national product of over $5,000. Only 25 years ago, however, Korea was a poor country, w_ith a per capita GNP of less than $100. Although the country is endowed with poor natural resources, the Government and people of the Republic of Korea were able to achieve today's progress through their concerted efforts and hard work on the basis of a free democracy, market economy and extensive external trade co-operation. From its own experience over the past three decades, Korea is keenly aware of the importance of maintaining close co-opera tim with other countries in achievirxr balanced development in various fields leading to successful nation-building. That JP/jg A/S-18/PV. 4 164 (Mr. Yoo; RePilblic of Korea) is why Korea rena ins fully committed to the cause of promotinq substantial co-operation between countries for mutual benefit and the common welfare of mankind. In parallel with its vigorous economic performance, the RePllblic of Korea has expanded its efforts to play a correspondinq role in the international economy commensurate with its economic capabilities. The Korean Government is moving fast in the direction of an open and free trade system. Our domestic market for imports is opening at an accelerated rate, with tariffs significantly reduced. Services and capital markets are also opening up further. As a result of those onqoing efforts for market liberalization, relatively few import barriers now remain in Korea. With the opening of markets, the Korean Government has also promoted various develoPment co-operation schemes to assist other developinq countries. Technical co-operation in the form of sendinq Korean experts and receiving foreign trainees will increase as we continue our major efforts for overseas develoPment co-operation. Furthermore, despite the heavy economic burden of its own outstanding debt, the Korean Government established the Economic Development Co-operation Fund in 1987 to provide soft loans for development projects in developing countries. I am 
**Analysis**
The text discusses the economic development of the Republic of Korea, highlighting its rapid growth from a poor country to a developed nation with a high national product. It emphasizes the importance of international cooperation, market liberalization, and economic development assistance to other countries. The text also mentions the Korean Government's efforts to play a role in the international economy, promote free trade, and provide soft loans for development projects.

**Category**
Economic development, International trade