 
  ORGANISATION MONDIALE  
DU COMMERCE  S/DCS/W/KOR 
24 janvier 2003 
 (03-0483) 
Commerce des services Original:   anglais  
 
 
 
RÉPUBLIQUE DE CORÉE  
 
Projet de version codifiée de la Liste d'engagements spécifiques1 
 
 
 On trouvera ci-joint un projet de version codifi ée de la Liste d'engagements spécifiques de la 
République de Corée en format Word.  Ce documen t ne remplace pas les engagements juridiquement 
contraignants souscrits par la République de Corée dans sa Liste d'engagements spécifiques 
(GATS/SC/48;  GATS/SC/48/Suppl.1/Rev.1;  GATS/ SC/48/Suppl.2;  GATS/SC/48/Suppl.3/Rev.1). 
  Est joint au projet de liste codifiée un projet de version codifiée de la Liste d'exemptions de 
l'article II (NPF) de la République de Corée (GATS/EL/48; GATS/EL/48/Suppl.1). 
  Les projets de versions codifiées de la liste et de la Liste d'exemptions de l'obligation NPF ont 
été établis par le Secrétariat, à la demande des Me mbres, pour faciliter le processus de négociation, y 
compris la présentation des offres initiales. 
 
_______________  
 
                                                           
1 Le présent document a été établi, en anglais seulemen t, par le Secrétariat sous sa propre responsabilité 
et sans préjudice des positions des Membres ni de le urs droits et obligations dans le cadre de l'OMC.  
 S/DCS/W/KOR 
Page 2  
KOREA – SCHEDULE OF SPECIFIC COMMITMENTS 
 
Modes of supply:  1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
I. HORIZONTAL COMMITMENTS 
 
 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 id restricted.  However, foreign  portfolio investment in Korean stocks is 
 permitted only for the stocks listed on the 
 Korean Stock Exchanges, and individual  foreign investors can own up to 3 per cent of 
 each company's total stock, while aggregate 
 foreign investments can not exceed 15 per cent 
 (10 per cent in the case of two public 
 enterprises: Pohang Iron and Steel Company, 
 Korea   Electric Power Corporation) per each 
 company. 
  The aggregate and individual ceilings will be 
 raised in 1996-1997. 3) The amount of foreign direct investment must  
 be at least 50 million Won. 
 
 The acquisition of land is unbound except:  
 (i) That the acquisition of land by companies  
  which are not deemed as foreign under 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 accordance with the  
  following legitimate business purposes: 3) Residents who have  
 been treated as  
 foreigners in the  
 Securities Exchange   Act are accorded  
 national treatment in  
 portfolio investment   in Korean stocks.  
  S/DCS/W/KOR
 Page 3Modes of supply:  1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
  The acquisition of outstanding bonds of 
 existing domestic companies by natural  persons or juridical persons of another 
 Member is restricted except in the following 
 cases:  
 (i) Direct foreign investment is allowed in 
  non-guaranteed Convertible Bonds issued   by listed small-and medium sized  
  companies. 
  (ii) The purchase of government and public 
  bonds, with interest rates comparable to 
  international interest rates, is allowed in   the primary market. 
 
 (iii) Foreign investors are allowed to make   indirect bond investment through the 
  purchase of beneficiary certificates  
  offered exclusively to foreigners.  
  • land used for supplying services during the 
course of normal business activities; 
 
 • land used for housing senior company 
personnel under pertinent law; and 
 
 • land used for fulfilling land-holding 
requirements stipulated by pertinent laws. 
 
 Eligibility for subsidies, including tax benefits,   may be limited to companies which are  
 established in Korea according to the pertinent  
 laws. 
 
 Unbound for research and development   subsidies.  
  • Foreign investors will be allowed to make 
  indirect bond investment through the 
  establishment of a country fund.   
  • Foreign direct investment in long-term 
  non-guaranteed bounds issued by small-
  and medium-sized companies will be 
  allowed in 1997.   
  
 The establishment of branches must be 
 approved in accordan ce with the Foreign 
 Exchange Management Act.  In financial  services, the establishment of representative 
 offices must also be approved in accordance 
 with the  Foreign Exchange Management Act.    
 4) Unbound except for measures affecting the 
 entry and temporary stay of natural persons as  defined below: 4) Unbound except for m easures concerning the  
 categories of natural persons referred to in the   market access column.   
 S/DCS/W/KOR 
Page 4 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 Treatm ent Additional Commitments 
 A. Natural persons who are employees of firms 
 that supply services through 100 per cent  foreign ownership, joint venture companies or 
 branches established in Korea and who have 
 been in the employ of their firm for a period of  not less than one year immediately preceding 
 the date of their application for admission and 
 who are one of the following:   The acquisition of land is unbound except that 
 the lease hold right of land is permitted, subject  to approval. 
 
 Eligibility for subsidies, including tax benefits,  may be limited to residents according to the 
 pertinent laws. 
  
  (i) Executives - persons within an  
  organization who primarily direct the 
  management of the organization, exercise   wide latitude in decision-making, and 
  receive only general supervision or  
  direction from higher-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 
  operations.  Senior managers do not    include first-line supervisors, unless the 
  employees supervised are professionals, 
  nor do they include employees who    primarily perform tasks necessary for the 
  supply of the service.    
  S/DCS/W/KOR
 Page 5Modes of supply:  1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
  (iii) Specialists-persons within an  
  organization who possess knowledge at an   advanced level of continued expertise and 
  proprietary knowledge on the services, 
  research equipment, techniques, or    management of the organization.   
 B. Natural persons meeting the criteria of category 
 A(i) or A(ii) and who are responsible for the 
 setting up, in Korea, of a commercial presence  of a service supplier of a Member when the 
 service supplier has no representative office, 
 branch or subsidiary in Korea and the persons  are not engaged in making direct sales or 
 supplying services
. 
   
 C. Natural persons not based in the territory of 
 Korea and receiving no remuneration from a 
 source located within Korea, who are engaged 
 in activities or representing a service supplier 
 for the purpose of negotiating for the sale of the  services of that supplie r 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 
 A is limited to a pe riod not exceeding three  
 years that may be extended if extension is  
 deemed to be necessary.  
 Entry and stay of natural persons as defined in 
 B and C is limited to a period of 90 days.    
  Natural persons whose entries and temporary 
 stays are permitted shall observe the  Immigration Law and the labour laws.  Korea's 
 commitments regarding temporary movement 
 of natural persons do not apply in the case of 
 labour-management disputes.    
 S/DCS/W/KOR 
Page 6 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 Treatm ent Additional Commitments 
II. SECTOR-SPECIFIC COMMITMENTS  
1. BUSINESS SERVICES     
A. Professional Services  
    
(b) Accounting,  auditing and  
 book-keeping Services 
 (CPC 862) 1) None, other than auditing services  
 which are unbound. 
2) None, other than auditing services  
 which are unbound. 
3) Only sole proprietorships, auditing  
 task forces, joint accounting  offices, and Hapmyung Hoesa  (incorporated 
 partnership) by CPAs licensed under the 
 Certified Public Accountant Law are  permitted. 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: 
  Only those CPAs in auditing task  
 forces, joint accounting offices and  
 Hapmyung Hoesa are allowed to   supply auditing services. 
  
 - Consultancy for  
 foreign accounting  
 standards and   auditing, training of  
 CPAs, transfer of  
 auditing technology   and exchange of  
 information. 
  
  S/DCS/W/KOR
 Page 7Modes of supply:  1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
 4) Unbound except as indicated in ALL  
 SECTORS 4) Unbound except as indicated in ALL  
 SECTORS.  
 In order to practice as a CPA, a candidate  
 must have field experience of two years   in Korea after passing the 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) None, other than tax reconciliation  
 services and tax representative  
 services which are unbound. 2) 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) 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 are allowed to supply tax  
 reconciliation services.    
 S/DCS/W/KOR 
Page 8 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 Treatm ent Additional Commitments 
 
 4) Unbound except as indicated in ALL  
 SECTORS  4) Unbound except as indicated in ALL  
 SECTORS.  
 In order to practice as a CTA, a candidate  
 must have field experience of six months   in Korea after passing the CTA  
 examination. 
  
 
(d) Architectural services  (CPC 8671) 
 1) Commercial presence is required. 
2) None 
3) None 
4) Unbound except as indicated in ALL   SECTORS 
 1) None 
2) None 
3) None 
4) Unbound except as indicated in ALL   SECTORS 
 
 1)2)4)Supply of  
 services by foreign  
 architects through  
 joint contracts with   architects licensed  
 under Korean law will  
 be allowed from   January 1, 1996. 
 Foreign architects 
 licensed under their  home country's law 
 may acquire a Korean 
 architect license by 
 passing a simplified  
 examination which   covers only two of 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  1) None 
2) None 3) None 
4) Unbound except as indicated in ALL  
 SECTORS   
  
  S/DCS/W/KOR
 Page 9Modes of supply:  1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
(f) Integrated engineering  
 services  (CPC 8673) 1) None 
2) None 3) None 
4) Unbound except as indicated in ALL  
 SECTORS  1) None 
2) None 3) None 
4) Unbound except as indicated in ALL  
 SECTORS  
(g) Urban planning and  
 landscape  
 architectural services  (CPC 8674) 
 1) None 
2) None 
3) None 4) Unbound except as indicated in ALL  
 SECTORS 
 1) None 
2) None 
3) None 4) Unbound except as indicated in ALL  
 SECTORS 
  
 
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 
 1) None 
2) None 
3) None 4) Unbound except as indicated in ALL  
 SECTORS 
  
 
(b) Software implementation  
 services 
 (CPC 842) 
 1) None 
2) None 
3) None 
4) Unbound except as indicated in ALL   SECTORS 
 1) None 
2) None 
3) None 
4) Unbound except as indicated in ALL   SECTORS 
  
 
(c) Data processing services  (CPC 843) 
 1) None 
2) None 
3) None 
4) Unbound except as indicated in ALL   SECTORS 
 1) None 
2) None 
3) None 
4) Unbound except as indicated in ALL   SECTORS 
  
  
 S/DCS/W/KOR 
Page 10 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 Treatm ent Additional Commitments 
(d) Data base services 
 (CPC 844)  1) None 
2) None 3) None 
4) Unbound except as indicated in ALL  
 SECTORS  1) None 
2) None 3) None 
Unbound except as indicated in ALL  
SECTORS 
  
 
(e) Other (CPC 845, 849) 
 1) None 
2) None 
3) None 4) Unbound except as indicated in ALL  
 SECTORS 1) None 
2) None 
3) None 4) Unbound except as indicated in ALL  
 SECTORS  
 
C. Research and Development  
 Services  
    
(a) Research and development  
 services on social sciences  
 and humanities 
 (CPC 852)  1) Unbound 
2) Unbound 
3) None 
4) Unbound except as indicated in ALL   SECTORS 
 1) None 
2) None 
3) None 
4) Unbound except as indicated in ALL   SECTORS 
  
 
E. Rental/Leasing Services  
 without Operators  
    
(a) Relating to ships 
 (CPC 83103) 
 1) Unbound 
2) Unbound 
3) None 4) Unbound except as indicated in ALL  
 SECTORS 
 1) None 
2) None 
3) None 4) Unbound except as indicated in ALL  
 SECTORS 
  
  
  S/DCS/W/KOR
 Page 11Modes of supply:  1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
(b) Relating to Aircraft 
 (CPC 83104) 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 1) None 
2) None 3) Representatives of joint 
 venture companies must be Korean  
 nationals. 4) Unbound except as indicated in ALL  
 SECTORS  
(c) Relating to other transport  
 equipment  (CPC 83101, 83105*)
1 
 1) None 
2) None 3) None 
4) Unbound except as indicated  in  
 ALL SECTORS  1) None 
2) None 3) None 
4) Unbound except as indicated in ALL  
 SECTORS  
  
 
(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 
 1) None 
2) None 
3) None 
4) Unbound except as indicated in ALL   SECTORS 
  
 
(d) Relating to construction  
 machinery and equipment 
 (CPC 83107) 
 1) Unbound until January 1, 1996.  No  
 limitations after that date. 
2) Unbound until January 1, 1996.  No  
 limitations after that date. 3) Unbound until January 1, 1996.  No  
 limitations after that date. 
4) Unbound until January 1, 1996.   
 After that date, unbound except as  
 indicated in ALL SECTORS.  1) Unbound until January 1, 1996.  No  
 limitations after that date. 
2) Unbound until January 1, 1996.  No  
 limitations after that date. 3) Unbound until January 1, 1996.  No  
 limitations after that date. 
4) Unbound until January 1, 1996.  After  
 that date, unbound except as indicated in  
 ALL SECTORS   
 
                                                           
 1 83105*: Only passenger vehicles for le ss than 15 passengers under CPC 83105.   
 S/DCS/W/KOR 
Page 12 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 Treatm ent Additional Commitments 
F. Other Business Services  
    
(a) Advertising services 
 (CPC 871) 
 1) None 
2) None 
3) None 
4) Unbound except as indicated  in   ALL SECTORS 
 1) None 
2) None 
3) None 
4) Unbound except as indicated in ALL   SECTORS 
  
 
(b) Market research and public   opinion polling services 
 (CPC 864) 
 1) Unbound 
2) Unbound 
3) None 
4) Unbound except as indicated  in   ALL SECTORS 
 1) None 
2) None 
3) None 
4) Unbound except as indicated in ALL   SECTORS 
  
 
(c) Management consulting  services  
 (CPC 865) 
 1) None 
2) None 
3) None 
4) Unbound except as indicated  in   ALL SECTORS 1) None 
2) None 
3) None 
4) Unbound except as indicated in ALL   SECTORS  
 
(d) Project management   services  
 (CPC 86601) 
 1) None 
2) None 
3) None 
4) Unbound except as indicated in ALL   SECTORS 
 1) None 
2) None 
3) None 
4) Unbound except as indicated in ALL   SECTORS 
  
 
(e) Composition and purity   testing and analysis  
 services 
 (CPC 86761*)
2 
 1) None 
2) None 
3) Establishment of a commercial  
 presence is subject to the economic   needs test. 
4) Unbound except as indicated in ALL  
 SECTORS  1) None 
2) None 
3) None 
  
4) Unbound except as indicated in ALL  
 SECTORS   
 
                                                           
 2 86761: Only inspection, testing and analys is services of air, water, noise le vel and vibration level under CPC 86761.   
  S/DCS/W/KOR
 Page 13Modes of supply:  1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
(e) Technical inspection  
 services  (CPC 86764) 
 1) None 
2) None 3) None 
4) Unbound except as indicated in ALL  
 SECTORS  1) None 
2) None 3) None 
4) Unbound except as indicated in ALL  
 SECTORS   
 
(f) Consulting services related  
 to agriculture and animal  
 husbandry  (CPC 8811*, 8812*) 
 1) Unbound 
2) Unbound 
3) None 4) Unbound except as indicated in ALL  
 SECTORS 
 1) None 
2) None 
3) None 4) Unbound except as indicated in ALL  
 SECTORS 
  
 
(f) Services incidental to   forestry excluding aerial  
 fire fighting   and disinfection 
 (CPC 8814*) 
 1) Unbound 
2) Unbound 
3) None 4) Unbound except as indicated in ALL  
 SECTORS 
 1) None 
2) None 
3) None 4) Unbound except as indicated in ALL  
 SECTORS 
  
 
(g) Consulting services related   to fishing 
 (CPC 882*) 
 1) Unbound 
2) Unbound 
3) None 
4) Unbound except as indicated in ALL  
 SECTORS  1) None 
2) None 
3) None 
4) Unbound except as indicated in ALL  
 SECTORS   
 
(h) Consulting services related  
 to mining  (CPC 883*) 
 1) Unbound 
2) Unbound 3) None 
4) Unbound except as indicated in ALL  
 SECTORS  1) None 
2) None 3) None 
4) Unbound except as indicated in ALL  
 SECTORS   
 
(m) Related scientific and   technical consulting   services 
 (CPC 86751, 86752) 
 1) None 
2) None 3) None 
4) Unbound except as indicated in ALL  
 SECTORS  1) None 
2) None 3) None 
4) Unbound except as indicated in ALL  
 SECTORS   
  
 S/DCS/W/KOR 
Page 14 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 Treatm ent Additional Commitments 
(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  1) None 
2) None 3) None 
4) Unbound except as indicated in ALL  
 SECTORS   
 
(p) Photographic services 
 (CPC 875) 
 1) Unbound 
2) Unbound 
3) None 4) Unbound except as indicated in ALL  
 SECTORS 
 1) None 
2) None 
3) None 4) Unbound except as indicated in ALL  
 SECTORS 
  
 
(q) Packaging services  (CPC 876) 
 1) Unbound 
2) Unbound 
3) None 4) Unbound except as indicated in ALL  
 SECTORS 1) None 
2) None 
3) None 4) Unbound except as indicated in ALL  
 SECTORS 
  
 
(r) Printing  (CPC 88442*)
3 
 1) None 
2) None 
3) None 
4) Unbound except as indicated in ALL  
 SECTORS  1) None 
2) None 
3) None 
4) Unbound except as indicated in ALL  
 SECTORS   
(s) Convention  agency  
 services   (CPC 87909*) 
 1) None 
2) None 3) None 
4) Unbound except as indicated in ALL  
 SECTORS  1) None 
2) None 3) None 
4) Unbound except as indicated in ALL  
 SECTORS   
 
(s) Stenography services 
 (CPC 87909*)  1) None 
2) None 3) None 
4) Unbound except as indicated in ALL  
 SECTORS  1) None 
2) None 3) None 
4) Unbound except as indicated in ALL  
 SECTORS   
 
                                                           
 3 88442: Screen painting, gravure printing and services related to printing under CPC 88442.   
  S/DCS/W/KOR
 Page 15Modes of supply:  1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
(t) Translation and  
 interpretation services  (CPC 87905) 
 1) None 
2) None 3) None 
4) Unbound except as indicated in ALL  
 SECTORS  1) None 
2) None 3) None 
4) Unbound except as indicated in ALL  
 SECTORS   
 
2. COMMUNICATION  
 SERVICES 
    
C. Telecommunication  
 Services4 
 Facilities-based
: 
    
(a)  Voice telephone services 
 (CPC 7521**) 
(b) Packet-switched data  
 transmission services  (CPC 7523**) 
(c) Circuit-switched data  
 transmission services 
 (CPC 7523**) 1) None except that the provision of all  
 services is subject to commercial  
 arrangements with licensed Korean  
 service suppliers 2) None 
3) None except that: 1) None 
 
 
 2) None 
3) None As contained in the 
attachment 
(d) Telex services  (CPC 7523**) 
(e) Telegraph services 
 (CPC 7523**) (f) Facsimile services 
 (CPC 7521**, 7529**) 
(g) Private leased circuit   services  
 (CPC 7522**, 7523**) 
 (i)  Each service supplier must be a  
 licensed Korean juridical person. 
(ii) Until 31 December 1998, a licence,  
 including radio station licence, may   not be granted to a juridical person  
 whose largest shareholder is: 
   
                                                           
 4 In this Schedule of Specific  Commitments  on Basic Telecommunications, th e * indicates that the serv ice specified is a componen t 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.   
 S/DCS/W/KOR 
Page 16 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 Treatm ent 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**) (a)  Foreign government 
(b) Foreign person, or (c) Juridical person 50 per cent (15 per  
 cent, if the largest shareholder of the  
 juridical person is a foreign   government or a foreign person) or  
 more of whose voting shares are  
 owned by foreign governments or   foreign persons. 
   
 (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 voting 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 whose voting share is   owned by a person.
5  
 
  
  
                                                           
 5 The definition of  "a person" is in accordance with the releva nt provision of the Presidential Decree of the Korea's Telecommu nications Business Law.  
  S/DCS/W/KOR
 Page 17Modes of supply:  1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
 (v)  The largest shareholder of KT must  
 be Korean government or a Korean   person. While KT's share owned by  
 a person
6 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. 
  
  
 
  
 
  
 
   
 4) Unbound except as indicated in the  
 horizontal commitments 4) Unbound except as indicated in the  
 horizontal commitments 
  
Resale-based : 
  
  
  
 
(a) Voice telephone services 
 (CPC 7521**) 
(b) Packet-switched data  
 transmission services 
 (CPC 7523**) 
 1) None except that:  
(i) Provision of all services is subject to  
 commercial arrangements with  
 licensed Korean service suppliers 
 1) None 
 
 
 
 
  
 
(c) Circuit-switched data  
 transmission services 
 (CPC 7523**) (d) Telex services 
 (CPC 7523**) 
(e) Telegraph services  (CPC 7523**) 
(f) Facsimile services 
 (CPC 7521**, 7529**) (g) private leased circuit  
 services 
 (CPC 7522**, 7523**) (ii) Until 31 December 2000 resale of  
 voice telephone 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 person.  
 
  
 
  
2) None 
3) None  
                                                           
 6 The definition of "a person" is in accordan ce with the relevant provision of the Presidential Decree of the Korea's  Telecommun ications  Business Law.   
 S/DCS/W/KOR 
Page 18 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 Treatm ent 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**) 
 (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 cent.  As of  1 January 2001,   100 percent foreign shareholding  
 will be permitted. 
    
 4) Unbound except as indicated in the  
 horizontal commitments 4) Unbound except as indicated in the  
 horizontal commitments 
  
 Value-added services7 
 Including On-Line Data  
 Base and Remote 
 Computing  
 Services:8 
    
(h) Electronic mail 
(i) Voice mail 
(j) On-line information and   data base retrieval 
(k) Electronic data interchange 
  1) None 
2) None 
3) None 4) Unbound except as indicated  in  
 ALL SECTORS 
 1) None 
2) None 
3) None 4) Unbound except as indicated  in  
ALL SECTORS 
  Registered, operating, 
 value-added service 
 providers are allowed  to supply data 
 transmission 
 services.
9 
                                                           
 7 Value-added services means tele communication services which are provided through telecommunications  network facili ties leased f rom network service providers and which store 
and forward, or process and forward, the cu stomer 's information on a non-real time base.  
 8 On-line data base and remote computing services means telecommunica tion services which are provi ded through telecommunications network facilities leased from network service 
providers and which do not medi ate third party communications.  
 9 Telecommunications serv ices which are provided through tel ecommunications network facilities leased from network service provid ers and which transmit and/or exchange the 
customer's data on a real-time ba se without change in the form or content (voice telephony, tele x, facsimile services and simpl e resale of leased circuits are excluded).   
  S/DCS/W/KOR
 Page 19Modes of supply:  1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
(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) 
    
D. Audiovisual Services  
    
(a) Motion Picture and Video  
 Tape Production and  
 Distribution Services   Excluding Those Services  
 for Cable TV Broadcasting  
 (CPC 96112*, 96113*)  1) None 
2) None 
3) None 4) Unbound except as indicated in ALL  
 SECTORS 
 1) None 
2) None 
3) None 4) Unbound except as indicated in ALL  
 SECTORS 
  
(e) Record Production and  
 Distribution Services 
 (Sound Recording) 
 1) None 
2) None 
3) None 
4) Unbound except as indicated in ALL   SECTORS 
 1) None 
2) None 
3) None 
4) Unbound except as indicated in ALL   SECTORS 
   
 S/DCS/W/KOR 
Page 20 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 Treatm ent Additional Commitments 
3. CONSTRUCTION 
 SERVICES     
A. General Construction   
 Work   
 (CPC 5111, 5112, 5113,   5115, 5116, 512,  5131,  
 5132, 5133, 5136*, 5137,  
 5139)
10 
 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  
 
  New licenses are issued during a  
 specific period every year.  Limits on contract amount per  
 contract are applied. 
 A compulsory subcontract system is   applied. 
   
 4) Unbound except as indicated in ALL  
 SECTORS 4) Unbound except as indicated in ALL  
 SECTORS 
  
 Special Construction  Work  
 (CPC 5134, 5135, 5136*,  
 514, 515, 516, 517)11 1) Unbound* 
2) None 
3) Only joint ventures with licensed   local companies are permitted. 
 1) Unbound* 
2) None 
3) None   
                                                           
 10 5136: Excluding construction work of power plants under CPC 5136. 
 11 5136: Only construction work of power plants under CPC 5136  
  S/DCS/W/KOR
 Page 21Modes of supply:  1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
 
  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. 
 Limits on contract amount per  
 contract are applied. 4) Unbound except as indicated in ALL  
 SECTORS 
  
  
 
  
 
 4) Unbound except as indicated in ALL  
 SECTORS 
  
4. DISTRIBUTION   SERVICES
12 
    
A. Commission Agents'  
 Services   
 (CPC 621, excluding  
 62111, 62112 and   commission agents'  
 services of future contracts) 
 1) Unbound 
2) Unbound 
3) None 
4) Unbound except as indicated in ALL   SECTORS 
 1) None 
2) None 
3) None 
4) Unbound except as indicated in ALL   SECTORS 
  
                                                           
 12 Excluding trade in firearms, explosives and swords; works of ar t and antiques, and the establishment 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.  
 S/DCS/W/KOR 
Page 22 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 Treatm ent 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 
2) Unbound 
Following services are subject to the  
economic needs test: 
 - wholesale markets with floor space    of more than 3,000m
2 
 - large stores with floor space of more  
  than 3,000m2 
 - wholesale trade centers  
 - wholesale trade of used cars 
 - wholesale trade of gaseous fuels and   related products 
 - foreign trade services 
4) Unbound except as indicated in ALL   SECTORS 
 1) None 
2) None 3) None 
 
  
 
  
 
  
 
4) Unbound except as indicated in ALL   SECTORS 
  
 
C. Retailing Services 
 (CPC 6111, 61130, 61210,   63101, 63104 and 632,  
 excluding animal feed,  
 livestock and other  
 animal in 63295) 1) Unbound 
2) Unbound 3) For a joint venture or a 100%  
 foreign ownership, not more than  
 twenty (20) shops with floor space  
 of less than 3,000m
2 per shop are  
 allowed.  From January 1, 1996, this   restriction will be eliminated. 1) None 
2) None 3) None  
   
 For a branch, only one (1) shop with   floor space of less than 700m
2 is  
 allowed.  From January 1, 1996, this  
 restriction will be eliminated.    
  S/DCS/W/KOR
 Page 23Modes of supply:  1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
  Retailing services for used cars and  
 gaseous fuels are subject to the   economic needs test. 
 Department stores and shopping  
 centers are prohibited. 4) Unbound except as indicated in ALL  
 SECTORS  
  
 
 4) Unbound except as indicated in ALL  
 SECTORS 
  
D. Franchising  
 (CPC 8929*)13 1) None 
2) None 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 3,000m
2 per shop are  
 allowed.  From January 1, 1996, this   restriction will be eliminated. 
 
4) Unbound except as indicated in ALL  SECTORS 
 3) None 
  
 
  
 
4) Unbound except as indicated in ALL   SECTORS 
  
                                                           
 13 Franchising services are limited to those items which are allowe d under Wholesale Trade Services and Retaili ng Services in this  schedule.   
 S/DCS/W/KOR 
Page 24 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 Treatm ent Additional Commitments 
6. ENVIRONMENTAL  
 SERVICES    
 
A. Sewage Services     
  
 Refuse Water Disposal  
 Services (CPC 9401*)14 
  
1) Unbound 2) None 
3) The number of service suppliers is  
 limited to twenty-five (25). 4) Unbound except as indicated in ALL  
 SECTORS 
  
1) None 2) None 
3) None 
 4) Unbound except as indicated in ALL  
 SECTORS 
  
B. Refuse Disposal Services  
    
 Industrial Refuse Disposal  
 Services 
 (CPC 9402*)15 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. 4) Unbound except as indicated in ALL  
 SECTORS 
  
 
  
 
 4) Unbound except as indicated in ALL  
 SECTORS 
  
                                                           
 14 9401: Only collection and treatment services  of industrial waste water under CPC 9401  
 15 9402: Only collection, transport and disposal services of industrial refuse under  CPC 9402.   
  S/DCS/W/KOR
 Page 25Modes of supply:  1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent 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 
 1) None 
2) None 
3) None 
4) Unbound except as indicated in ALL   SECTORS 
  
 Environment Testing and   Assessment Services 
 (CPC 9406*, 9409*)
16 
 1) None 
2) None 
3) Establishment of a commercial   presence is subject to the economic  
 needs test. 
4) Unbound except as indicated in ALL   SECTORS 
 1) None 
2) None 
3) None  
 
4) Unbound except as indicated in ALL   SECTORS 
  
7. FINANCIAL SERVICES17 
 
 As described in paragraph 2(a) of the Annex on Financial Serv ices, Korea shall not be prevented from taking prudential measure s including requirements related to  
 parent companies, the minimum capital requirement, or minimum operating funds requirement. 
 
 In those cases where the establishment of commercial presence by foreign companies in the financial sector is allowed, approva l by the relevant authorities is required  
 in accordance with related laws an d regulations unless otherwise specified in any of subsectors below. 
 
 All financial services  
 covered   by this schedule including  
 Insurance 1),2), 
3) Korea undertakes a standstill commitment for  
 limitations on market access, where specific 
 commitments are undertaken, in financial 
 services listed in this schedule as of 31 August  1997. 
 1),2), 
3) Korea undertakes a standstill commitment   for limitations on national treatment,  
 where specific commitments are  
 undertaken, in financial services listed in   this schedule as of 31 August 1997.  
                                                           
 16 9406*, 9409*: Only environmental impact a ssessment services under CPC 9406 and 9409.  
 17 Sub-sectors in financial services are classification based on the unit of business established.  A financial institution must b e established for only one business defined in sub-sectors.   
 S/DCS/W/KOR 
Page 26  
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 Treatm ent Additional Commitments 
  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 transactions,   denominated and settled in Korean  
 currency, with resi dents.  Approval  
 is required for transactions   denominated or settled in foreign  
 currency or trans actions with non- 
 residents.   
 
  The management and operation of  
 assets of a financial institution are  
 restricted. A financial institution   may not own non-business real  
 estate. 
  
 
  Assets owned by branches must be  
 kept within the territory of Korea.    The capital of the head office is not  
 recognized as the basis for  
 determining the extent of funding   and lending activities of branches. 
  
 
 
  - Demand deposit interest rates are  
  regulated. 
 Some new financial products,  
 including derivatives, are subject to   approval. 
 - With interest rate and foreign  
  exchange liberalization, such    products will be more widely  
  allowed, subject to relevant laws  
  and regulations.  
 
   
  S/DCS/W/KOR
 Page 27Modes of supply:  1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
 Banking and Other  
 Financial  
 Services  
    
1. Banking Businesses  
    
 Following banking  
 services: 
 (i) Deposit and related  
 services)
 18 
 (CPC 81115*, 81116*) (ii) Loan and related services
19 
 (CPC 81131*, 81132*) 
(iii) Payment and money   transmission services  
 including credit card  
 services   (CPC 81339*) 1) Unbound 
2) Unbound 
3) <Horizontal limitations on banking   services> 
 
 Commercial presence is permitted   only to foreign banks.  A person
20  
 may own up to 4 per cent of the  
 stocks of a bank and 15 per cent of   the stocks of a provincial bank  
 without the special authorization of  
 the relevant authorities.  1) Unbound 
2) Unbound 
3) None  
(iv) Settlement and clearing   services
21  
 (CPC 81339*) 
(v) Foreign exchange   services
22  
 (CPC 81333*) 
(vi) Services auxiliary to  
 banking: 
 Sale of commercial bills23 
 (CPC 81339*)  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). 
 
 <Limitations on Deposit and Related   Services> 
 
 The maturity of CDs shall be more   than 30 days. 
  
 
                                                           
 18 Activities in which banks obtain funds from th e public by receiving deposits or issuing transferable instruments or other secur ities. 
 19 Activities, such as loans and bill disc ounts, in which banks provide funds to th e public in order to receive interest. 
 20 The definition of a “person” is in accordance with the rele vant provision of the Presidential Decree of the Bank Act. 
 21 Settlement and clearing services on notes, bills and cheques by banks according to the Articles  of KFTCI (Korea Financial Tele communications and Clearings Institute). 
 22 Purchase, sale, issuance, remittance and collection of foreign exchange. 
 23 A commercial bill is defined as a bill  accompanying commercial transactions  
 S/DCS/W/KOR 
Page 28 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 Treatm ent Additional Commitments 
- Sale of trade bills24  
 (CPC 81339*) - Mutual instalment deposit  
 (CPC 81132)] 
- Payment guarantees and   commitments  
 (CPC 81339*) 
 (vii) Trust services
25  
 (CPC 81192*, 81193)  Deposits for specific purposes, such  
 as housing subscription deposits,   may be handled only by designated  
 institutions. 
  <Limitations on loan and related  
 services> 
 - Foreign currency loans are restricted  
 with respect to ceiling and uses. 
- Mandatory lending to small- and   medium-sized companies are  
 required. 
 <Limitations on foreign exchange   services> 
  
 
 - Underlying transaction and  
 documentation requirements apply   to foreign exchange transactions. 
 
- Underlying documentation  
 requirements are exempt in the case  
 of forward transactions.  
 <Limitations on trust services> 
 - Real estate trust business is  
 prohibited. 
  
 
                                                           
 24 A trade bill is defined as a b ill issued by exporters based on L/C before shipping export cargo. 
 25 Activities where the trustee, having been delegated the aut hority manages assets  of the truster for the beneficiary.  
  S/DCS/W/KOR
 Page 29Modes of supply:  1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
  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. 
  
4) Unbound except as indicated in  
 ALL SECTORS.  
  
 
  
 
  
4) Unbound except as indicated in ALL  
 SECTORS.  
2. Credit Card Businesses  
    
 Credit card services  
 (CPC 81133)  1) Unbound 
2) Unbound 3) Commercial presence are permitted  
 to foreign suppliers which deal with  
 credit card services.   
 Lending for credit card members  
 through such means as card loans is  
 subject to limitations. 
  Maximum limits are applied to  
 various rates such as fees and  
 interest rates.  
4) Unbound except as indicated in  
 ALL SECTORS.  1) Unbound 
2) Unbound 3) None 
 
  
 
 
 
  
 
  
4) Unbound except as indicated in ALL 
 SECTORS.   
  
 S/DCS/W/KOR 
Page 30 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 Treatm ent Additional Commitments 
3. Financial Leasing  
 Businesses  
    
 Financial leasing services 
 (CPC 81120) 
 1) Unbound 
2) Unbound 
3) None 4) Unbound, except as indicated in  
 ALL SECTORS. 
 1) Unbound 
2) Unbound 
3) None 4) Unbound, except as indicated in ALL  
 SECTORS. 
 Top executive personnel of each   establishment must reside in Korea. 
  
 
4. Securities Businesses  
    
 Following services related  
 to securities  
(i)  Dealing  
 (CPC 81199*) (ii) Broking  
 (CPC 81321*) 
(iii) Underwriting  
 (CPC 81322*) 
(iv) Securities savings  (CPC 81119*) 
(v) Credit granting 
 (CPC 81139*)  1) Unbound 
2) Unbound 3) Commercial presence is permitted  
 only to foreign securities companies.   
 Representative offices may be   established by pre-notification. 
 
 In joint ventures, which must be  
 established as a Chusik Hoesa (a  
 joint stock corporation), foreign   equity participation must be at least  
 40 per cent but less than 50 per cent. 
 1) Unbound 
2) Unbound 3) None 
 
  
 
  
  
  S/DCS/W/KOR
 Page 31Modes of supply:  1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
  Broking for foreigners is limited to  
 securities allowed for foreign   investment as specified in ALL  
 SECTORS in this schedule. 
  Ceilings and operating conditions  
 are applied to the services listed  
 under (iv) and (v).  
4) Unbound except as indicated in  
 ALL SECTORS.   
  
 
  
 
  
4) Unbound except as indicated in ALL  
 SECTORS.  Top executive personnel of each  
 establishment must reside in Korea.  
5. Securities Investment Trust  
 Businesses  
  
  
  
 
 Securities investment trust   services  (CPC 81193*) 
 1) Unbound 
2) Unbound 3) Commercial presence is permitted  
 only to foreign securities investment  
 trust companies.  Representative  
 offices may be established by pre- 
 notification. 4) Unbound except as indicated in  
 ALL SECTORS. 
 1) Unbound 
2) Unbound 3) None 
 
 
 
 4) Unbound except as indicated in ALL  
 SECTORS. 
 Top executive personnel of each   establishment must reside in Korea. 
  
  
 S/DCS/W/KOR 
Page 32 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 Treatm ent Additional Commitments 
6. Investment advisory  
 Businesses  
    
 Investment advisory  
 services  
 (CPC 81332)  1) Unbound 
2) Unbound 
3) Commercial presence is permitted  
 only to foreign investment advisory 
 companies. 
 Representative offices may be   established by pre-notification. 
 
4) Unbound except as indicated in   ALL SECTORS. 
 1) Unbound 
2) Unbound 
3) None  
 
  
 
4) Unbound except as indicated in ALL  
 SECTORS. 
 
 Top executive personnel of each   establishment must reside in Korea. 
  
 
7. Credit Rating Businesses  
  
  
  
 
 Credit rating services  (CPC 81339*) 
 1) Unbound 
2) Unbound 
3) Credit rating companies should be  
 designated by the relevant   authorities to asses 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.  1) Unbound 
2) Unbound 
3) None 
  
 
  
4) Unbound except as indicated in ALL  
 SECTORS.   
  
  S/DCS/W/KOR
 Page 33Modes of supply:  1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
8. Credit Information  
 Businesses  
  
  
  
 
 Credit information services  
 (CPC 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. 
 1) Unbound 
2) Unbound 
3) None  
 
 4) Unbound except as indicated in ALL  
 SECTORS. 
  
 
 Insurance and Insurance-  
 Related Services  
    
9. Life Insurance Businesses  
    
 Life insurance services 
 (CPC 81211) 
 1) Unbound 
2) Unbound 
3) Commercial presence is permitted  
 only to foreign life insurance  
 companies.  The establishment of  
 joint ventures with Korean life   insurance companies are not  
 allowed. 1) Unbound 
2) Unbound 
3) None  
  The recruitment and employment of  
 insurance professionals, including  
 sales personnel, are restricted. 
 4) Unbound except as indicated in  
 ALL SECTORS. 
  
 
 
 4) Unbound except as indicated in ALL  
 SECTORS. 
  Top executive personnel of each  
 establishment must reside in Korea. 
  
  
 S/DCS/W/KOR 
Page 34 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 Treatm ent Additional Commitments 
10. Non-life Insurance  
 Businesses  
  
  
  
 
 Non-life insurance services  
 (CPC 8129) 
 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 not   allowed. 
 
 The recruitment and employment of   insurance professionals, including  
 sales personnel, are restricted. 
 1) Unbound 
 
 2) Unbound 
3) None 
  
 
  
 
  
 
  
 
 4) Unbound except as indicated in  
 ALL SECTORS. 4) Unbound except as indicated in ALL  
 SECTORS. 
 
 Top executive personnel of each  
 establishment must reside in Korea.   
  S/DCS/W/KOR
 Page 35Modes of supply:  1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
11. Reinsurance and  
 Retrocession  
 Businesses  
    
 Reinsurance and  
 retrocession   services (CPC 81299*) 
 1) None 
2) None 3) Direct insurance companies may  
 participate in the supply of services  
 subject to the restriction in section   (10) regarding non-life insurance  
 services. 
4) Unbound except as indicated in   ALL SECTORS. 
 1) None 
2) None 3) None 
 
  
 
4) Unbound except as indicated in ALL   SECTORS. 
 
 Top executive personnel of each   establishment must reside in Korea. 
  
 
12. Insurance Broking and  
 Agency Businesses  
  
  
  
 
 Insurance broking and  
 agency  
 services  (CPC 81401*) 
 1) Unbound 
2) Unbound 
3) None for insurance agency services.    Commercial presence is permitted  
 only to foreign insurance brokerage  
 companies. 4) Unbound except as indicated in  
 ALL SECTORS. 
 1) Unbound 
2) Unbound 
3) None  
 
 4) Unbound except as indicated in ALL  
 SECTORS. 
 Top executive personnel of each   establishment must reside in Korea. 
  
  
 S/DCS/W/KOR 
Page 36 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 Treatm ent Additional Commitments 
13. Claim Settlement  
 Businesses  
  
  
  
 
 Claim settlement services 
 (CPC 81403*) 
 1) Unbound 
2) Unbound 
3) Commercial presence is permitted   only to foreign claim settlement  
 companies. 
4) Unbound except as indicated in   ALL SECTORS. 
 1) None 
2) None 
3) None  
 
4) Unbound except as indicated in ALL   SECTORS. 
 Top executive personnel of each  
 establishment must reside in Korea.   
 
14. Acturial Businesses   
  
  
 
 Actuarial services 
 (CPC 81404) 
 1) Unbound 
2) Unbound 
3) Commercial presence is permitted   only to foreign actuarial companies. 
4) Unbound except as indicated in  
 ALL SECTORS. 
 1) None 
2) None 
3) None  
4) Unbound except as indicated in ALL  
 SECTORS. 
 Top executive personnel of each  
 establishment must reside in Korea.   
 
9. TOURISM AND TRAVEL  
 RELATED SERVICES     
A. Hotels and Restaurants  
 (CPC 641, 642)  1) Unbound* 
2) None 3) None 
4) Unbound except as indicated in  
 ALL SECTORS  1) Unbound* 
2) None 3) None 
4) Unbound except as indicated in ALL  
 SECTORS   
  
  S/DCS/W/KOR
 Page 37Modes of supply:  1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
B. Travel agency and tour 
 operator Services  
  
 
 Travel Agency services  (CPC 7471) 
 1) None 
2) None 3) None 
4) Unbound except as indicated in  
 ALL SECTORS  1) None 
2) None 3) None 
4) Unbound except as indicated in ALL  
 SECTORS   
 
C. Tourist Guide Service  s 
 (CPC 7472) 1) None 
2) None 3) Only travel agencies are allowed to  
 supply tourist guide services. 
4) Unbound except as indicated in   ALL SECTORS 1) None 
2) None 3) None 
 
4) Unbound except as indicated in ALL   SECTORS 
  
  
 S/DCS/W/KOR 
Page 38 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 Treatm ent Additional Commitments 
11. TRANSPORT SERVICES 
  
   
   
 
A. Maritime Transport  
 Services26 
    
 International Transport  
 Excluding Cabotage 
 (CPC 7211*, 7212*) 1) (a) Liner shipping: None 
 
 (b) Bulk, tramp, and other international 
shipping: The cargo preference system 
applies to 8 items, which are crude 
petroleum, iron ore, raw materials for fertilizer, grain, coal, raw materials for 
petrochemical products, liquified gas and 
steel products. 
 
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. 
  1. pilotage 
 2. owing and tug 
  assistance 
 3. Provisioning, 
fuelling  and watering 
                                                           
 26 Refer to ATTACHMENT CONCERNI NG MARITIME TRANSPORT SERVICES.  
  S/DCS/W/KOR
 Page 39Modes of supply:  1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
 3) (a) Establishment of a registered  
 company for the purpose of   operating a fleet under the national  
 flag of Korea: Unbound 
 (b) Other forms of commercial   presence: None 
4) (a) Ship's crew: Unbound 
 (b) Shore personnel: Unbound   except as indicated in ALL  
 SECTORS 3) (a) Unbound 
  
 
 (b) None  
4) (a) Unbound 
 (b) Unbound except as indicated in ALL 
SECTORS 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  
 Maritime Auxiliary  
 Services  
    
 
 Maritime Cargo Handling  
 Services  (CPC 741*) 
 1) Unbound* 
2) None 3) None 
4) Unbound except as indicated in  
 ALL SECTORS  1) Unbound* 
2) None 3) None 
4) Unbound except as indicated in ALL  
 SECTORS   
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  1) Unbound* 
2) None 3) None 
4) Unbound except as indicated in ALL  
 SECTORS    
 S/DCS/W/KOR 
Page 40 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 Treatm ent Additional Commitments 
 Customs Clearance  
 Services  1) Unbound* 
2) None 3) None 
4) Unbound except as indicated in  
 ALL SECTORS  1) Unbound* 
2) None 3) None 
4) Unbound except as indicated in ALL  
 SECTORS   
 Maritime Agency Services  
 (CPC 748*)27 
 1) None 
2) None 
3) A joint venture or a 100% foreign   ownership must be incorporated as a  
 Chusik Hoesa (a joint stock  
 company). 4) Unbound except as indicated in  
 ALL SECTORS 
 1) None 
2) None 
3) None  
 
 4) Unbound except as indicated in ALL  
 SECTORS 
  
 Container Station Services   
 (CPC 741*)28 
 1) Unbound* 
2) None 
3) None 4) Unbound except as indicated in  
 ALL SECTORS 
 1) Unbound* 
2) None 
3) None 4) Unbound except as indicated in ALL  
 SECTORS 
  
 Maritime Freight   Forwarding   Services 
 (CPC 748*)
29 
 1) None 
2) None 3) A joint venture or a 100% foreign  
 ownership must be incorporated as a  
 Chusik Hoesa (a joint stock   company). 
4) Unbound except as indicated in  
 ALL SECTORS  1) None 
2) None 3) None 
 
  
4) Unbound except as indicated in ALL  
 SECTORS   
                                                           
 27 Agency services on behalf of maritime passenger transport busin esses or maritime cargo transport businesses (including foreign  transport businesses) under CPC 748/ 
 28 Container station services pr ovided in port areas under CPC 741 
 29 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   
  S/DCS/W/KOR
 Page 41Modes 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 Treatm ent Additional Commitments 
 Shipping Brokerage  
 Services   (CPC 748*, 749*)
30 
 1) None 
2) None 3) A joint venture or a 100% foreign  
 ownership must be incorporated as a  
 Chusik Hoesa (a joint stock   company). 
4) Unbound except as indicated in  
 ALL SECTORS  1) None 
2) None 3) None 
 
  
4) Unbound except as indicated in ALL  
 SECTORS   
 Maintenance and Repair of  
 Vessels31 
 1) Unbound* 
2) None 
3) A joint venture or a 100% foreign   ownership must be incorporated as a  
 Chusik Hoesa (a joint stock  
 company). 4) Unbound except as indicated in  
 ALL SECTORS 
 1) Unbound* 
2) None 
3) None  
 
 4) Unbound except as indicated in ALL  
 SECTORS 
  
C. Air Transport Services  
  
 
  
 
  
 Computer Reservation   Services
32 1) Access only through publicly  
 switched networks is allowed. 2) None 
3) None 
4) Unbound except as indicated in   ALL SECTORS 
 1) None 
 2) None 
3) None 
4) Unbound except as indicated in ALL   SECTORS  
                                                           
 * Unbound due to lack of technical feasibility. 
 30 748*, 749*: Brokerage services for maritime cargo transport or fo r the chartering, leasing, purchasing or selling of vessels u nder CPC 748 and 749. 
 31 As defined in the Annex on Air Transport Services. 
 32 As defined in the Annex on Air Transport Services. 
  
 S/DCS/W/KOR 
Page 42 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 Treatm ent Additional Commitments 
 Selling and Marketing of  
 Air Transport Services33 
 
 1) Unbound* 
2) None 3) None 
4) Unbound except as indicated in  
 ALL SECTORS  1) Unbound* 
2) None 3) None 
4) Unbound except as indicated in ALL  
 SECTORS   
 
F. Road Transport Services  
    
 Transportation of  
 Containerized Freight  
 Excluding Cabotage 
 (CPC 71233*)  1) Unbound 
2) None 
3) Licenses are granted only to  
 international shipping companies. 4) Unbound except as indicated in   
 ALL SECTORS 
 1) Unbound 
2) None 
3) Cargoes are confined to containerized  
 cargoes to be exported or imported. 4) Unbound except as indicated in ALL  
 SECTORS 
  
 
H. Services Auxiliary to all  
 Modes of Transport  
    
(b) Storage and Warehouse  
 Services Other Than Those  
 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  1) Unbound* 
2) None 
3) None 
4) Unbound except as indicated in ALL  
 SECTORS   
                                                           
 33 Services defined in provisions 34  (general air transport agency services) and 32 (air cargo transport agency services) of Artic le 2 of the Aviation Act. " General air transport agency" 
means an enterprise which undertakes to make contracts for inte rnational transport of passengers or cargoes by aircraft  (exclu ding the service of acting for other persons in the application 
procedure for visa or passport) on behalf of air transport 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 .  
  S/DCS/W/KOR
 Page 43Modes 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 Treatm ent Additional Commitments 
I. Other Transport Services  
  Combined Transport  
 Services 
  
  
  
 
 Freight Forwarding for Rail  
 Transport 
 1) Unbound 
2) None 
3) Licenses are granted only to  
 international shipping companies,   subject to the economic needs test. 
  
 Business areas are restricted to   Pusan and Pukok area. 
 
  
 
4) Unbound except as indicated in   ALL SECTORS 
 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. 
 
4) Unbound except as indicated in ALL   SECTORS 
  
 S/DCS/W/KOR 
Page 44 
 
 
 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 co mmercially 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.   S/DCS/W/KOR 
 Page 45 
 
 
 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, conditi ons (including technical standards and  
  specifications) and rates and of a quality no  less favourable than that provided for its 
  own like services or for like services of non-affiliated service suppliers or for its    subsidiaries or other affiliates;   (b) in a timely fashion, on terms, conditions (including technical standards and    specifications) and cost-oriented rates that are transparent, reasonable, having regard 
  to economic feasibility, and sufficiently unb undled 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.     S/DCS/W/KOR 
Page 46 
 
 
 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.  
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. 
 
  S/DCS/W/KOR 
 Page 47 
 
 
 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 cargoes 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 trans port and related services, from quotation to 
invoicing, and issuance of bills of lading on beha lf of the companies; acquisition and resale of 
the necessary related services, preparation of documentation, and pr ovision of business 
information; 
 
 - Acting on behalf of the companies organizing the call of the ship or taking over 
 cargoes when required. 
 6. Maritime Freight Forwarding Services: 
 
Activities consisting of organizing and monitoring shipment operations on behalf of shippers, 
through the acquisition of maritime transport and related services, preparation of documentation and 
provision of business information.  
 
_______________ 
 
  
 S/DCS/W/KOR 
Page 48 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 America 
 Indefinite 
 Access to foreign CRS through the 
SITA network could be limited or 
otherwise affected by negotiations on granting or receiving traffic rights. 
 
 
__________ 
 
 
 