The aim of the World Trade Organization (WTO) is to clear the way for a new international economic order, one of freer and fairer trade in the global economy. In this sense, it is hoped that the WTO will lead us out of the protectionism and managed trade of 1980s and into a free trade regime of the 1960s and 1970s. Since its inception less than two years ago, the WTO has already made considerable accomplishments and has shown its potential in playing a central role in the multilateral trading system.
Although WTO efforts have thus far concentrated on the full and efficient implementation of UR commitments, the WTO will soon be looking ahead in other directions. Namely, it will focus on maintaining the momentum of trade liberalization among countries and on keeping up to date with the ever-changing integration processes of the world economy. In fact, the first WTO Ministerial Conference will be held in Singapore on December 9th-13th to review the work and progress of the WTO's UR implementation efforts over the last two years and analyze the outstanding service negotiation results. Furthermore, the so-called new trade issues such as the environment, investment, competition policy, labor standards, and bribery and corruption will also be examined. Lastly, the topic of regionalism as a threat to the WTO system will be under heavy discussion at the Conference.
This paper examines the role and priorities of Korea in the WTO system. To this end, in Section Ⅱ, we start by elaborating on the characteristics of the WTO system and then discussing Korea's role within that system. Based upon these observations, Section Ⅲ assesses the WTO's first twenty months of activity and the WTO's future direction, and consequently, looks at how Korea's priorities fit in line with these directions. Section Ⅳ explores new trade issues facing the WTO and Korea, and the last section offers a brief conclusion and some comments.

Ⅰ. Introduction

Ⅱ. The Nature of the WTO System
Market Openings and the Strengthening of the Multilateral System
Toward Freer and Fairer Trade
Korea's Role in the WTO

Ⅲ. The Performance and Future Direction of the WTO
Assessment of the WTO's First 20 Months Performance
Singapore Ministerial and the Future Direction of the WTO
Korea's Priorities in Future Agenda of the WTO

Ⅳ. New Trade Issues
Trade and Environment
Trade and Investment
Trade and Competition Policy
Trade and Labor Standards
Trade and Corruption
Regionalism
Korea's Position on the New Trade Issues

Ⅴ. Conclusion

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