This has been a-quarter-century given that Republic away from Korea registered the brand new OECD

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After the Korean War of 1950-53, Korea stayed among the poorest nations internationally for more a no one dared to visualize. For this reason, the whole nation are lush and you will pleased up on Korea’s accession in order to the newest OECD from inside the 1996.


The road in order to signing up for the fresh new OECD are never simple, but alternatively extremely challenging. The newest complicated home-based governmental framework managed to get hard to come to national opinion. As i are personally active in the accession techniques, I wish to show some stories and you may memories into the OECD.

Inside final stage regarding discussing new accession on the OECD, I found myself Deputy Best Minister and you can Minister regarding Money, the main cabinet minister responsible for negotiations.

The most significant complications in the dealings is the challenge of your own capital-sector liberalisation. This new OECD demand for new outright liberalisation off capital locations is an unacceptable standing to most Koreans, including people in brand new resistance functions, exactly who feared an abrupt financing journey. It absolutely was following essentially experienced from the very developing countries that the opening of capital ageing the new national savings about much time work on.

During the time, new leadership of Korea’s several biggest opposition activities was worried about it really matter. They wished to cover the main city business at any rate.

Of eleven Long lasting Representatives towards OECD thus far, plus current Ambassador Ko Hyoung Kwon, 10 was indeed highest-positions municipal servants whom primarily has worked on the Ministry off Funds and you will Economy

The fresh OECD realized brand new problem of Korean personal and you can opposition activities, one resource-sector liberalisation cannot become achieved meanwhile because Korea’s entry with the OECD. Therefore, the newest lose were to incrementally liberalise the administrative centre market in four degree.

The principle of our negotiation people when you look at the Paris was Kim Choong-soo, the modern President regarding Hallym College and you may former Governor of the Lender out-of Korea and you will Chief Financial Assistant toward Chairman. Kim provided a few effective dealings, for instance the five-phase financial support-business liberalisation bundle, reaching the last purpose.

Using this plan away from financing-markets dealings, I went as much as relentlessly conference and you will convincing people in politics to get the support into accession bill throughout the Federal Construction. The presidents of the two significant opposition activities resisted before the last-minute, keeping their condition which they create your investment result of dealings on four-phase resource-market beginning and sustain the capital market finalized for a while.

The good news is, the fresh governing people one to advocated getting Korea’s accession towards OECD got a big part throughout the National Set-up, and finally the fresh new Federal Set-up accepted brand new discussion performance during the December 1996. Overseas Minister Gong No-myung decided to go to Paris so you’re able to indication this new accession contract between your Republic from Korea as well as the OECD early in the following year.

When Korea in the end joined the OECD, I highly informed President Kim Young-sam that individuals should not upload work diplomat since Long lasting Representative into OECD, while the condition requires a top level of full possibilities with the economic, public, environmental and you may scientific points. The guy graciously recognized my guidance and designated Koo Bon-younger, a renowned economist and later the fresh new Minister out-of Research and you can Tech, because the Korea’s very first Permanent Affiliate into the OECD.

It offers feel a lengthy lifestyle in Korean diplomacy in relation to brand new OECD. I am certain its systems might have served her or him well, plus the OECD could have greatly benefited off their thorough experience and you can contributions.

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