With continued rapid economic growth and improved market liberalization, Korea could provide major opportunities to its tradeing partners. Ther European Community, on the other hand, will become the largest trading bloc in the world. In addition, with the profound improvement in its relations with the EFTA and the cataclysmic changes in Eastern Europe, EC's role in the world economy is expected to grow further in the near future. In order to improve economic relations between the two, this report clearly idendifies the critical areas for cooperation, deliberate on the modality of cooperation and the role that individual countries shuld undertake.