March 1995 No. 1
March 1995 No. 1 
International Cooperation
A: First, the EC is very supportive of Korea's drive to gear itself to the outside world.
Up to now Korea export-modeled growth has been enormously successful. On the other hand, the Korean economy has grown so large and continues to grow so rapidly that Korea is now considering membership in the OECD and must assume all of the commitments that move entails including membership in the international financial and economic community.
Therefore, it is hoped that Korea will be successful in understanding the need for change in government and administrative circles. Large businesses already seem for the most part to understand how to operate in the new world order. We hope the population at large will also understand the need for expanded contacts from outside Korea, including new investments and new products. Of course, a change in mentality is necessary and required.
The EC wishes Korea great success in its Segyehwa effort, especially at this very opportune moment in time.
A: In particular, the financial sector - banking, insurance, financial and investment services - are very important areas. These are areas that also require preparation for membership in OECD. In regard to market access a number of areas are still important. From the EC perspective, this would include the automotive sector as a good example. We would like to see further liberalization of access for good, high quality products to the Korean market.
A: Europe welcomes the president's visit. It is viewed as the Korean government and the president wishing to emphasize what is meant by Segyehwa.
The EU as a block is Korea's third most important trading partner. There has been excellent growth in the volume of both exports and imports. Europe hopes that trend will continue and hopes the president's visit will confirm the commitment to more trade and to Segyehwa.
In terms of the visit, the EU is prepared to begin negotiations with Korea following the president's visit on a framework agreement which will enable cooperation to be broadened from economy and trade to science and technology research and the environmental field both of which are areas of too little cooperation at present. The framework agreement, expected to be concluded later this year, will bring a new dimension to relations.
The EU hopes to contribute as a group to Korea's drive for Segyehwa and will open its doors to assist Korea in its effort. More contacts with Europe will bring new experiences, new opportunities not only in trade but in political, cultural and other areas as well.
It is up to business and the private sector to grasp the opportunities, once the government creates the climate for entrepreneurs to do business in Korea.
A: EU enterprises certainly see the opportunities in Northeast and Southeast Asia and are continually looking for new areas of cooperation. From the EC side, there is a push for enterprises to be more aware of the Asian market. Last year, the EU developed an Asian strategy, giving impetus at union level for more cooperation with Asia. The union intends to follow the situation very closely. There are regular consultations with Japan already, a just-concluded textile agreement with China and the framework agreement mentioned previously with Korea, all creating the environment in which enterprises can operate. The EU considers Northeast Asian markets very important. It sees the potential of the market in Korea and wants to play a full role on equal and competitive basis in these markets.