WORLD TRADE WT/MIN(96)/ST/63
11December 1996
ORGANIZATION(96-5232)
Original: English MINISTERIAL CONFERENCE
Singapore, 9-13December 1996
REPUBLIC OFKOREA
Statement byH.E. Dr.JaeYoon Park
Minister ofTrade, Industry andEnergy
Mr.Chairman, attheoutset, Iextend toyoumycongratulations onyourelection asChairman.
Ithank theGovernment andthepeople ofSingapore forhosting theinaugural WTO Ministerial
Conference. Myappreciation should alsogotoDirector-General Ruggiero andhisstafffortheirhard
work andexcellent preparation forthisConference.
Itmaynotbecoincidental thatthefirstMinisterial Conference oftheWTO isbeing heldin
Singapore, where weinfallibly witnessed thatfreetradeserves asalocomotive foreconomic prosperity.
Liberalized trade hasenhanced interdependence among nations andtheglobalization ofthe
world economies. TheWTO hasacrucial roletoplayinsuchanenvironment, byfurther strengthening
multilateralism inpursuit ofsustainable development. Korea, asamajor beneficiary ofthefree-trade
system, remains fullycommitted tothefurther strengthening ofthemultilateral trading system.
ThisConference, while giving ahighpriority tothefullimplementation oftheMarrakesh
Agreement, ischarged withlaying down acornerstone fortheentire future ofthemultilateral trading
system.
Oneofthemajor challenges tothemultilateral trading system stems from theregional trade
agreements which haverecently undergone afundamental expansion interms oftheirnumbers and
scope. Thetimehascome thatourcommitment tothecompatibility andconsistency ofregional trade
agreements withthemultilateral trading system should bereaffirmed, while clearly recognizing the
latter'sprimacy overtheformer. Inthiscontext, Korea attaches agreat importance tokeeping under
review theWTO rules governing regionalism.
Thedispute settlement mechanism, withitsautomaticity andenforceability, hasalready proven
highly effective inresolving disputes among Members oftheWTO. Ithasalsoproven instrumental
indiscouraging unilateral measures. Thus, thedispute settlement mechanism hasbeenserving asan
important means toconsolidate themultilateral trading system.
Korea shares concerns about therisksofmarginalization forcertain developing countries in
themidst ofdeepening globalization. Itisvitalfordeveloping countries, inparticular theleastdeveloped
countries, tobefullyintegrated intothemultilateral trading system without undue delay. Inthisregard,
Korea supports theplanofaction fortheleastdeveloped countries. Korea alsoplans toincrease technical
cooperation fordeveloping countries onabilateral basis.
./.WT/MIN(96)/ST/63
Page2
Korea iskeenly interested inachieving agenuine universality oftheWTO. Inthisregard,
wehopethaton-going accession processes forChina, theRussian Federation andother countries will
beexpedited.
Korea isoftheviewthatthebuilt-in agenda should becarried outwithout anymodification,
inaccordance withtheagreed time-frame, scope andnature. Inparticular, theagenda embodied in
theAgreement onAgriculture should bestrictly observed asagreed upon, since itrepresents adelicate
balance reflecting thepolitical sensitivities ofthenegotiating Members.
Koreaattachesanimportancetomakingtradeandenvironmentalprotectionmutuallyreinforcing
fortheachievement ofsustainable development. Ibelieve thatthereport oftheCommittee onTrade
andEnvironment serves asagood basis forfurther work inthefuture.
Thenature oftheglobal economy iseverchanging, presenting newchallenges andopportunities
fortheWTO. Theimportance ofinvestment, asavehicle forcreating jobsandbalanced trade, has
grown intheeraofdeepintegration. Inthiscontext, Korea suggests thatdiscussion ofinvestment
should bestarted without lapse oftimeattheWTO level.
Wealsorecognize thataddressing suchissues ascompetition policy andthetransparency of
government procurement within theWTO framework isrelevant. However, inorder tohaveallthe
Members onboard, itwould bemore appropriate toembark upon exploratory andanalytical work
without prejudice toitsoutcome.
Korea continues tosupport theestablishment ofanewsystem ofpensions andsalaries forthe
staffoftheWTO Secretariat, independent from theUnited Nations Common System.
Weareheretotakeactions which willhavesignificant ramifications fortheglobal economy
inthefuture. Isincerely hope thatthisConference willberemembered asanimportant milestone
insetting apathforanever-expanding world economy tothebenefits ofall.Korea remains committed
toplaying itsroleinpursuing these goals.