1. On June 3, 2002, the 15th Korea-France Joint Commission of Economic Cooperation was held in Seoul. 
This is a regular consultative body between Korea and France to discuss economic and trade issues. The 
Korean side was led by Mr. Kim Kwang Dong, Deputy-Minister for Trade, and the French side was led by Mr. 
Jean Francois Stoll, Director-General of the Ministry of Finance, Economy and Industry.

 
2. The Joint Commission discussed the economic situations and policies of both countries, and ways to 
expand bilateral trade and investment and increase cooperation at the multilateral level, such as in the WTO 
and ASEM. The two sides also discussed, in-depth, various economic and trade issues. The Korean side 
requested active promotion of exchanges of industrial design experts, the conclusion of a social security 
agreement this year, the adoption of multiple designation system, and the exclusion of Korea from France's 
list of national risk allowance countries. The French side requested that Korea improve regulations on 
pharmaceuticals and cosmetics, pork and cheese imports, and regulate violators of IPR. 

 
3. In the meeting, the Korean side pointed out that Korea is still on France's list of national risk allowance 
countries despite having successfully overcome the 1997 financials crisis. The Korean side pointed out that 
it is the only OECD member country on the list and that France is the only European country with such a 
system. Also emphasized was that international credit ratings of Korea have dramatically improved and now 
has the world's fifth largest foreign exchange reserve. The Korean side requested that Korea be removed 
from the list to allow Korean banks to make their own decision on national risk allowance levels.

 
4. In response, the French side explained that the issue of national risk allowance is dependent on various 
standards, including national credit rating and the soundness of loans to Korean companies. The French 
side stated that Korea's position on this matter would be conveyed to the relevant French authority for re-
examination.

 
5. This Joint Commission provided an opportunity for both countries to enhance mutual understanding on 
bilateral trade issues, and to strengthen bilateral cooperation in the areas of economy and trade through 
constructive consultations.

                                                               Spokesperson of MOFAT

 
* unofficial translation