. /.  WORLD TRADE  
ORGANIZATION   
WT/MIN(11)/ST/21 
16 December 2011  
 
(11-6569) 
MINISTERIAL CONFERENCE 
Eighth Session Geneva, 15 - 17 December 2011 Original:   English 
 
  
REPUBLIC OF KOREA 
 
Statement by H.E. Mr Jong-Hoon Kim 
Minister for Trade 
  
I would like to express my deepest gratitude to  the Government of Switzerland for hosting the 
Eighth WTO Ministerial Conference. 
 
Let me begin by wholeheartedly welcoming our newest Members:  the Russian Federation, 
Vanuatu, Samoa and Montenegro.  Korea looks forwar d to working together with them and hopes for 
their active participation and meaningful contributions.  
Over the years, the global economy has faced a series of crises:  crises that have spilled over 
from one region to another, thereby affecting the broader global community.  The multilateral trading 
system also has been faced with more challenges than ever before. 
 
In many parts of the world, we have witn essed strong reactions against globalization and 
free trade.  These movements have become more intense, frequent and organized, taking place even in 
developed economies who used to be the torch-carrier for free trade. 
 
Among these challenges, we note with grave concern a recent WTO report that found a 
53 per cent increase of new trade-distortive measures over the last 12 months.  Protectionism tends to 
draw all of us into a vicious cycle of tit-for-tat reactions.  When the head wind is strong, standing still and firm can be as important as moving forward. 
 
In this Conference, we will reflect collectively on how to make the multilateral trading system 
more responsive to the evolving challenges around the globe.  
First of all, there is no doubt that we shoul d keep the trade liberalization talks moving.  
I would like to refer to the impasse of the DDA as a crisis of confidence.  Based upon a sober 
assessment of where we are, we should redouble our  efforts to deliver any modest outcome, which 
can go a long way towards regaining the credibility of  the multilateral trading system.  In this regard, 
I congratulate on the conclusion of negotiations to upgrade the Government Procurement Agreement. 
 
For further such deliverables, we invite this Ministerial Conference to galvanize the political 
will to explore how to best operationalize a fresh and credible approach.  Korea is certainly not alone 
in the belief that any new approach should be  pursued in line with multilateralism and the 
development dimension.  WT/MIN(11)/ST/21 
Page 2  
 
  At the same time, we hold the belief that th e value-added created by trade liberalization 
should be equitably divided at the national and inte rnational levels.  Trade liberalization should be 
both coherent with and conducive to the national economic policy, while a ddressing the vulnerability 
of local sectors.  
Meanwhile, it is evident that the developmen t agenda should be sought in a manner which 
would promote the further integra tion of developing countries into the multilateral trading system.  
Development is a dynamic process.  Thus the role of  Aid for Trade becomes more critical in fostering 
the dynamism through delivery of capacity on the supply side.  
Korea has a unique experience in terms of trade and development under the multilateral 
trading system.  Korea clearly testifies to the fact that trade liberalization has paid off.  Since Korea 
acceded to the GATT in 1967, its trade has soared 830-fold from 1.3 billion to 1 trillion dollars this year.  Drawing on this experience and looking to sh are its lessons learned, Korea is fully committed to 
its pledge of helping developing countries build their capacity to increase trade.  Along these lines, 
Korea is committed to increasing the ODA budget in the next four years to around US$3 billion or 
0.25 per cent of the GNI.  Korea is also making effo rts to increase the share of assistance to LDCs and 
to expand the market access for LDCs by increasing the duty-free and quota-free ratio. 
 
In closing, our ability to make necessary deci sions and to provide political guidance in this 
Conference will have a critical bearing on the future of the multilateral trading system.  Korea will 
continue to exert strong, continued efforts along with other WTO Members in this common endeavour 
to further strengthen the multilateral trading system.  
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