound except as indicated in
ALL SECTORS.1) Unbound
2) Unbound3) None
4) Unbound except as indicated in ALL
SECTORS.
Top executive personnel of each
establishment must reside in Korea.
7. Credit Rating BusinessesS/DCS/W/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 Limitat ions on  National Treatment Additional Commitments
Credit rating services
(CPC 81339*)1) Unbound
2) Unbound3) Credit rating companies should be
designated by the relevant
authorities to asses the credit rating
of companies which may wish toissue non-guaranteed corporatebonds and commercial papers.
4) Unbound except as indicated in
ALL SECTORS.1) Unbound
2) Unbound3) None
4) Unbound except as indicated in ALL
SECTORS.
8. Credit Information
Businesses
Credit information services
(CPC 81339*)1) Unbound
2) Unbound
3) Unbound except for equity
participation of less than 50 percentin existing financial informationcompanies.
4) Unbound except as indicated in
ALL SECTORS.1) Unbound
2) Unbound
3) None
4) Unbound except as indicated in ALL
SECTORS.
Insurance and Insurance-
Related Services
9. Life Insurance Businesses
Life insurance services
(CPC 81211)1) Unbound
2) Unbound3) Commercial presence is permitted
only to foreign life insurancecompanies.  The establishment of
joint ventures with Korean life
insurance companies are notallowed.1) Unbound
2) Unbound3) NoneS/DCS/W/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 Limitat ions on  National Treatment Additional Commitments
The recruitment and employment of
insurance professionals, includingsales personnel, are restricted.
4) Unbound except as indicated in
ALL SECTORS.4) Unbound except as indicated in ALL
SECTORS.
Top executive personnel of each
establishment must reside in Korea.
10. Non-life Insurance
Businesses
Non-life insurance services(CPC 8129)1) Unbound except for marine
export/import cargo and aviationinsurance.
2) Unbound
3) Commercial presence is permitted
only to foreign non-life insurancecompanies.  The  establishment ofjoint ventures with Korean non-lifeinsurance companies are not
allowed.
The recruitment and employment of
insurance professionals, includingsales personnel, are restricted.1) Unbound
2) Unbound
3) None
4) Unbound except as indicated in
ALL SECTORS.4) Unbound except as indicated in ALL
SECTORS.
Top executive personnel of each
establishment must reside in Korea.S/DCS/W/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 Limitat ions on  National Treatment Additional Commitments
11. Reinsurance and
Retrocession
Businesses
Reinsurance and
retrocession
services (CPC 81299*)1) None
2) None
3) Direct insurance companies may
participate in the supply of servicessubject to the restriction in section(10) regarding non-life insurance
services.
4) Unbound except as indicated in
ALL SECTORS.1) None
2) None
3) None
4) Unbound except as indicated in ALL
SECTORS.
Top executive personnel of each
establishment must reside in Korea.
12. Insurance Broking and
Agency Businesses
Insurance broking andagency
services
(CPC 81401*)1) Unbound
2) Unbound
3) None for insurance agency services.
Commercial presence is permittedonly to foreign insurance brokeragecompanies.
4) Unbound except as indicated in
ALL SECTORS.1) Unbound
2) Unbound
3) None
4) Unbound except as indicated in ALL
SECTORS.
Top executive personnel of each
establishment must reside in Korea.S/DCS/W/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 Limitat ions on  National Treatment Additional Commitments
13. Claim Settlement
Businesses
Claim settlement services
(CPC 81403*)1) Unbound
2) Unbound
3) Commercial presence is permitted
only to foreign claim settlementcompanies.
4) Unbound except as indicated in
ALL SECTORS.1) None
2) None
3) None
4) Unbound except as indicated in ALL
SECTORS.
Top executive personnel of each
establishment must reside in Korea.
14. Acturial Businesses
Actuarial services
(CPC 81404)1) Unbound
2) Unbound
3) Commercial presence is permitted
only to foreign actuarial companies.
4) Unbound except as indicated in
ALL SECTORS.1) None
2) None
3) None
4) Unbound except as indicated in ALL
SECTORS.Top executive personnel of each
establishment must reside in Korea.
9. TOURISM AND TRAVEL
RELATED SERVICES
A. Hotels and Restaurants
(CPC 641, 642)1) Unbound*
2) None
3) None4) Unbound except as indicated in
ALL SECTORS1) Unbound*
2) None
3) None4) Unbound except as indicated in ALL
SECTORS
B. Travel agency and tour 
operator Services
Travel Agency services(CPC 7471)1) None
2) None3) None4) Unbound except as indicated in
ALL SECTORS1) None
2) None3) None4) Unbound except as indicated in ALL
SECTORSS/DCS/W/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 Limitat ions on  National Treatment Additional Commitments
C. Tourist Guide Service s
(CPC 7472)1) None
2) None3) Only travel agencies are allowed to
supply tourist guide services.
4) Unbound except as indicated in
ALL SECTORS1) None
2) None3) None
4) Unbound except as indicated in ALL
SECTORS
11. TRANSPORT SERVICES
A. Maritime Transport
Services26
International TransportExcluding Cabotage(CPC 7211*, 7212*)1) (a) Liner shipping: None
(b) Bulk, tramp, and other international
shipping: The cargo preference system
applies to 8 items, which are crudepetroleum, iron ore, raw materials forfertilizer, grain, coal, raw materials forpetrochemical products, liquified gas andsteel products.
2) None1) None
2) NoneThe following
services at the portare made publicly
available to
international maritimetransportsuppliers onreasonable and non-discriminatory terms
and
conditions.
1. pilotage
2. owing and tug
assistance
3. Provisioning,
fuelling andwatering
                                                          
26 Refer to ATTACHMENT CONCERNING MARITIME TRANSPORT SERVICES.S/DCS/W/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 Limitat ions on  National Treatment Additional Commitments
3) (a) Establishment of a registered
company for the purpose ofoperating a fleet under the nationalflag of Korea: Unbound
(b) Other forms of commercial
presence: None
4) (a) Ship's crew: Unbound
(b) Shore personnel: Unboundexcept as indicated in ALL
SECTORS3) (a) Unbound
(b) None
4) (a) Unbound
(b) Unbound except as indicated in ALL
SECTORS4. Garbage collecting
and ballast wastedisposal
5. Port Captain's
services
6. Navigation aids7.. Shore-based
operational servicesessential to ship
operations, including 
communications,water and electricalsupplies
8. Emergency repair
facilities
9. Anchorage, berth and 
berthing services
Maritime Auxiliary
Services
Maritime Cargo Handling
Services
(CPC 741*)1) Unbound*
2) None
3) None4) Unbound except as indicated in
ALL SECTORS1) Unbound*
2) None
3) None4) Unbound except as indicated in ALL
SECTORS
Storage and Warehouse
Services in Ports Excluding
Services for Agricultural,Fishery and LivestockProducts(CPC 742*)1) Unbound*
2) None
3) None4) Unbound except as indicated in
ALL SECTORS1) Unbound*
2) None
3) None4) Unbound except as indicated in ALL
SECTORSS/DCS/W/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 Limitat ions on  National Treatment Additional Commitments
Customs Clearance
Services1) Unbound*
2) None3) None4) Unbound except as indicated in
ALL SECTORS1) Unbound*
2) None3) None4) Unbound except as indicated in ALL
SECTORS
Maritime Agency Services
(CPC 748*)271) None2) None3) A joint venture or a 100% foreign
ownership must be incorporated as a
Chusik Hoesa (a joint stock
company).
4) Unbound except as indicated in
ALL SECTORS1) None
2) None3) None
4) Unbound except as indicated in ALL
SECTORS
Container Station Services
(CPC 741*)281) Unbound*2) None
3) None4) Unbound except as indicated in
ALL SECTORS1) Unbound*
2) None
3) None4) Unbound except as indicated in ALL
SECTORS
Maritime Freight
Forwarding
Services(CPC 748*)
291) None
2) None
3) A joint venture or a 100% foreign
ownership must be incorporated as aChusik Hoesa (a joint stockcompany).
4) Unbound except as indicated in
ALL SECTORS1) None
2) None
3) None
4) Unbound except as indicated in ALL
SECTORS
                                                          
27 Agency services on behalf of maritime passenger transport businesses or maritime cargo transport businesses (including foreign  transport businesses) under CPC 748/
28 Container station services provided in port areas under CPC 741
29 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 feasibilityS/DCS/W/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 Limitat ions on  National Treatment Additional Commitments
Shipping Brokerage
Services(CPC 748*, 749*)
301) None2) None3) A joint venture or a 100% foreign
ownership must be incorporated as a
Chusik Hoesa (a joint stock
company).
4) Unbound except as indicated in
ALL SECTORS1) None
2) None3) None
4) Unbound except as indicated in ALL
SECTORS
Maintenance and Repair of
Vessels311) Unbound*2) None
3) A joint venture or a 100% foreign
ownership must be incorporated as aChusik Hoesa (a joint stockcompany).
4) Unbound except as indicated in
ALL SECTORS1) Unbound*
2) None
3) None
4) Unbound except as indicated in ALL
SECTORS
C. Air Transport Services
Computer ReservationServices
321) Access only through publicly
switched networks is allowed.
2) None3) None4) Unbound except as indicated in
ALL SECTORS1) None
2) None
3) None4) Unbound except as indicated in ALL
SECTORS
                                                          
* Unbound due to lack of technical feasibility.
30 748*, 749*: Brokerage services for maritime cargo transport or fo r the chartering, leasing, purchasing or selling of vessels u nder CPC 748 and 749.
31 As defined in the Annex on Air Transport Services.
32 As defined in the Annex on Air Transport Services.S/DCS/W/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 Limitat ions on  National Treatment Additional Commitments
Selling and Marketing of
Air Transport Services331) Unbound*2) None3) None4) Unbound except as indicated in
ALL SECTORS1) Unbound*
2) None3) None4) Unbound except as indicated in ALL
SECTORS
F. Road Transport Services
Transportation of
Containerized Freight
Excluding Cabotage
(CPC 71233*)1) Unbound
2) None
3) Licenses are granted only to
international shipping companies.
4) Unbound except as indicated in
ALL SECTORS1) Unbound
2) None
3) Cargoes are confined to containerized
cargoes to be exported or imported.
4) Unbound except as indicated in ALL
SECTORS
H. Services Auxiliary to all
Modes of Transport
(b) Storage and Warehouse
Services Other Than Thosein Ports Excluding Servicesfor Agricultural, Fishery
and Livestock  Products
(CPC 742*)1) Unbound*
2) None3) None4) Unbound except as indicated in
ALL SECTORS1) Unbound*
2) None3) None4) Unbound except as indicated in ALL
SECTORS
                                                          
33 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 .S/DCS/W/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 Limitat ions on  National Treatment Additional Commitments
I. Other Transport Services
Combined Transport
Services
Freight Forwarding for RailTransport1) Unbound
2) None3) Licenses are granted only to
international shipping companies,subject to the economic needs test.
Business areas are restricted to
Pusan and Pukok area.
4) Unbound except as indicated in
ALL SECTORS1) Unbound
2) None3) 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.
4) Unbound except as indicated in ALL
SECTORSS/DCS/W/KOR
Page 41
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.S/DCS/W/KOR
Page 42
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 within
a 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.S/DCS/W/KOR
Page 43
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 detailedidentification of frequencies allocated for specific government uses is not required.S/DCS/W/KOR
Page 44
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 maritim e transport service suppliers of other Members to
establish branches and to undertake activities concerned for the supply to their customers of maritime
transport 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 and
provision of business information.
_______________S/DCS/W/KOR
Page 45KOREA – 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 ReservationSystemAccess to foreign CRS through
the SITA network is allowedonly for domestic travelagencies which want to access
CRS designated by carriers of
the country indicated in column3.The United States of America Indefinite Access to foreign CRS through the
SITA network could be limited orotherwise affected by negotiations ongranting or receiving traffic rights.
__________