WORLD TRADE  
ORGANIZATION  TN/S/O/KOR/Rev.1 
14 June 2005 
 
 (05-2484) 
Council for Trade in Services 
Special Session Original:   English 
 
 
 
REPUBLIC OF KOREA 
 
Revised Offer on Services  
 
 
 The following communication has been receiv ed from the delegation of the Republic of 
Korea on 31 May 2005 with the request that it be ci rculated to Members of the Council for Trade in 
Services.  
_______________ 
   
The Republic of Korea hereby submits its ‘R evised Conditional Offer on the Schedule of 
Specific Commitments’ for the WTO Services Negotiations. 
 
This revised conditional offer covers improve ment of market access or enhancement of 
transparency through clarification of the initial offer in horizontal commitments and services sectors , 
inter alia , as listed below. 
 
 - MODE 4 
   Intra-corporate Transferees 
   Contractual Service Suppliers  - BUSINESS SERVICES 
 Legal Services 
 Veterinary Services 
 Services incidental to Manufacturing  
 - COMMUNICATION SERVICES 
   Telecommunication Services 
 - DISTRIBUTION SERVICES  - EDUCATIONAL SERVICES     - FINANCIAL SERVICES  - TRANSPORT SERVICES 
 TN/S/O/KOR/Rev.1 
Page 2  
 
 
The revised offer has been prepared in acco rdance with the Negotiating Guidelines S/L/92 
and has been drafted utilizing the editorial conve ntions proposed in JOB(02)/88 and JOB(05)/6. The 
sectors and sub-sectors are identified in accordan ce 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 compre hension of the services classification. 
 
In addition, a “Notes” box at the bottom of some  of the pages, a headnote and italic text in 
curly braces, i.e. {…} have been u sed to provide additional informati on.  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 th e 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 developmen ts in the process of the negotiations. 
 
The government of Korea would be willing to provide any clarification and answer any 
questions regarding this revised offer. All corres pondence can be addressed to the following officials. 
 - Mr. KIM, June Dong, Chief Negotiator for DDA Services Negotiation   Multilateral Trade Bureau, Ministry of Foreign Affairs and Trade, Seoul, Korea 
 Tel: 82-2-2100-7749, Fax: 82-2-2100- 7993, E-mail: jdkim05@mofat.go.kr  
- Mr. CHEON, Joon Ho, Director  Mr. RYU, Chang-Soo, Deputy Director  Mr. KIM, Myoung-Joon, Deputy Director 
 Trade Dispute Settlement Division, Ministry of Foreign Affairs and Trade, Seoul, 
Korea, Tel: 82-2-2100-7632, Fax: 82-2-2100-7978, E-mail: 
trade911@mofat.go.kr
 
- Mme. LEE, Miyon, First Secretary  Korea Mission, Geneva  Tel: 41-22-748-0006, Fa x: 41-22-748-0003, E-mail: mylee93@mofat.go.kr
 
 
 
  
 TN/S/O/KOR/Rev.1
Page 3KOREA – REVISED OFFER ON  THE SCHEDULE OF SPECIFIC COMMITMENTS (MAY 2005) 
 
Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatment Additional Commitments 
I. HORIZONTAL COMMITMENTS 
 
*  :   An asterisk on the CPC(UN provisional Central Product Classification : Statistical Papers Series M No. 77, Department of  International Economic and Social Affairs, 
Statistical Office of the United Nations, New York, 1991) Code numb er indicates that the correspon ding service sub-sector in th is schedule only covers a part or parts of 
the service sub-sector classified under the given CPC code number. 
 ALL SECTORS   INCLUDED IN THIS  
 SCHEDULE  
 (ALL SECTORS)
    
  3) The acquisition of outstanding stocks of 
existing domestic companies by natural 
persons or juridical persons of another  
member is restr icted.  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 investmen ts 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 
broadcasti ng, communication and aviation 
by natural person or juridical persons of 
another Member is restricted.   
 The acquisition of outstanding stocks of 
existing domestic companies in such areas as 
energy and aviation by natural person or 
juridical persons of another Member is may 
be restricted. The foreign investment in 
newly privatized companies may be 
restricted. 
 
The acquisition of outstanding bonds of 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 the  
  Alien Land Law and branches of foreign    company is permitted,  subject to approval  
  or notification in acco rdance with the Alien 
Land Law, for the following legitimate business 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. 
 
 Eligibility for subsidies, including tax benefits, 
may be limited to companies which are 3) Residents who have  
 been treated as  
 foreigners in the  
 Securities Exchange   Act are accorded  
 national treatment in  
 portfolio investment   in Korean stocks.  
 TN/S/O/KOR/Rev.1 
Page 4 Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatment Additional Commitments 
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.  
 
 (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  
  fund s. 
 
 (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 accordance with the F oreign 
 Exchange Management Act.   
 established in Korea according to the pertinent 
laws. 
 
 Unbound for research and development  
 subsidies. 
  
 TN/S/O/KOR/Rev.1
Page 5Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatment Additional Commitments 
 4) Unbound except for measures affecting the 
 entry and temporary stay of natural persons as  defined below: 
 
A. Intra-corporate Transferees(ICT) 
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   subsidiaries, branches, or 
designated affiliates 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:  
 
 (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-l evel 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 
 4) Unbound except fo r measures concerning  
 Intra-corporate Transferees(ICT), Business 
 Visitors(BV), Service Salespersons(SS).  the  
 categories of natural persons referred to in the 
 market a ccess column.  
 
 Unbound for Contractual Service 
 Suppliers(CSS) 
 
 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 the 
pertinent laws. 
   
 TN/S/O/KOR/Rev.1 
Page 6 Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatment Additional Commitments 
  
  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. 
    
  
  
(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. 
 
 Entry and stay of natural persons as defined in 
A is limited to a pe riod not exceeding three 
years that may be extended if extension is 
deemed to be necessary . if the above condition 
is still met by the applicants.   
   
The following definition is provided for transparency purposes:  
 
i) Subsidiary is defined as a firm, corporation or other legal entity of which a parent owns mo re than 50 per cent of the total  equity of the entity.  
ii) Branch is defined as an operating division or a representative office of the same organization, which has an employee holdi ng an extensive right to represent a 
parent housed in the territory  of any other WTO Member.  
iii) The designated affiliate is defined as one of two subsidia ries, both of which are owned or controlled by the same parent, or as one of two legal entities, both of 
which are owned or controlled by the same group of shareholders who are partners of a partnershi p, a company or other legal ent ity and who have more than 
50 per cent of the total equity of each of the two entities or have a responsibility for more than 50 per cent of the total inv estment amount of each of the two 
entities.  
  
 TN/S/O/KOR/Rev.1
Page 7Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatment Additional Commitments 
 B. Business Visitors(BV) 
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. Service Salespersons(SS) 
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 the services of that supplier when such sales are not 
directly made to the general public and the 
persons are not engaged in supplying the services.   
 Entry and stay of natural persons as defined in B 
and C is limited to a period of 90 days.    
 
  
 
  Natural perso ns 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.  {moved to notes}  
    
 TN/S/O/KOR/Rev.1 
Page 8 Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatment Additional Commitments 
 D. Contractual Servi ce Suppliers (CSS) - 
Employees of juridical person  
 
Natural persons who are engaged in the 
supply of a contracted service as employees 
of a juridical person that has no commercial 
presence in Korea, subj ect to the following 
conditions and any of the additional 
conditions mentioned in the sector specific 
part.1 
 
The juridical person ha s to obtain a service 
contract for a period not exceeding one year 
from a juridical person incorporated in 
Korea, who is the final consumer of the 
service which is supplied. The contract shall 
comply with the laws and regulations of 
Korea.  
The natural persons seeking access should 
be employees of the juridical person, who 
are supplying the service for a period not 
less than one year immediately preceding 
the date of their application for admission.  
 
The natural persons must possess the 
necessary academic and professional 
qualifications and professionally qualified 
competency-based experience to exercise an 
activity in the sector concerned pursuant to 
the laws, regulations or requirements of 
Korea and to accreditations by the relevant 
international organizations such as 
Washington Accord, EMF International 
Registered Professional  Engineer and APEC 
Engineers.    
                                                      
1 The Horizontal or Specific Commit ments made under the Category "D " do not apply to measures affe cting natural persons seeking a ccess to the 
employment market of Korea, nor to measures  regarding employment on a permanent basi s in accordance with the Annex on Movement of Natural Persons.   
 TN/S/O/KOR/Rev.1
Page 9Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatment Additional Commitments 
 The natural persons are required to receive 
no remuneration from a juridical person 
located in Korea.  
 
Commitments may be subject to the 
application of a numerical ceiling 
[modalities of application and level to be 
determined], except where otherwise 
indicated for a specific sub-sector.  
 
The contract is required to be obtained in the 
following service-supplying  activities or sub- 
sectors, without conf erring entitlement to 
exercise the professional title of Korea.  
 
- Services related to the installment, 
management or repai r of industrial 
equipment or machine, excluding 
construction and power generation 
equipment, for a juridi cal person in Korea 
which purchases the equipment or the 
machine from a juridical person employing 
the natural person located in any other 
WTO Member  
 
- Consultancy services related to the 
technical knowledge or skill concerning the 
natural science applied to information 
technology, e-business, biotechnology, 
nanotechnology, digital electronics, and 
environmental industry 
   
 - Consultancy services for foreign accounting 
standards and auditing, training of CPAs, 
transfer of auditing technology and 
exchange of inform ation related to 
accounting, auditing and bookkeeping 
services, to a Korean accounting firm or 
office through a membership contract     
 TN/S/O/KOR/Rev.1 
Page 10 Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatment Additional Commitments 
- Architectural services subject to 
collaboration with architects registered 
under the Korean law in the form of joint 
contracts 
 
- Management consulting services   
Professional Engineers in  the following services: 
 
- Consultancy services related to the 
installation of computer hardware  
- Software R&D based implementation 
services 
- Data management services  
- Data system services  
- Specialty engineering design services for 
automobile  
 
Entry and stay of the natural persons as defined 
in D is limited to the duration of the contract, 
which is not exceeding one year.  
Notes for transparency purposes:   
1. Natural persons whose entries and temporary stays are permitte d shall observe the Immigration Law and the labour laws.   
 
2. Korea's commitments regarding temporary movement of natural persons do not apply in  the case of labour-management disputes.   
 TN/S/O/KOR/Rev.1
Page 11Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations 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 where service 
supplier is qualified as a 
lawyer and on public 
international law, excluding 
the following : 
(i) representation for 
juridical or statutory 
procedures in courts 
and other 
government agencies 
as well as 
preparation of legal 
documents for such 
procedures ; 
(ii) legal representation 
for the entrustment 
of the preparation of 
notarial deeds ; 
  
 
1) None 
2) None 
3) 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 Commitments section. 
 
 Commercial presence is required.  
 
1) None 
2) None 
3) Foreign legal consultants are required to 
stay in Korea not less than 180 days per 
year. 
 
4) Unbound except as indicated in the 
Horizontal Commitments section. 
 (i) Representation in 
international 
commercial 
arbitration is 
permitted, provided 
that the applicable 
procedural and 
substantive laws in 
the arbitration are 
the laws which the 
foreign legal 
consultant is 
qualified to practice 
in Korea. 
 
(ii) Use of firm name is 
permitted, provided 
that it is used with 
reference to 
"Foreign legal 
consultants office" 
in Korean 
  
 TN/S/O/KOR/Rev.1 
Page 12 Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatment Additional Commitments 
(iii) those activities 
concerning a legal 
case whose objective 
is the acquisition or 
loss or change of 
rights concerning real 
property in Korea, 
intellectual property 
rights, mining rights 
or other rights arising 
upon registration 
thereof with 
government agencies 
in Korea ; and 
 
(iv) legal cases concerning 
family relations or 
inheritance, in which 
a Korean national is 
involved as a party or 
the property 
concerned is located 
in Korea.    
※ Notes 
 
The following information is provided for transparency purposes only : 
 
i) A foreign lawyer who wishes to practice law as a foreign lega l consultant in Korea must be approved by the Minister of Justi ce, 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 professio n in the jurisdiction. 
 
ii) Permission of the Minister of Justice 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, and suff icient 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. 
 
 iii) A representative office can conduct profit-making activities provided that such presence in Korea maintains proper busine ss plans and financial bases.  
 TN/S/O/KOR/Rev.1
Page 13Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations 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 Public 
Accountant 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) None 
 
 1)2)3) A Korean 
accounting firm or office may, by 
paying an annual 
membership fee, acquire membership 
to international 
accounting organizations which 
have world-wide 
business networks.  The following 
services may be 
supplied to a Korean accounting firm or 
office through a 
membership contract: 
- Consultancy for 
foreign accounting 
standards and 
auditing, training of CPAs, transfer of 
auditing technology 
and exchange of information. 
  
 TN/S/O/KOR/Rev.1 
Page 14 Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations 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 Korea 
after passing the CPA examination. 4) Temporary movement 
of natural persons who are qualified as CPAs 
under their home 
country's laws and are employed by 
international 
accounting firms for the purpose of 
supplying the services 
mentioned above is allowed.  Entry and 
stay of these persons is 
limited to a one-year period that may be 
extended if extension 
is deemed to be necessary. 
 
c. Taxation services 
 (CPC 863) 1) Unbound for  None, other than  tax 
reconciliation services and tax representative 
services 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/Rev.1
Page 15Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations 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 Korea after passing the CTA examination. 
  
 
d. Architectural services 
 (CPC 8671)  1) Commercial presence is required. 
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 S
ECTORS  
the Horizontal Commitments section . 
 
 1)2)4)Supply of services 
by foreign architects through joint contracts 
with architects 
licensed under Korean law w
ill be allowed 
from January  1, 1996 . 
is allowed.  
  
 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 the 
regular test's six 
subjects: architectural laws and regulations 
and architectural 
design  
 
e. Engineering services 
 (CPC 8672)  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/Rev.1 
Page 16 Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatment Additional Commitments 
f. Integrated engineering  
 services  (CPC 8673) 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 .  
g. Urban planning and  
 landscape  
 architectural services  (CPC 8674) 
 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 .  
 
i. Veterinary services 
 (CPC 932) 1) Unbound 
2) None 
3)  Limited to corporations established to 
  provide veterinary services  None 
4)  Unbound except as indicated in the 
 Horizontal Commitments 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/Rev.1
Page 17Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatment Additional Commitments 
d. Data base services 
 (CPC 844)  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 . 
  
 
e. Other (CPC 845, 849) 
 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. Research and Development  
 Services  
    
a. Research and development 
services on natural 
sciences 
 (CPC 851) 1) None 
2) None 
3) Unbound 4)  Unbound except as indicated in the 
 Horizontal Commitments section. 
 1) None 
2) None 
3) Unbound 4) Unbound except as indicated in the 
Horizontal Commitments section.  
b. Research and development  
 services on social sciences   and 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) None 3) None 
4)  Unbound except as indicated in ALL SECTORS
 
 the Horizontal Commitments section .  
 
c. Interdisciplinary research 
and development services 
 (CPC 853) 1) None 
2) None 
3) Unbound  
4) Unbound except as indicated in the 
Horizontal Commitments section. 
 1) None 
2) None 
3) Unbound 
4) Unbound except as indicated in the 
Horizontal Commitments section.   
 TN/S/O/KOR/Rev.1 
Page 18 Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatment Additional Commitments 
D. Real Estate Services  
 
 Brokerage services 
(CPC 82203*, 82204*, 
82205*, 82206*) 
  
 
1) Unbound 
2) None for real estate located abroad 
3)  None 
4)   Unbound except as indicated in the 
 Horizontal Commitments section. 
  
 
1) Unbound 
2) None for real estate located abroad 
3)  None 
4) Unbound except as indicated in the 
Horizontal Commitments section.  
Appraisal services 
(CPC 82201*, 82202*) 
 
Excluding appraisal 
services related to services 
supplied in the exercise of 
governmental authority 
such as assessment of land 
prices and compensation 
for expropriation 
 1) Unbound 
2)  None for real estate located abroad 
3)  None 
4)   Unbound except as indicated in the 
 Horizontal Commitments section. 1) Unbound 
2) None for real estate located abroad 
3)  None 
4) Unbound except as indicated in the 
Horizontal Commitments section.  
E. Rental/Leasing Services  
 without Operators  
    
a. Relating to ships 
 (CPC 83103) 
  
 
 
 
b. Relating to aircraft 
 (CPC 83104) 1) Unbound
 None    
2) Unbound  None    
3) None 4)  Unbound except as indicated in ALL 
 SECTORS  the Horizontal Commitments 
 section . 
 
 1) Unbound 
2) Unbound 
3) Joint venture in which foreign equity   participation is less than 50% is 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 SECTO
RS 
the Horizontal Commitments section . 
 
 
1) None 2) None 
3) Representatives of joint 
 venture companies must be Korean   nationals. 
4) Unbound except as indicated in ALL SECTORS
 
the Horizontal Commitments section .  
  
 TN/S/O/KOR/Rev.1
Page 19Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatment Additional Commitments 
c. Relating to other transport  
 equipment  (CPC 83101, 83105*)
1 
 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 . 
  
 
d. Relating to other machinery   and equipment  (CPC 83106 , 83108,
   
 -  83109) 
 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 .  
 
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 personal or household goods 
(CPC 832)  
 
1) None 
2) None 
3) None 
4) Unbound except as indicated in the 
Horizontal Commitments section. 
  
 
1) None 
2) None 3) None 
4) Unbound except as indicated in the 
Horizontal Commitments section.  
                                                      
1 83105*: Only passenger vehicles for le ss than 15 passengers under CPC 83105.   
 TN/S/O/KOR/Rev.1 
Page 20 Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatment Additional Commitments 
Other Business Services  
    
a. Advertising services 
 (CPC 871) 
 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. Market research and public  
 opinion polling services 
 (CPC 864)  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 . 
  
 
c. Management consulting 
 services   (CPC 865) 
 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/Rev.1
Page 21Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatment Additional Commitments 
d. Project management  
 services   (CPC 86601) 
 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 . 
  
 
e. Composition and purity  
 testing and analysis   services 
 (CPC 86761*)
1 
 1) None 
2) None 3)  Establishment of a commercial presence is 
 subject to the economic needs test.  
  Main Criteria: The number of and impact 
 on existing domestic suppliers, protection of 
 public health, safety , and environment.  
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 .  
 
e. Technical inspection  
 services 
 (CPC 86764) 
 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 . 
  
 
f. Consulting services related  
 to agriculture and animal  
 husbandry 
 (CPC 8811*, 8812*)  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 . 
  
 
                                                      
1 86761: Only inspection, testing and analys is services of air, water, noise le vel and vibration level under CPC 86761.   
 TN/S/O/KOR/Rev.1 
Page 22 Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatment Additional Commitments 
f. Services incidental to  
 forestry excluding aerial   fire fighting  
 and disinfection 
 (CPC 8814*)  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 . 
  
 
g. Consulting services 
related to fishing 
 (CPC 882*) 
 1) Unbound 
2) Unbound 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 . 
  
 
h. Consulting services 
related to mining (CPC 
883*)  
Services incidental   
 to mining 
 (CPC 883)  
 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 .  
i. Services incidental to 
 manufacturing: 
Only consulting services 
related to manufacturing 
technologies of new 
products (CPC 884* and 885* excluding 88411, 
88450, 88442, and 88493) 1) None  
2) None  
3) None  
4)  Unbound except as indicated in the 
Horizontal Commitments section. 1) None  
2) None  
3) None  
4) Unbound except as indicated in the 
Horizontal Commitments section. 
  
 j.  Services inc idental to 
energy distribution  
(CPC 887*)  
 
 Only wholesale and retail 
trade of oil products, gas 
station business, and 
exports and imports of oil 
products.  
 1) None  
2) None  
3) None  
4)  Unbound except as indicated in the 
 Horizontal Commitments section.  1) None  
2) None  
3) None  
4) Unbound except as indicated in the 
Horizontal Commitments section.  {moved to distribution 
services}  
 TN/S/O/KOR/Rev.1
Page 23Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatment Additional Commitments 
k. Placement services of 
personnel 
(CPC 87201, 87202) 
 
 Excluding placement 
services for seafarers under 
the Seamen Act 
 1) None 
2) None 
3)  Foreign service suppliers may supply 
services only in the form of a corporation 
under the Commercial Act.  with a paid -in 
capital of 50 million won or more. If 
suppliers wish to install additional branch 
offices , the total paid -in capital shall 
increase by 20 million wo n for each branch 
office additionally installed.  
 
4) Unbound except as indicated in the 
Horizontal Commitments section. 1) None 
2) None 
3) None 
 
4) Unbound except as indicated in the 
 Horizontal Commitments section.  
  
{moved to notes} 
※ Notes for transparency purposes: 
 
1. The corporations shall follow the rules for service fe es determined and announced by the Minister of Labour. 
2. The corporations shall be established with a paid-in capital of 50 million won or more. If suppl iers wish to install additio nal branch offices, the total paid-in 
capital shall increase by  20 million won for each branch office additionally installed. 
  
 TN/S/O/KOR/Rev.1 
Page 24 Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatment Additional Commitments 
 m. Related scientific and  
 technical consulting   services 
 (CPC 86751, 86752)
 
 Geological, geophysical 
and other scientific 
prospecting services 
 (CPC 86751) 
 Subsurface surveying 
services 
(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 . 
  
  Surface surveying 
services 
(CPC 86753*) 
 
 Excluding services 
related to cadastral 
survey 
 1) Unbound 
2) None 
3) None 4)  Unbound except as indicated in the 
 Horizontal Commitments section.  1) Unbound 
2) None 
3) None 
4) Unbound except as indicated in the 
Horizontal Commitments section.  
  Map-making services  
(CPC 86754*) 
 
 Excluding services 
related to cadastral maps 
 1) Unbound 
2) None 
3) None 4)  Unbound except as indicated in the 
 Horizontal Commitments section.  1) Unbound 
2) None 
3) None 
4) Unbound except as indicated in the 
Horizontal Commitments section.  
n. Maintenance and repair of  
 equipment 
 (CPC 633, 8861, 8862,   8863, 8864, 8865, 8866) 
 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 . 
  
p. Photographic services 
 (CPC 875) 
 1) Unbound  
2) Unbound  
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/Rev.1
Page 25Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatment Additional Commitments 
q. Packaging services 
 (CPC 876)  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 .  
 
r. Printing  
 (CPC 88442*)1 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 .  
r. Publishing   
 (CPC 88442*) 
  
Excluding publishing services of newspapers 
and periodicals 
 1) None 
2) None 
3) None 
4)  Unbound except as indicated in the 
 Horizontal Commitments section. 
 1) None 
2) None 
3) Unbound 
4) Unbound except as indicated in the 
Horizontal Commitments section. 
  
s. Convention agency  
 services   (CPC 87909*) 
 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 . 
  
 
s. Stenography services 
 (CPC 87909*) 
 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 . 
  
 
                                                      
 1 88442: Screen painting, gravure printing and services related to printing under CPC 88442.   
 TN/S/O/KOR/Rev.1 
Page 26 Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatment Additional Commitments 
t. Translation and  
 interpretation services  (CPC 87905) 
 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 . 
  
 
t.   Specialty design services 
 (CPC 87907) 1) None 
2) None 3) None 
4)  Unbound except as indicated in the 
 Horizontal Commitments section. 
 1) None 
2) None 3) None 
4) Unbound except as indicated in the 
Horizontal Commitments section. 
   
 TN/S/O/KOR/Rev.1
Page 27Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatment Additional Commitments 
2. COMMUNICATION 
 SERVICES 
 
B. Courier Services  
 
International courier 
services 
(CPC 75121**) 
 
 Excluding the services 
currently reserved to the Korean Postal Authority by 
law.
1 
  The commitment shall not 
be construed to include the 
right to operate transport services under one’s own 
responsibility for hire. 
 
 The commitment shall not 
include under any circumstances, the grant of 
air 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 Commitments 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 Commitments section.  
                                                      
1 According to the Postal Service Act, the Korean Postal Author ity 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) forei gn exchange or its related documents. 
  
 TN/S/O/KOR/Rev.1 
Page 28 Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations 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) None 
3) None except that:  
 (i)
 Each service supplier must be a licensed 
 Korean juridical pe rson. 
 
(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) None 
   
  
 
 
As contained in the 
attachment  
 
                                                      
1 In this Schedule of Specific  Commitments on Basic Telecommunicati ons, the * indicates th at the service specified is a component of a more aggregated CPC item specified elsewhere 
in this classification list, and the ** indicates that the service specified constitutes only part of the total range of activi ties covered by the CPC concordance.   
 TN/S/O/KOR/Rev.1
Page 29Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations 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**)   
 
o. Other  
 Digital cellular services  
 
 Paging services   
 PCS (personal 
communications services) 
 
 TRS (trunked radio 
 system) services  
 
 Mobile data services  
 (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 v oting 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 
whos e 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 Presidentia l Decree of the Korea's Telecommu nications Business Law.  
 2  The definition of "a person" is in accordance with  the relevant provision of the Presidential Decree of the Korea's Telecommunications Business Law.   
 TN/S/O/KOR/Rev.1 
Page 30 Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations 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 the voting shares are  
   owned by foreign governments, foreign     natural persons or foreign juridical  
   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 foreign 
government, 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, a 
 foreign natural person or a foreign 
 juridical person) or more of the voting  shares are owned by foreign 
 governments, 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/Rev.1
Page 31Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatment Additional Commitments 
Resale -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**)  
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 Decem ber 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 pers on. 
(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 c ent. As of 1  January 
2001, 100 percent foreign shareholding will be 
permitted.  
4) Unbound except as indicated in horizontal  
 commitments   
1) None  
 
 
  
 
  
2)
 None  
3) None  
 
 
  
 
  
 
 
4)
 Unbound except as indicated in horizontal  
 commitments  
   
 TN/S/O/KOR/Rev.1 
Page 32 Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations 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 interchange 
l. Enhanced/value-added 
 facsimile services including  store and forward, store and 
 retrieve 
m. Code and protocol   
  conversion 
n.  On-line information and/or 
 data processing (including  transaction processing) 
o. Other 
On-line data base and 
remote computing services
2 
  
  
 
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 . 
  
  
 
Registered, operating,
 
Value-added service 
providers are allowed to 
supply data transmission services
3. 
                                                      
  1 Value -added services means telecommunication servi ces which are provided through telecommunica tions network facilities leased from ne twork service providers and 
which store and forward, or process and for ward, the customer's information on a non -real time base.  
Value-added services mean telecommunication services, which are pr ovided through telecommunications network facilities leased f rom facilities-based basic 
telecommunication service providers, and which store and forwar d, or process and forward, the customer's information. 
 
  2 On -line data base and remote computing services means telecommuni cation services which are provided through telecommunications  network facilities leased from 
network service pr oviders and which do not mediate third party communications.  
On-line data base and remote computing services do not cover tel ecommunication services which mediate third party communication s. 
 3 Telecommunication services which are provided through telecomm unications network facilities leased from network service providers 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 simple resale of leased cir cuits 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/Rev.1
Page 33Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatment Additional Commitments 
D.  Audiovisual Services  
    
a. Motion picture and video  
 tape production and  
 distribution services 
(CPC 96112*, 96113*) 
 
 Excluding those services  
 for cable TV broadcasting    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 . 
  
e. Record production and  
 distribution services  (Sound recording) 
 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/Rev.1 
Page 34 Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatment Additional Commitments 
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,  5 131, 
5132, 5133, 5136*, 5137, 
5139)1    New 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 .  
 Special construction work  
 (CPC 5134, 5135, 5136*, 
514, 515, 516, 517)2 1) 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, 19 98, branches will be 
permitted.  
 New licenses are issued during a specific 
period every year.  
 Lim its on contract amount per contract are 
applied.  
4) Unbound except as indicated in ALL 
SECTORS  
 1) Unbound*  
2) None  
3) None  
  
 
 
 
  
 
  
4)
 Unbound except as indicated in ALL 
SECTORS  
  
                                                      
1 5136: Excluding const ruction work of power plants under CPC 5136.  
2 5136: Only construction work of power plants under CPC 5136   
 TN/S/O/KOR/Rev.1
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Sector or Sub-sector Limitations on Market Access Limi tations on National Treatment Additional Commitments 
4. DISTRIBUTION  
 SERVICES1 
    
A. Commission Agents'  
 Services   
 (CPC 621, excluding   62111, 62112 and  
 commission agents'  
 services of future contracts)  1) Unbound
 Unbound for pharmaceuticals and 
medical goods.  
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 . 
  
                                                      
1 Excluding trade in firearms, explosives and swords; works of ar t and antiques, and the establis hment and operation of, and dist ribution services at, the publ ic 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/Rev.1 
Page 36 Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations 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 f loor 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  
Main criteria: Form ation of reasonable 
prices, the number of and impact on 
existing suppliers for balance of demand 
and supply, healthy development of the 
industry, and establishment of orderly 
trade. In addition, population density, 
traffic, environmen tal pollution, local 
conditions, and other local characteristics 
as well as public interests.  
 
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/Rev.1
Page 37Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatment Additional Commitments 
C. Retailing Services  
(CPC 6111, 61130, 61210 , 
613*(excluding retail trade 
and gas station business 
related to LPG),   63101, 
63104 and  631(excluding 
63108) , 632,  
 excluding animal feed,  
 livestock and other  
 animal in 63295 ) 
 1) 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 th an 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, thi s  
 restriction will be eliminated.  
 
Retailing services for used cars and 
 gaseous fuels are subject to the   economic needs test. 
 Department stores and shopping 
 
 centers are prohibited.   
Main criteria: The nu mber of and impact 
on existing domestic suppliers, the 
population density, traffic, environmental 
pollution, local conditions, and other local 
characteristics as well as public interests. 
 
4)  Unbound except as indicated in ALL 
 SECTORS  the Horizontal Commitments 
 section . 
  
 
 
  
 
  
 
 
 
  
 
  
4) Unbound except as indicated in ALL SECTORS
 
the Horizontal Commitments section . 
   
 TN/S/O/KOR/Rev.1 
Page 38 Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatment Additional Commitments 
D. Franchising  
 (CPC 8929*)1 1) None 
2) 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.  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 . 
  
※ Notes 
 
The following explanation 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 limit ed to those items which are allowed under W holesale Trade  Services and Retailing Services in this schedule.  
1 Franchising services are l imited to those items which are allowed under Wholes ale Trade Services and Re tailing Services in this  schedule.  
  
 TN/S/O/KOR/Rev.1
Page 39Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatment Additional Commitments 
5. EDUCATIONAL 
SERVICES1 
 
C. Higher Education  
 Services  
(CPC 923**) 
 
Higher education services 
provided by private 
higher educational 
institutions for the 
purpose of conferring 
degrees which obtained 
recognition from the 
government or public 
accreditation bodies . 
Higher education services 
provided by private 
higher educational 
institutions, which 
obtained recognition from 
the government or public 
accreditation bodies, for 
the purpose of conferring 
degrees. 
 
Excluding education 
services for medical and 
health related subjects 
and for training pre-school, primary and 
secondary school teachers. 
 
 
  
  1) Unbound 2) Credits acquired from other higher 
educational institutions, local or foreign, are acknowledged to the extent that such acknowledged credits do  not exceed half of 
the total credits required for graduation. 
3) - Only those school  juridical persons*, 
established under the approval by the Minister of Education and Human Resources Development may establish educational institutions under the Minister’s authorization (Intra-company Universities do not need to establish a school juridical person). 
 - Only the types of ed ucational institutions 
listed in Attachment 1 are allowed. 
 - New educational inst itutions other than 
Technology Universitie s and Intra-company 
Universities are not allowed in the Metropolitan area of Seoul or in its vicinities.   
 - Junio r Colleges, Universities and  
 Industrial Universities may operate joint  
 educational programs with foreign  
 universities which ob tained accreditation  
 by foreign public accreditation bodies or  
 which acquired recognition or  
 recommendation by their governments, in  
 the field of state -of -the-art technologies,  
 basic sciences, international studies and  
 specialization of the respective Korean  
 universities .   
  
1) None  Unbound  
2)  None     3) Unbound  
  
                                                      
1 Specific commitments on market access and national treatment thro ugh any mode of supply shall not be construed to apply to the recognition of university 
degrees for the purpose of admission , registration and qua lification for professional practice in Korea .  
 TN/S/O/KOR/Rev.1 
Page 40 Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatment Additional Commitments 
  Operation of joint educational programs  
 with junior colleges, universities and  
 industrial universities is limited to foreign  
 universities, which obtained accreditation  
 by foreign public a ccreditation bodies or  
 which acquired recognition or  
 recommendation by their governments, in  
 fields that the president of the university 
 (junior college) recognizes as necessary. 
 - Credits acquired from other higher 
 educational institutions, local or foreign,   are acknowledged to th e extent that such  
 acknowledged credits do  not exceed half of  
 the total credits required for graduation.  - The Minister of Education and Human 
 Resources Development may restrict the 
 number of students for each educational  institution. 
 
4) Unbound except as indicated in the 
Horizontal Commitments section. 
  
  
 
  
 
  
 
  
 
  
 
  
 
4) Unbound except as indicated in the 
Horizontal Commitments section.  
 
* School juridical persons are non-profit juridical persons established solely for the purpose of es tablishing regular educatio nal institutions in  accordance with 
pertinent education related laws. 
  
 TN/S/O/KOR/Rev.1
Page 41Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatment Additional Commitments 
 
 Attachment 1 1. Only the following types of educational institutions are included: (Excluding Univ ersities via Broadcasting and Communicatio ns; Cyber Universities; 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 institut ions which conduct research and educate professionals 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 e ducate those who want to continue theoretical or technical rese arch and training for 4 years, 
conferring a bachelor’s degree, in acco rdance with the Higher Education Law.  
d)  Technology Universities: higher educat ion institutions, located within workplaces , which educate workers to provide expert knowledge and skills and confer 
associate degrees and bachelor’s degrees, in  accordance with the Higher Education Law. 
e)  Intra-company Universities: higher education institutions wh ich 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 accordance with  the Life-long Education Law. 
  
 TN/S/O/KOR/Rev.1 
Page 42 Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatment Additional Commitments 
D. Adult Education Services   
(CPC 924**). 
 
Adult education services 
provided by private adult educational institutions. 
 
Excluding education 
services which confer or 
lead to local or foreign 
degree or diploma, vocational training services 
financially supported by the 
government in accordance with the Employment 
Insurance Act and the 
Vocational Training Promotion Act, and 
educational services via 
broadcasting.  
 
Also excluded are 
vocational training services 
provided by institutions 
under authority delegated by the government. 
 1)  Unbound for health and medical related 
 adult education services. 
2) None 
3) - 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 private 
tutoring institutions (Hag-won). 
 - The establishment and/or enlargement of 
educational instit utions in the 
Metropolitan area of Seoul and its 
vicinities may be restricted. 
4)  Unbound except as indicated in the 
 Horizontal Commitments section.  1) None  
 Unbound for health and medical related 
adult education services 
 
2) None 
3) Unbound 
 
 
 
 
 
 
 
4) Unbound except as indicated in the 
Horizontal Commitments section.   
 TN/S/O/KOR/Rev.1
Page 43Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations 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 tutoring services on the following subjects to more than 10 persons fo r periods longer than 30 days 
in accordance with the Act on the Establishment and Operation of Private Tutoring institutions. Excluded are schools, libraries , museums, workplace facilities 
to provide education services to  the employees, life-long educatio n facilities in accordance with the Life-long Education Law, and driving schools.  
1) Infrastructure industrial technology: machinery, automobile , metal, chemical and ceramic, elect rics, telecommunications, ele ctronics, shipbuilding, 
aviation, civil engineering, textile and apparel, mining resources, land development, agriculture an d forestry, oceanic, energy , art craft, transportation, 
safety management 
2) Applied industrial technology: design, ha ir and cosmetic management, food and beverage, packaging,  printing, photograph, mus ical tuning 
3) Information processing: telecommunica tions equipment, software, multimedia, computer communication, internet, computer 
4) Nursing assistant: nursing assistant 
5) Culture and tourism: publishing, im aging and record, movie, broadcasting, ad vertising, character products, tourism 
6) Foreign languages: foreign languages, translation, interpretation 
7) Humanities: public management, business management , accounting, statistics, public service examination 
8)  Management: finance, insura nce, distribution, real estate 
9)  Office work: bookkeeping, fast wr iting, reading and calculation, word-p rocessing, secretary, abacus, calligraphy 
10) Arts: traditional Korean music, dance an d calligraphy, music, painting, dance, spee ch, modeling, cartoon, baduk, theater, f lower arrangement 
 
b) Life-long education facilities are those facilities which have been approved, regist ered or notified in accordance with the Life-long Education Law.   
Among the Life-long education facilities, on ly life-long educational fac ilities 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/Rev.1 
Page 44 Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatment Additional Commitments 
6. ENVIRONMENTAL  
 SERVICES    
 
A. Sewage Services     
  
 Refuse water disposal   services 
 (CPC 9401*)
1 
  
1) 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*)2 1) Unbound 
2) None 
3) Establishment of a commercial  
 presence is subject to the economic  
 needs test.   1) None 
2) None 
3) 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/Rev.1
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Sector or Sub-sector Limitations on Market Access Limi tations on National Treatment Additional Commitments 
D. Other  
    
 Cleaning services of 
exhaust gases and noise 
abatement services 
 (CPC 9404* , 9405* ) 
 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 .  
 Environment testing and  
 assessment services 
 (CPC 9406*, 9409*)1 
 1) 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 construc tion work services under CPC 9404 and 9405.  
1 9406*, 9409*: Only environmental impact a ssessment services under CPC 9406 and 9409.   
 TN/S/O/KOR/Rev.1 
Page 46 Modes of supply:  1)  Cross-border supply               2)  Consum ption abroad               3)  Commercial presence               4)  Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations 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 policies as stipulated in Article 1(b)(i) of the 
Annex on financial  services or a s 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 co nsumer movement may not be settled in Korean currency.  After the establishment of a commerc ial 
presence, financial institutions may handle only transactions, denominated and settled in Korean currency, with residents.  Approval is required for transactions 
denominated or settled in foreign currency or transactions with non -residents.  
(2) The managem ent 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 established by pre notification  
(6) Underlying transaction and documentation requirements apply to foreign exchange transactions.  Underlying documentation requi rements are exempt in the case of 
forward transactions.  
 
  
 TN/S/O/KOR/Rev.1
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 Limi tations 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 Services, Korea sh all 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 compa nies in the financial sector is allowed, approval by the relev ant authorities is required in accordance with related laws and r egulations 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, th e minimum capital requirement, minimum ope rating funds 
requirement, business worker's license an d approval for business activities . 
(2) Subsectors in financial services are classified based on the unit of business establishment.  A financial institution must be e stablished for only one business defined in 
subsectors   (1) through (14), and thus cannot engage in business act ivities in other subsectors .  A financial institution must be established for only one business 
defined in related law and thus cannot engage in othe r business activities regulated by other relevant laws.  
(3) Cross-border supply of financial services  and supply through consumer movement ma y not be settled in Korean currency. After  the establishment of a commercial 
presence, financial institutions may handle only transactions, de nominated and settled in Korean currency, with residents. Appr oval is required for transactions 
denominated or settled in foreign currenc y 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 office 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 libe ralization, such products will be more widely allowed, su bject to relevant laws and  regulations . 
(9)  Mode 1)2)3) Korea undertake s a standstill commitment for limitations on market access and natio nal treatment, where specific co mmitments are undertaken, i n  
  f inancial  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 policies 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 consumer movement may not be settled in Korean currency.  After the establishment of a 
commercial  presence, financial institutions may handle only tr ansactions, denominated and settled in Korean curre ncy, with residents.  Approval 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 regula ted. 
   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 establis hed by pre notification.  
(6) Underlying transaction and documentation requirem ents apply to foreign exchange transactions.   Underlying documentation requirements are exempt in the 
case of forward transactions.  
  
 TN/S/O/KOR/Rev.1 
Page 48 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 Limi tations 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 services  
  
1) 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. 
 Top executive personnel of each 
establishment  must  reside in Korea. 
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 K orea.  
  
Non-life insurance services 
[8129]  
b) Non-life Insurance 
 services 
 1) Unbound except for marine export/import 
cargo and aviation insurance. 
2) Unbound 3) 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. 
 Top executive personnel of each 
establishment  must  reside in Korea.  
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/Rev.1
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 Limi tations on National Treatment Additional Commitments 
Reinsurance and retrocession 
services [81299*]  
(ii) Reinsurance and 
      retrocession services 
 1) 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 retrocession insurance 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.  
 Top executive personnel of each 
establishment must reside in Korea. 
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) Brokerage  1) Unbound 
2) Unbound 
3) None for insurance agency services.
 
 Commercial Presence is permitted only to 
 foreign insurance brokerage companies.  
  Top executive personnel of each 
establishment must reside in Korea. 
 
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/Rev.1 
Page 50 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 Limi tations on National Treatment Additional Commitments 
b) Agency 1) Unbound 
2) Unbound 
3) None, except that top executive personnel of 
each establishment must reside in Korea. 
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 services  1) 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 . 
 Top executive personnel of each 
establishment must reside in Korea. 
 
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/Rev.1
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 Limi tations on National Treatment Additional Commitments 
B. Banking and Other 
Financial Services  
 :applicable only to the sub- 
  sectors listed below 
 
Deposit and re lated 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 
 
 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 for 
financial leasing) which deal with the same 
services 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  se rvice business entity)  and 
15 per cent of the stocks of a provincial bank 
without the special  authorization of the 
relevant authorities3.  
 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}  
 1) Unbound 
2) Unbound 
3) None  
                                                      
1 Activities in which banks obtain funds from the public by receiving deposits or issui ng transferable instruments or other secu rities. 
2  Activities in which banks provide funds to the public in order to receive in terest via loans or  bill discounts. 
3 The definitions of "a person" and "non-fina ncial service business entity" are in accordance with the relevant provision of the  Presidential Decree of the Bank Act .  
 TN/S/O/KOR/Rev.1 
Page 52 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 Limi tations on National Treatment Additional Commitments 
Paymen t guarantees and 
commitments[81339*]  
(v)  Guarantees and 
 commitments 
 
(vi) Foreign exchange 
services1[81333*]  
 
(vii) Settlement  and clearing2 
[81339*]  
  Deposit for specific purpose, such as housing 
subscription deposit, may be handled only by designated institutions. 
 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 ceiling 
and operation.  
 Lending forto 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 exchange 
transactions. Underlying documentation 
requirements are exempt in the case of forward 
transactions.  {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. 
 Top executive personnel of financial leasing, 
credit granting and security savings 
companies must reside in Korea. 
 
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 pers onnel of financial leasing, 
credit granting and security savings 
companies must reside in Korea.  
  
                                                      
1 Activities which issue, remit and collect foreign exchange . 
2 Activities which settle and clear notes, bi lls and cheques by banks acco rding to the Article of KFTCI (Korea Financial Telecomm unications and Clearings Institute).   
 TN/S/O/KOR/Rev.1
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 Limi tations on National Treatment Additional Commitments 
(viii) Trading for own account 
or for account of customers, whether on 
an exchange, in an over-
the-counter market or otherwise 
 
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 
 futures and 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 financial 
 assets (including bullion) 
 1) Unbound 
2) Unbound 
3) Commercial Presence is permitted only to 
 foreign financial institutions which deal with 
 the same 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  
 Top executive personnel of each 
 establishment must reside in Korea. 
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 establi shment  
 must reside in Korea .   
 TN/S/O/KOR/Rev.1 
Page 54 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 Limi tations 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 
 securities 
 1) 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 equit y 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}  
 Top executive personnel of each 
establishment must reside in Korea. 
 
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 establishm ent 
must reside in Korea . 
  
  
 TN/S/O/KOR/Rev.1
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 Limi tations 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 [8 1193*]  
d) Trust 1 (including 
 investment discretionary  advisory 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. 
 Top executive personnel of each 
establishment must reside in Korea. 
 
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 person nel 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  information companies. 
 
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 commissi oned to manage the financial a ssets for beneficiary's benefit.  
 TN/S/O/KOR/Rev.1 
Page 56 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 Limi tations on National Treatment Additional Commitments 
(xii) Advisory, intermediation  
and other auxiliary financial services 
 
:applicable only to services  listed below  
 
Investment advisory services 
[81332]  
a) Investment advice  1) 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 un derstood 
as a domestic regulation}  
  Top executive personnel of each 
 establishment must reside in Korea. 
  
4)  Unbound except as indicated in ALL 
 SECTORS  the Horizontal Commitments 
 section . 
 1) Unbound 
2) Unbound 
3) None 
 
  
 
 4)  Unbound except as indicated in A
LL SECTORS  
 the Horizontal Commitments section . 
 Top executive personnel of each establishment 
 must reside in Korea.  
  
 Credit rating services [81339*]  
b) Credit rating and analysis  1) Unbound 
2) Unbound 
3) Credit rating companies should be designated 
 by the relevant authorities to assess the credit  rating of 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/Rev.1
Page 57Modes 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 Limi tations 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 facilities in 
CPC 6431 
 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 . 
  
B. Travel Agencies and Tour 
 Operators Services  
  
Travel agency services and 
tour operator services 
 (CPC 7471) 
 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. Tourist Guides Services  
 (CPC 7472) 1) None 
2) None 
3) 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) None 
3) 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 as musical, theatre, live band, 
opera, etc. 
  
 
 
 1) Unbound 
2) None 
3)  None 4) Unbound except as indicated in the 
Horizontal Commitments section.  
 
 
 1)  Unbound 
2) None 
3)  Unbound 4)  Unbound except as indicated in the 
Horizontal Commitments section.  
Foreign performers or 
persons who desire to 
invite them for providing 
performances shall 
obtain a recommendation 
from the Korea Media 
Rating Board(KMRB).  
  
 TN/S/O/KOR/Rev.1 
Page 58 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 Limi tations on National Treatment Additional Commitments 
11. TRANSPORT SERVICES 
    
A. Maritime Transport  
 Services1 
    
 International transport 
 (CPC 7211*, 7212*) 
 
Excluding cabotage 
  
 1) a) Liner shipping: None 
  b) Bulk, tramp, and other international 
shipping: The cargo preference system 
applies to 8 items, which are crude 
petroleum, iron ore, raw materials for 
fertiliz er, grain, coal, raw materials for 
petrochemical products, liquefied  gas and 
steel products.  None  
2) None 1) None 
 
 
  
 
  
2) None The following services at 
the port are made publicly 
available to international 
maritime transport suppliers on reasonable 
and non-discriminatory 
terms and conditions.
 
 3) a) Establishment of a registered company 
for the purpose of operating a fleet under 
the national flag 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 services 
6. Navigation aids 
7. Shore-based operational 
services essential to ship 
operations, including 
communications, water and electrical supplies 
8. Emergency repair 
facilities 
9. Anchorage, berth and 
berthing services 
                                                      
1 Refer to ATTACHMENT CONCERNI NG MARITIME TRANSPORT SERVICES.  
 TN/S/O/KOR/Rev.1
Page 59Modes 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 Limi tations on National Treatment Additional Commitments 
 Notes 
  Without prejudice to the scope of activities which may be co nsidered as cabotage under the relev ant national legislation, this  schedule does not include 
maritime cabotage services, which are assumed to cover transporta tion 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 terri tory of the Republic of Kor ea, provided that this traffic remains 
within the Republic of Ko rea’s territorial waters. 
  
 TN/S/O/KOR/Rev.1 
Page 60 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 Limi tations on National Treatment Additional Commitments 
 Maritime Auxiliary  
 Services     
 
 Maritime cargo handling   services 
 (CPC 741*) 
 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 . 
  
 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 service 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 . 
  
 Maritime agency services  
 (CPC 748*)1 
 1) None 
2) 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 busin esses or maritime cargo transport businesses (including foreign  transport businesses) under CPC 748  
 TN/S/O/KOR/Rev.1
Page 61Modes 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 Limi tations on National Treatment Additional Commitments 
 Container station services   
 (CPC 741*)1 
 
 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 . 
  
 
 Maritime freight   forwarding services  (CPC 748*)
2 
 1) 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 th e 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*)3 
  1) None 
2) None 
3) A joint venture or a 100% foreign 
ownership must be incorporated as a Chusik 
Hoesa (a joi nt stock company).   Only 
Chusik Hoesa(stock companies) as 
stipulated under th e 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 A
LL SECTORS  
the Horizontal Commitments section . 
  
 
                                                      
1 Container station services pr ovided in port areas under CPC 741 
2 Freight forwarding services by vessels in the name of the fo rwarder (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 fo r the chartering, leasing, purchasing or selling of vessels u nder CPC 748 and 749.  
 TN/S/O/KOR/Rev.1 
Page 62 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 Limi tations on National Treatment Additional Commitments 
 Maintenance and repair of  
 vessels1 
 
 1) Unbound* 
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 th e Commercial Act are 
permitted. 
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 . 
  
 
Rental of vessels with crew 
(CPC 7213) 1) None 
2) None 
3) None 
4) Unbound except as indicated in the 
Horizontal Commitments section. 
 1)    None 
2) None 
3) None 4) Unbound except as indicated in the 
Horizontal Commitments section.  
Pushing and towing services 
(CPC 7214) 1) Unbound 
2) None 
3) None 
4)  Unbound except as indicated in the 
 Horizontal Commitments section. 1) Unbound 
2) None 
3) None 
4) Unbound except as indicated in the 
Horizontal Commitments section. 
 
  
 
Tally, measuring and survey 
services 
(CPC 745*) 
 
 
 1) Unbound* 
2) None 
3) None 
4)  Unbound except as indicated in the 
 Horizontal Commitments section. 
 1) Unbound* 
2) None 
3) None 
4) Unbound except as indicated in the 
Horizontal Commitments section.  
 
                                                      
 1  Services, such as repair and management  of vessels, management of crew, and mari ne insurance, provided on behalf of a maritim e passenger transport business, 
maritime cargo transport business or vessel leasing business.  
 TN/S/O/KOR/Rev.1
Page 63Modes 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 Limi tations on National Treatment Additional Commitments 
C. Air Transport Services  
    
 Computer reservation 
system (CRS)  services1 
 
  
 
  
 Selling and marketing of  
 air transport services
2 
 
 
  
 
Maintenance and repair of 
aircraft 
 1) Access only through publicly 
 
 switched networks is allowed.  None   
2) None 
3) None 4)  Unbound except as indicated in ALL 
 SECTORS  the Horizontal Commitments 
 section . 
 
1) Unbound*  None  
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 the 
 Horizontal Commitments section. 1) None 
 
2) None 
3) None 4) Unbound except as indicated in ALL SECTORS
 
the Horizontal Commitments section . 
  
1) Unbound*
 None  
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 the 
Horizontal Commitments section. 
  
E. Rail Transport Services  
 
 a. Passenger transportation 
 (CPC 7111) 
 
 b. Freight transportation 
 (CPC 7112) 1)  Unbound* 
2) None 
3)  Unbound for ex isting operations. 
 Establishment of new operations are 
 subject to the economic needs test.  
 Main criteria: Establishment of order 
 and discipline in the railroad industry. 
 
4)  Unbound except as indicated in the  Horizontal Commitments section.   1)  Unbound* 
2) None 
3) Unbound  
 
 
 
 
 
4) Unbound except as indicated in the 
Horizontal Commitments section.  
 
                                                      
1 As defined in the Annex on Air Transport Services.  
2 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 ma ke contracts for international transport of  passengers or cargoes by aircraft  (exclu ding the service of acting for ot her persons in the application 
procedure for visa or passport) on behalf of air transport serv ices 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 firm s or general air transport agency services firms for compensation .  
 TN/S/O/KOR/Rev.1 
Page 64 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 Limi tations on National Treatment Additional Commitments 
    
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 
SECTORS  the Horizontal Commitments 
section . 
 1) Unbound 
2) None 3) 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, excluding the 
transportation of LPG  1) Unbound 
2) Unbound 
3) None 4)  Unbound except as indicated in the 
 Horizontal Commitments section. 
 1) None 
2) None 
3) None 4)  Unbound except as indicated in the 
Horizontal Commitments section.   
 
 
 
    
H. Services Auxiliary to all  
 Modes of Transport  
 
b. Storage and warehouse services 
other than those in ports 
 (CPC 742*)  
Excluding services for 
agricultural, fishery and livestock products. 
 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 .  
  
 TN/S/O/KOR/Rev.1
Page 65Modes 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 Limi tations on National Treatment Additional Commitments 
I. Other Transport Services  
 
 COMBINED TRANSPORT 
SERVICES 
  
  
  
 
Freight forwarding for rail transport
1 1) Unbound 
2) 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 services to be carried out at the ends of railway transport; these  services include collecting containerized cargoes, 
contracting with Korea National Railroad   Korea Railroad Corporation  for transport of the freight on trains, loading/unloading and delivery of freight.  TN/S/O/KOR/Rev.1 
Page 66 
 
 
 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 tec hnically substituted in order to provide a 
service.  A major supplier
 is a supplier which has the ability to mate rially affect the terms of participation 
(having regard to price and supply) in the releva nt 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 th e 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 comp etitors with anti-competitive results;  and 
 
 (c) not making available to other services suppliers on a timely basis technical 
information about essential facilities and comme rcially relevant information which are 
necessary for them to provide services.  
 2. Interconnection
 
 
2.1 This section applies to linking with supplie rs 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/Rev.1 
Page 67 
 
 
 2.2 Interconnection to be ensured  
 
Interconnection with a major supplier will be ensu red at any technically feasible point in the 
network.  Such interconnection is provided.  
 (a) under non-discriminatory terms, cond itions (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 ar e 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 th e 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 pro cedures for interconnection negotiations
 
 
The procedures applicable for interconnecti on 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 te rms, conditions and rates for interconnection within 
a reasonable period of time, to the extent th at 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 regard ed as anti-competitive per se, provided they are 
administered in a transparent, non-discriminator y 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/Rev.1 
Page 68 
 
 
 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 conditio ns 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. 
 TN/S/O/KOR/Rev.1 
Page 69 
 
 
 6. Allocation and use of scarce resources  
 
Any procedures for the allocation and use of s carce resources, including frequencies, numbers 
and rights of way, will be carried out in an obj ective, timely, transparent and non-discriminatory 
manner.  The current state of allocated frequency ba nds will be made publicly available, but detailed 
identification of frequencies allocated for specific government uses is not required. 
 
 TN/S/O/KOR/Rev.1 
Page 70 
 
 
  
   
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 concerne d for the supply to their customers of maritime 
transport services.  
2. Maritime Cargo Handling Services: 
 
Activities exercised by stevedore companies, in cluding 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 car goes before shipment or after discharge. 
 
3. Customs Clearance Services: 
 
Activities consisting in carrying out on beha lf of another party customs formalities 
concerning import, export or through transport of car goes, 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 por t 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 a nd 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 documenta tion, and provision of business information; 
              
- Acting on behalf of the companies organizi ng 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. TN/S/O/KOR/Rev.1 
Page 71 
 
 
  
7. Tally, Measuring and Survey Services:  
- Tally services : Activities consisting of calcula ting the number of cargoes or verifying the 
delivery and the receipt when loading and unloading. 
- Measuring services : Activities consisting of calcu lating or verifying the volume or weight 
of cargoes when loading and unloading. 
 - Survey services : Activities consisting of the veri fication, inspection and survey related with 
shipped cargoes and vessels (including barges). 
 
 
   
  TN/S/O/KOR/Rev.1 
Page 72 KOREA – FINAL LIST OF ARTICLE II (MFN) EXEMPTIONS 
 
Sector or Subsector Description of measure 
indicating its inconsistency 
with Article II Countries to which the 
measure applies Intended duration Conditions creating the need for 
the exemption 
Computerized Reservation 
System  
 Access 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 Ame rica 
 Indefinite  
 Access to foreign CRS through the 
SITA network could be limited or 
otherwise affected by negotiations on 
granting or receiving traffic rights.  
 
 
 
__________