The main purpose of this paper is three-fold. The first objective is to show how Korea has been handling the negotiations by describing the government structure involved in the negotiating process and its positions taken in the Uruguay Round. Second, this paper tries both to evaluate the potential impact of the Uruguay Round on the Korean Economy and also to suggest the policy measures and actions to be taken by the government as well as the private business community. The third objective of this paper is to share the difficulties experienced by Korean negotiators.