1995 marks the 50th anniversary of the Republic of Korea's national independence. This years will also bear great historics significance as a unique moment in the world economics order. The World Trade Organization(WTO) was inaugurated on the first day of 1995, signifying the entire world community's firm commitment to a truely open and fair trading system. In the past 50 years, the Korea economy has achieved remarkable economic growth and development which was unprecedented in history. From a very poor and a war-devastated country, Korea has become one of the leading countries in the world economiy. Now, it is ranked 11th and 12th in the world in terms of GDP and trade volume respectively. It is well known that Korea's economic developement was based on an export-oriented industraializion strategy, and has benefited a lot from trade with other trading partners. In this respect, the embarkment of the WTO system will provide the Korean economy with more challenges as well as more opportunities. Under WTO, providing direct subsidies to domestic industries is prohibited, and new areas such as intellectual property right and services are also to be regulated. At the same time, however, the reduction of trade barriers under the WTO system will bring about a sizeable trade expansion effect, from which Korea's economy is expected to benefit.

Foreword 1. Some Major Issues of the Korean Economy in the Era of Globalization Keynote Speech by Lee-Jay Cho 2. The Misunderstood World Economy Robert Eisner 3. The Role of Newly Industrialized Countries in the WTO Era Gerald M. Meier Discussions Choong Yong Ahn Wan-Soon Kim Responses Closing Comments Jang-Hee Yoo Appendices Opening Remarks Program Agenda List of Participants Conference Secretariat