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Korea Investment Agreement

OUTLINE OF THE U.S.-ROK INVESTMENT AGREEMENT

1) Purpose-of the Agreement

U.S. investors face two major problems in Korea:

one is the imposition by Korean authorities, primarily through the informal foreign investment screening process, of various performance requirements on foreign investors;

the other is limitation on sectors in which foreign firms may establish in Korea.

The primary purpose and accomplishment of the May 19 bilateral agreement is removal of performance requirements on foreign investors in Korea. However, the agreement also provides for the opening of certain sectors to foreign investment. The United States will continue to pursue the establishment issue as needed.

The May 19, 1989 exchange of letters on investment between USTR Carla Hills and Korea's Ambassador Tong-Jin Park constitute a trade agreement between the United States and Korea.

2) Performance Requirements

Effective July 1, 1989 the Korean Government will not formally or informally impose any performance requirements on a foreign investor as a condition of permitting a foreign investment or in exchange for tax incentives. Nine performance requirements are identified in the agreement, among them exporting, technology transfer, local content, shifting production, marketing and distribution and local equity.

The only exception to this commitment is Korea's ability to impose, on a transitional basis, a local equity participation requirement on a foreign investment falling under:

a) the "negative list" of sectors in which foreign investments are restricted or prohibited;

b) "sunset" industries in which Korean firms are prohibited in investing (Article 7.2 of the Foreign Investment Guidelines -- FIG);

c) retail and small and medium sized businesses and construction, non-life insurance and alcohol distilling (Articles 6, 7.1 and 8 of the FIG); and

d) under existing Korean laws which require such joint ventures until these laws are amended "on an expeditious basis".

After a foreign investment is established in Korea it will receive full national treatment except in two instances:

a) national treatment can be denied based on exceptions in the U.S.-Korean Treaty of Friendship and Navigation, i.e. national security, land acquisition and exploitation; and

b) even where Korea is imposing performance requirements on its own nationals,

it will under no circumstances impose on foreign investors export performance requirements or any other requirements which have the effect of discriminating against foreign investors, and

if a performance requirement is imposed on a U.S. investors on a national treatment basis which impairs the investor's interests, the governments will consult, and the Korean government will eliminate the impairment within 90 days.

The technical licensing notification system will be revised to eliminate the formal or informal authority to change the terms of the licensing contract unless the contract violates Korea's Antitrust and Fair Trade Law -- however the United States informed Korea that it may object to certain elements of Korea's Fair Trade Law.

By the end of 1989 Korea will develop a plan for the removal of previously imposed performance requirements on existing foreign investments.

3) Investment Notification

Between 1991 and 1993 Korea will gradually move to an investment notification system under which an investor merely will notify the Korean government of his investment and will be able to proceed if the investment is not disapproved within 60 days.

This procedure applies to all sectors which are not on the negative list or restricted under the FIG (i.e. Articles 6, 7 or 8--see above).

The only economic reason for the disapproval of U.S. investments will be violation of Korea's Antitrust and Fair Trade Law.

In the interim, effective July 1, 1989, foreign investments will be approved or disapproved within 60 days.

4) Establishment Liberalization

Korea will not add any sectors to the "negative list" of the Foreign Investment Guidelines and will continue liberalization of the "negative list" on an "expeditious basis".

By 1991 foreign travel agency services will be fully open to foreign investment in Korea.

Foreign advertising agencies will be able to have majority equity participation by 1990 and 100 percent equity by 1991.

Foreign companies will be able to wholesale pharmaceuticals in Korea effective July 1, 1989 and cosmetics effective July 1, 1990.

Local equity participation and local synthesis requirements will be eliminated for foreign pharmaceutical companies by 1990.

Note: This is an outline -- please read the agreement for more details and the authoritative text.

GEarp; 5-5-89

202/395-6813

THE AMBASSADOR EMBASSY OF THE REPUBLIC OF KOREA

TONG-JIN PARK

WASHINGTON, DC

MAY 19, 1989

The Honorable Carla A. Hills

The United States Trade Representative

Office of the U.S. Trade Representative

600 Seventeenth Street, N.W.,

Washington, D.C. 20506

Dear Ambassador Hills:

I have the honor to refer to the recent consultations held between representatives of the Government of the Republic of Korea (Korean Government) and the Government of the United States of America (US Government) regarding investment in Korea. As a result of these consultations, the Korean Government has agreed to take the following actions:

A. Performance Requirements

1. Effective July 1, 1989, the Korean Government will not formally or informally impose performance requirements on a foreign investor as a term or condition of permitting an investment in its territory, or as a condition for receipt of any incentive.

2. Once established, all foreign investments will be accorded national treatment subject to the following:

a. Exceptions to national treatment may only be applied for reasons of land acquisition, exploitation of land or other resources, or national security.

b. Performance requirements will not be applied formally or informally except that imposition on a national treatment basis of performance requirements in exceptional circumstances and in a manner which will not generate significant distortions to international trade and investment is not a violation of this agreement, provided that such requirements neither have the effect of discriminating against foreign investors nor are export requirements.

c. In the event that the interests of a foreign investor are alleged to be impaired as a result of the imposition of a performance requirement on a national treatment basis, the Korean Government agrees to consult with the US Government upon the latter's initiative and to take steps to eliminate such impairment within ninety (90) days, if such impairment exists.

3. Notwithstanding paragraph A1, as a transitional step to full foreign equity participation, foreign investment may be subject solely to local equity participation requirements, under Articles 5.4 of the Guidelines for Foreign Investment, the investment permission requirements in Articles 6, 7, and 8 of said Guidelines and under existing individual laws, subject to the following:

a. Implementation or amendment of the Guidelines for Foreign Investment will be in such a manner as to encourage rather than restrict foreign investment.

b. The Korean Government will limit application of Article 7.1 to the areas of business covered as of the date of this letter.

c. The Korean Government will limit the application of Article 7.2 of the Guidelines for Foreign Investment, which imposes local equity requirements, to sunset industries for which the Korean Government bans investment by domestic firms and will apply such provisions only in exceptional circumstances. The Korean Government will ensure that measures taken under this article are not the only actions taken to rationalize relevant sectors.

d. The Korean Government confirms the following time table for removal of the following sectors from rationalization:

Automobiles July 31, 1989

Engines for Ships July 31, 1989

Silicon manganese ferro-alloy July 31, 1989

Fertilizer November 30, 1990

The Korean Government will reduce substantially the number of remaining sectors listed in Article 7.2 by December 31, 1989.

e. (i) As of the date of this letter, only the following individual laws have been identified as containing local equity participation requirements for foreign investment:

Petroleum Refining Law

Mining Law

Fisheries Law

Phonogram and Videotape Manufacturing Law

(ii) The Korean Government will identify and make public by June 30, 1989, any other laws containing or permitting local equity participation requirements for foreign investment.

f. The Korean Government will take appropriate steps to phase out all local equity participation requirements in individual laws on an expeditious basis, except for local equity participation requirements imposed for reasons of land acquisition, exploitation of land or other resources, or national security.

g (i) The Korean Government will ensure that application of Article 6 of the Guidelines for Foreign Investment is consistent with its policy of liberalization of foreign investment.

(iii) The Korean Government will ensure that the conditions of foreign investment in sectors referred to in Article 8 of the Guidelines for Foreign Investment will be no less favorable than those stipulated in the Guidelines for Foreign Investment of January 1989.

(iii)By December 31, 1989, the Korean Government will repeal Article 5.2 of the Guidelines for Foreign Investment.

(iv) The Korean Government confirmed that by September 30, 1989, it will eliminate the requirement to submit a technology transfer plan as part of the application for a "high tech" industry tax exemption. The Korean Government also confirmed that the export industry tax exemption has been eliminated.

4. Performance requirements are requirements to:

a. export goods or services;

b. substitute goods or services from Korea for imported goods or services or accord preference to goods or services produced in Korea;

c. use local contents;

d. accept or achieve a given level or percentage of local equity;

e. transfer or license, technology;

f. restrict remittances related to investment;

g. limit manufacturing to prescribed product lines;

h. manufacture in Korea; or

i. shift production, distribution or marketing facilities or techniques to Korean nationals through government-imposed measures.

B. Liberalization Measures

1. The Korean Government will add no sectors to the negative list, nor will it move sectors from the restricted list to the prohibited list. Moreover, further liberalization of the negative list will continue on an expeditious basis.

2. Sectors removed from the negative list or no longer subject to Articles 6, 7, and 8 of the Guidelines for Foreign Investment or individual laws will not be subject to imposition of performance requirements on new investment applications subject to the terms of paragraph A1.

3. By December 31, 1989, the Korean Government will develop a fair and equitable plan for the expeditious removal of previously imposed performance requirements in order to promote liberalization of investment and so as not to disadvantage existing firms with respect to their ability to compete in the Korean market. Such plans also will be developed for subsequently liberalized sectors.

C. Time Frame for Approval of Investment Applications

Effective July 1, 1989, the Korean Government will approve or disapprove all foreign investment applications within sixty (60) days. If the investor's application is not complete, the Korean Government will inform the investor as soon as possible about additional information needed. If the 60-day period is not sufficient for the approval of the application because of the need for technical data (e.g., analysis of the environmental impact) or because the applicant is seeking' tax exemptions in connection with his investment, the applicant will be informed within the 60-day period of the reasons for the delay in approval/disapproval and of the additional length of time which will be needed for a response.

D. Establishment Procedures

1. Effective January 1, 1990, the Bank of Korea will approve all foreign investments in the manufacturing sector (regardless of value) not on the negative list or not seeking tax incentives except those with fifty (50) percent or more foreign equity. Effective January 1, 1991, these investments and those with fifty (50) percent foreign equity will no longer be subject to Bank of Korea approval and will become subject to notification procedures as described in paragraph D3.

2. The Korean Government will develop and implement further progressive foreign investment liberalization steps for both manufacturing and services during 1991 and 1992, including expanding the availability of the notification system and the Bank of Korea approval system.

3. Effective January 1, 1993, a foreign investor will be allowed to proceed with investments in both manufacturing and service sectors that are not on the negative list or are not referred to in paragraph A3 within sixty (60) days of notification to the Korean Government unless the investment is disapproved for one of the reasons specified in paragraph D4.

4. Reasons for Disapproval

a. protection of national security;

b. the maintenance of public order or protection of public health, morality or safety;

c. the fulfillment of obligations relating to international peace and security;

d. investment which will result in monopolistic or predatory practices in the domestic market; or

e. violation of the Antitrust and Fair Trade Law.

5. By January 1, 1991, the Korean Government will remove industry classification number 71912, travel agency services, from the negative list, so that full foreign participation (i.e., one hundred (100) percent foreign equity) will be permitted. Foreign travel agencies will be accorded treatment no less favorable than that accorded domestic travel agencies with respect to all aspects of their operation.

6. The Korean Government will develop, by the end of 1989, a plan for improvement of the existing technical licensing notification system so that it will not include the authority (formal or informal) for the relevant ministry or commission to request changes in the terms of technical licensing agreements between private parties, except where necessary to eliminate violations of the Antitrust and Fair Trade Law.

7. Advertising

a. Effective January 1, 1990, the Korean Government will permit majority foreign equity participation (i.e., up to ninety-nine (99) percent foreign equity) in the advertising agency business. Effective January 1, 1991, the Korean Government will not require any local equity participation in foreign investments in the advertising agency business (i.e., subsidiaries and all other forms of establishment will be permitted). Effective January 1, 1991, the advertising agency business will be removed from the foreign investment "negative I ist, and investment therein will be covered by the notification system by January 1, 1993.

b. Firms in the advertising agency business which are partially or fully foreign-owned will be accorded treatment in all aspects of their operation, and in particular, in this dealings with the Korean Broadcast Corporation (KOBACO) or any comparable successor, no less favorable than that accorded any Korean or other non-Korean advertising firm.

c The Korean Government will ensure that KOBACO or any comparable successor will operate under transparent procedures.

8. Pharmaceuticals

a. By July 1, 1989, the Korean Government will permit full foreign participation (i.e., subsidiaries and all other forms of establishment will be permitted) in investments in the business of wholesaling pharmaceutical products.

b. By January 1, 1990, the Korean Government will remove industry classification number 35224, in "manufacture of medicaments," from the negative list so that foreign pharmaceutical companies desiring to invest in Korea will no longer be subject to requirements for local synthesis of products or local equity participation (i.e., subsidiaries and all other forms of establishment will be permitted)

c. By July 1, 1990, the Korean Government will permit full foreign participation (i.e., subsidiaries and all other forms of establishment will be permitted) in investments in the business of wholesaling cosmetics and toiletries.

E. General Provisions

1. Once established, all foreign investments will be accorded national treatment subject to the terms of this letter.

2. Nothing in this letter derogates from the rights of either Party under bilateral agreements or multilateral agreements to which both Parties adhere. Both Parties reserve their rights under the General Agreement on Tariffs and Trade.

3. Both Parties agree that the terns and conditions of this letter are to remain unimpaired by restrictions or requirements directly or indirectly affecting foreign investment.

4. Nothing in this letter prejudices the positions either Party may take in the Uruguay Round of Multilateral Trade Negotiations.

5. Both Parties agree to consult at the request of either Party concerning any matter relating to this letter.

This letter reflects our mutual understanding of the actions that the Korean Government has agreed to take with respect to investment in Korea.

Sincerely,

[signature]

Tong-Jin Park

Ambassdor"

THE UNITED STATES TRADE REPRESENTATIVE

Executive Office of the President

Washington. D.C. 20508

May 19, 1989

The Honorable Tong-Jin Park

Ambassador

Embassy of the Republic of Korea

2370 Massachusetts Avenue, N.W.

Washington, D.C. 20008

Dear Ambassador Park:

I have the honor to acknowledge receipt of your letter dated May 19, 1989, concerning the actions the Korean Government has agreed to take concerning investment in Korea. Your letter reads as follows:

"Dear Ambassador Hills:

I have the honor to refer to the recent consultations held

between representatives of the Government of the Republic of

Korea (Korean Government) and the Government of the United States of America (U.S. Government) regarding investment in Korea. As a result of these consultations, the Korean Government has agreed to take the following actions:

A. Performance Requirements

1. Effective July 1, 1989, the Korean Government will not formally or informally impose performance requirements on a foreign investor as a term or condition of permitting an investment in its territory, or as a condition for receipt of any incentive.

2. Once established, all foreign investment will be accorded national treatment subject to the following:

a. Exceptions to national treatment may only be applied for reasons of land acquisition, exploitation of land or other resources, or national security.

b. Performance requirements will not be applied formally or informally except that imposition on a national treatment basis of performance requirements in exceptional circumstances and in a manner which will not generate significant distortions to international trade and investment is not a violation of this agreement, provided that such requirements neither have the effect of discriminating against foreign investors nor are export requirements.

c. In the event that the interests of a foreign investor are alleged to be impaired as a result of the imposition of a performance 'requirement on a national treatment basis, the Korean Government agrees to consult with the U.S. Government upon the latter's initiative and to take steps to eliminate such impairment within ninety (90) days, if such impairment exists.

3. Notwithstanding paragraph A1, as a transitional step to full foreign equity participation, foreign investment may be subject solely to local equity participation requirements, under Articles 5.4 of the Guidelines for Foreign Investment, the investment pemission requirement in Articles 6, 7, and 8 of said Guidelines and under existing individual laws, subject to the following:

a. Implementation or amendment of the Guidelines for Foreign Investment will be in such a manner as to encourage rather than restrict foreign investment.

b. The Korean Government will limit application of Article 7.1 to the areas of business covered as of the date of this letter.

c. The Korean Government will limit the application of Article 7.2 of the Guidelines for Foreign Investment, which imposes local equity requirements, to sunset industries for which the Korean Government bans investment by domestic firms and will apply such provisions only in exceptional circumstances. The Korean Government will ensure that measures taken under this Article are not the only actions taken to rationalize relevant sectors.

d. The Korean Government confirms the following timetable for removal of the following sectors from rationalization:

Automobiles July 31, 1989

Engines for Ships July 31, 1989

Silicon manganese ferro-alloy July 31, 1989

Fertilizer November 30, 1990

The Korean Government will reduce substantially the number of remaining sectors listed in Article 7.2 by December 31, 1989.

e. (i) As of the date of this letter, only the following individual laws have been identified as containing local equity participation requirements for foreign investment:

(ii) Petroleum Refining

Law Mining Law

Fisheries Law

Phonogram and Videotape

Manufacturing Law

(ii) The Korean Government will identify and make public by June 30, 1989, any other laws containing or permitting local equity participation requirements for foreign investment.

f. The Korean Government will take appropriate steps to phase out all local equity participation requirements in individual laws on an expeditious basis, except for local equity participation requirements imposed for reasons of land acquisition, exploitation of land or other resources, or national security.

g (i) The Korean Government will ensure that application of Article 6 of the Guidelines for Foreign Investment is

consistent with its policy of liberalization of foreign investment.

(ii) The Korean Government will ensure that the conditions of foreign investment in sectors referred to in Article 8 of the Guidelines for Foreign Investment will be no less favorable than those stipulated in the Guidelines for Foreign Investment of 3anuary 1989.

(iii) By December 31, 1989, the Korean Government will repeal Article 5.2 of the Guidelines for Foreign Investment.

(iv) The Korean Government confirmed that by September 30, 1989, it will eliminate the requirement to submit a technology transfer plan as part of the application for a "high tech" industry tax exemption. The Korean Government also confirmed that the export industry tax exemption has been eliminated.

4. Performance requirements are requirements to:

a. export goods or services;

b. substitute goods or services from Korea for imported goods or services or accord preference to goods or services produced in Korea;

c. use local contents;

d. accept or achieve a given level or percentage of local equity;

e. transfer or license technology;

f. restrict remittances related to investment;

g. limit manufacturing to prescribed product lines;

h. manufacture in Korea; or

i. shift production, distribution or marketing facilities or techniques to Korean nationals through government-imposed measures.

B. Liberalization Measures

1. The Korean Government will add no sectors to the negative list, nor will it move sectors from the restricted list to the prohibited list. Moreover, further liberalization of the negative list will continue on an expeditious basis.

2. Sectors removed from the negative list or no longer subject to Articles 6, 7. and 6 of the Guidelines for Foreign Investment or individual laws will not be subject to imposition of performance requirements on new investment applications subject to the terms of paragraph A1.

3. By December 31, 1989, the Korean Government will develop a fair and equitable plan for the expeditious removal of previously imposed performance requirements in order to promote liberalization of investment and so as not to disadvantage existing firms with respect to their ability to compete in the Korean market. Such plans also will be developed for subsequently liberalized sectors.

C. Time Frame For Approval of Investment Applications

Effective July 1, 1989, the Korean Government will approve or disapprove all foreign investment applications within sixty (60) days. If the investor's application is not complete, the Korean Government will inform the investor as soon as possible about additional information needed. If the 60-day period is not sufficient for the approval of the application because of the need for technical data (e.g., analysis of environmental impact) or because the applicant is seeking tax exemptions in connection with his investment, the applicant will be informed within the 60-day period of the reasons for the delay in approval/disapproval and of the additional length of time which will be needed for a response.

D. Establishment Procedures

1. Effective January 1, 1990, the Bank of Korea will approve all foreign investments in the manufacturing sector (regardless of value) not on the negative list or not seeking tax incentives except those with fifty (50) percent or more foreign equity. Effective January 1, 1991, these investments and those with fifty (50) percent foreign equity will no longer be subject to Bank of Korea approval and will become subject to notification procedures as described in paragraph D3.

2. The Korean Government will develop and implement further progressive foreign investment liberalization steps for both manufacturing and services during 1991 and 1992, including expanding the availability of the notification system and the Bank of Korea approval system.

3. Effective January 1, 1993, a foreign investor will be allowed to proceed with investments in both manufacturing and service sectors that are not on the negative list or are not referred to in paragraph A3 within sixty (60) days of notification to the Korean Government unless the investment is disapproved for one of the reasons specified in paragraph D4.

4. Reasons for Disapproval

a. protection of national security;

b. the maintenance of public order or protection of public health, morality or safety;

c. the fulfillment of obligations relating to international peace and security;

d. investment which will result in monopolistic or predatory practices in the domestic market; or

e. violation of the Antitrust and Fair Trade Law.

5. By January 1, 1991, the Korean Government will remove industry classification number 71912, travel agency services, from the negative list, so that full foreign participation (i.e., one hundred (100) percent foreign equity) will be permitted. Foreign travel agencies will be accorded treatment no less favorable than that accorded domestic travel agencies with respect to all aspects of their operation.

6. The Korean Government will develop, by the end of 1989, a plan for improvement of the existing technical licensing notification system so that it will not include the authority (formal or informal) for the relevant Ministry or Commission to request changes in the terms of technical licensing agreements between private parties except where necessary to eliminate violations of the Antitrust and Fair Trade Law.

7. Advertising

a. Effective January 1, 1990, the Korean Government will permit majority foreign equity participation (i.e., up to ninety-nine (99) percent foreign equity) in the advertising agency business. Effective January 1, 1991, the Korean Government will not require any local equity participation in foreign investments in the advertising agency business (i.e., subsidiaries and all other forms of establishment will be permitted). Effective January 1, 1991, the advertising agency business will be removed from the foreign investment "negative list," and investment therein will be covered by the notification system by January 1, 1993.

b. Firms in the advertising agency business which are partially or fully foreign-owned will be accorded treatment in all-aspects of their operation, and in particular, in their dealings with the Korean Broadcast Corporation (KOBACO) or any comparable successor, no less favorable than that accorded any Korean or other non-Korean advertising firms.

c. The Korean Government will ensure that KOBACO or any comparable successor will operate under transparent procedures.

8. Pharmaceuticals

a. By July 1, 1989, the Korean Government will permit full foreign participation (i.e., subsidiaries and all other forms of establishment will be permitted) in investments in the business of wholesaling pharmaceutical products.

b. By January 1, 1990, the Korean Government will remove industry classification number 35224, "manufacture of medicaments," from the negative list so that foreign pharmaceutical companies desiring to invest in Korea will no longer be subject to requirements for local synthesis of products or local equity participation (i.e., subsidiaries and all other forms of establishment will be permitted).

c. By July 1, 1990, the Korean Government will permit full foreign participation (i.e., subsidiaries and all other forms of establishment will be permitted) in investments in the business of wholesaling cosmetics and toiletries.

E. General Provisions

1. Once established, all foreign investments will be accorded national treatment subject to the terms of this letter.

2. Nothing in this letter derogates from the rights of either Party under bilateral agreements or multilateral agreements to which both Parties adhere. Both Parties reserve their rights under the General Agreement on Tariffs and Trade.

3. Both Parties agree that the terms and condtions of this letter are to remain unimpaired by restrictions or requirements directly or indirectly affecting foreign investment.

4. Nothing in this letter prejudices the positions either Party may take in the Uruguay Round of Multilateral Trade Negotiations.

5. Both Parties agree to consult at the request of either Party concerning any matter relating to this letter.

This letter reflects our mutual understanding of the actions that the Korean Government has agreed to take with respect to investment in Korea.

Sincerely,

Tong-Jin Park

Ambassador"

I am pleased to confirm that this exchange of letters is a mutual understanding between our two governments concerning the actions that the Korean government has agreed to take with respect to investment in Korea.

Sincerely,

[signature]

Carla A. Hills

THE UNTED STATES TRADE REPRESENTATNE

Executive Office of the President

Washington, D.C. 20506

May 19, 1989

The Honorable Tong-Jin Park

Ambassador

Embassy of the Republic of Korea

2370 Massachusetts Avenue, N.W.

Washington, D.C. 20008

Dear Ambassador Park:

I have the honor to acknowledge receipt of your letter dated May 19, 1989, concerning the actions the Korean Government has agreed to take concerning investment in Korea. Your letter reads as follows:

"Dear Ambassador Hills:

I have the honor to refer to the recent consultations held between representatives of the Government of the Republic of Korea (Korean Government) and the Government of the United States of America (U.S. Government) regarding investment in Korea. As a result of these consultations, the Korean Government has agreed to take the following actions:

A. Performance Requirements

1. Effective July 1, 1989, the Korean Government will not formally or informally impose performance requirements on a foreign investor as a term or condition of permitting an investment in its territory, or as a condition for receipt of any incentive.

2. Once established, all foreign investment will be accorded national treatment subject to the following:

a. Exceptions to national treatment may only be applied for reasons of land acquisition, exploitation of land or other resources, or national security.

b. Performance requirements will not be applied formally or informally except that imposition on a national treatment basis of performance requirements in exceptional circumstances and in a manner which will not generate significant distortions to international trade and investment is not a violation of this agreement, provided that such requirements neither have the effect of discriminating against foreign investors nor are export requirements.

c. In the event that the interests of a foreign investor are alleged to be impaired as a result of the imposition of a performance requirement on a national treatment basis, the Korean Government agrees to consult with the U.S. Government upon the latter's initiative and to take steps to eliminate such impairment within ninety (90) days, if such impairment exists.

3. Notwithstanding paragraph A1, as a transitional step to full foreign equity participation, foreign investment may be subject solely to local equity participation requirements, under Articles 5.4 of the Guidelines for Foreign Investment, the investment pemission requirement in Articles 6, 7, and 8 of said Guidelines and under existing individual laws, subject to the following:

a. Implementation or amendment of the Guidelines for Foreign Investment will be in such a manner as to encourage rather than restrict foreign investment.

b. The Korean Government will limit application of Article 7.1 to the areas of business covered as of the date of this letter.

c. The Korean Government will limit the application of Article 7.2 of the Guidelines for Foreign Investment, which imposes local equity requirements, to sunset industries for which the Korean Government bans investment by domestic firms and will apply such provisions only in exceptional circumstances. The Korean Government will ensure that measures taken under this Article are not the only actions taken to rationalize relevant sectors.

d. The Korean Government confirms the following timetable for removal of the following sectors from rationalization:

Automobiles July 31, 1989

Engines for Ships July 31, 1989

Silicon manganese ferro-alloy July 31, 1989

Fertilizer November 30, 1990

The Korean Government will reduce substantially the number of remaining sectors listed in Article 7.2 by December 31, 1989.

e. (i) As of the date of this letter, only the following individual laws have been identified as containing local equity participation requirements for foreign investment:

(ii) Petroleum Refining Law

Mining Law

Fisheries Law

Phonogram and Videotape Manufacturing Law

(ii) The Korean Government will identify and make public by June 30, 1989, any other laws containing or permitting local equity participation requirements for foreign investment.

f. The Korean Government will take appropriate steps to phase out all local equity participation requirements in individual laws on an expeditious basis, except for local equity participation requirements imposed for reasons of land acquisition, exploitation of land or other resources, or national security.

g (i) The Korean Government will ensure that application of Article 6 of the Guidelines for Foreign Investment is consistent with its policy of liberalization of foreign investment.

(ii) The Korean Government will ensure that the conditions of foreign investment in sectors referred to in Article 8 of the Guidelines for Foreign Investment will be no less favorable than those stipulated in the Guidelines for Foreign Investment of January 1989.

(iii) By December 31, 1989, the Korean Government will repeal Article 5.2 of the Guidelines for Foreign Investment.

(iv) The Korean Government confirmed that by September 30, 1989, it will eliminate the requirement to submit a technology transfer plan as part of the application for a "high tech" industry tax exemption. The Korean Government also confirmed that the export industry tax exemption has been eliminated.

4. Performance requirements are requirements to:

a. export goods or services;

b. substitute goods or services from Korea for imported goods or services or accord preference to goods or services produced in Korea;

c. use local contents;

d. accept or achieve a given level or percentage of local equity;

e. transfer or license technology;

f. restrict remittances related to investment;

g. limit manufacturing to prescribed product lines;

h. manufacture in Korea; or

i. shift production, distribution or marketing facilities or techniques to Korean nationals through government-imposed measures.

B. Liberalization Measures

1. The Korean Government will add no sectors to the negative list, nor will it move sectors from the restricted list to the prohibited list. Moreover, further liberalization of the negative list will continue on an expeditious basis.

2. Sectors removed from the negative list or no longer subject to Articles 6, 7. and 6 of the Guidelines for Foreign Investment or individual laws will not be subject to imposition of performance requirements on new investment applications subject to the terms of paragraph A1.

3. By December 31, 1989, the Korean Government will develop a fair and equitable plan for the expeditious removal of previously imposed performance requirements in order to promote liberalization of investment and so as not to disadvantage existing firms with respect to their ability to compete in the Korean market. Such plans also will be developed for subsequently liberalized sectors.

C. Time Frame For Approval of Investment Applications

Effective July 1, 1989, the Korean Government will approve or disapprove all foreign investment applications within sixty (60) days. If the investor's application is not complete, the Korean Government will inform the investor as soon as possible about additional information needed. If the 60-day period is not sufficient for the approval of the application because of the need for technical data (e.g., analysis of environmental impact) or because the applicant is seeking tax exemptions in connection with his investment, the applicant will be informed within the 60-day period of the reasons for the delay in approval/disapproval and of the additional length of time which will be needed for a response.

D. Establishment Procedures

1. Effective January 1, 1990, the Bank of Korea will approve all foreign investments in the manufacturing sector (regardless of value) not on the negative list or not seeking tax incentives except those with fifty (50) percent or more foreign equity. Effective January 1, 1991, these investments and those with fifty (50) percent foreign equity will no longer be subject to Bank of Korea approval and will become subject to notification procedures as described in paragraph D3.

2. The Korean Government will develop and implement further progressive foreign investment liberalization steps for both manufacturing and services during 1991 and 1992, including expanding the availability of the notification system and the Bank of Korea approval system.

3. Effective January 1, 1993, a foreign investor will be allowed to proceed with investments in both manufacturing and service sectors that are not on the negative list or are not referred to in paragraph A3 within sixty (60) days of notification to the Korean Government unless the investment is disapproved for one of the reasons specified in paragraph D4.

4. Reasons for Disapproval

a. protection of national security;

b. the maintenance of public order or protection of public health, morality or safety;

c. the fulfillment of obligations relating to international peace and security;

d. investment which will result in monopolistic or predatory practices in the domestic market; or

e. violation of the Antitrust and Fair Trade Law.

5. By January 1, 1991, the Korean Government will remove industry classification number 71912, travel agency services, from the negative list, so that full foreign participation (i.e., one hundred (100) percent foreign equity) will be permitted. Foreign travel agencies will be accorded treatment no less favorable than that accorded domestic travel agencies with respect to all aspects of their operation.

6. The Korean Government will develop, by the end of 1989, a plan for improvement of the existing technical licensing notification system so that it will not include the authority (formal or informal) for the relevant Ministry or Commission to request changes in the terms of technical licensing agreements between private parties except where necessary to eliminate violations of the Antitrust and Fair Trade Law.

7. Advertising

a. Effective January 1, 1990, the Korean Government will permit majority foreign equity participation (i.e., up to ninety-nine (99) percent foreign equity) in the advertising agency business. Effective January 1, 1991, the Korean Government will not require any local equity participation in foreign investments in the advertising agency business (i.e., subsidiaries and all other forms of establishment will be permitted). Effective January 1, 1991, the advertising agency business will be removed from the foreign investment "negative list," and investment therein will be covered by the notification system by January 1, 1993.

b. Firms in the advertising agency business which are partially or fully foreign-owned will be accorded treatment in all-aspects of their operation, and in particular, in their dealings with the Korean Broadcast Corporation (KOBACO) or any comparable successor, no less favorable than that accorded any Korean or other non-Korean advertising firms.

c. The Korean Government will ensure that KOBACO or any comparable successor will operate under transparent procedures.

8. Pharmaceuticals

a. By July 1, 1989, the Korean Government will permit full foreign participation (i.e., subsidiaries and all other forms of establishment will be permitted) in investments in the business of wholesaling pharmaceutical products.

b. By January 1, 1990, the Korean Government will remove industry classification number 35224, "manufacture of medicaments," from the negative list so that foreign pharmaceutical companies desiring to invest in Korea will no longer be subject to requirements for local synthesis of products or local equity participation (i.e., subsidiaries and all other forms of establishment will be permitted).

c. By July 1, 1990, the Korean Government will permit full foreign participation (i.e., subsidiaries and all other forms of establishment will be permitted) in investments in the business of wholesaling cosmetics and toiletries.

E. General Provisions

1. Once established, all foreign investments will be accorded national treatment subject to the terms of this letter.

2. Nothing in this letter derogates from the rights of either Party under bilateral agreements or multilateral agreements to which both Parties adhere. Both Parties reserve their rights under the General Agreement on Tariffs and Trade.

3. Both Parties agree that the terms and condtions of this letter are to remain unimpaired by restrictions or requirements directly or indirectly affecting foreign investment.

4. Nothing in this letter prejudices the positions either Party may take in the Uruguay Round of Multilateral Trade Negotiations.

5. Both Parties agree to consult at the request of either Party concerning any matter relating to this letter.

This letter reflects our mutual understanding of the actions that the Korean Government has agreed to take with respect to investment in Korea.

Sincerely,

Tong-Jin Park

Ambassador"

I am pleased to confirm that this exchange of letters is a mutual understanding between our two governments concerning the actions that the Korean government has agreed to take with respect to investment in Korea.

Sincerely,

[signature]

Carla A. Hills

FOR IMMEDIATE RELEASE 89-50

May 18, 1989 Contact: Claire Buchan

(202) 395-3230

OFFICE OF THE UNITED STATES

TRADE REPRESENTATIVE

EXECUTIVE OFFICE OF THE PRESIDENT

WASHINGTON

20506

HILLS: KOREA TO LIBERALIZE TRADE AND INVESTMENT

United States Trade Representative Carla A. Hills today announced that Korea has agreed to liberalize conditions for foreign investment and to eliminate significant import barriers. These agreements will be signed next week.

"Korea's market opening measures will bring real and substantial benefits to American and other exporters and investors," Hills said.

"These agreements create a useful precedent for the, Uruguay Round and bilateral negotiations which will strengthen the global trading system. We remain committed to further market opening in Korea, especially in agriculture."

The investment agreement will result in removal of performance requirements on foreign investors in Korea and replacement of a screening system with a simple notification procedure for most foreign investments. Performance requirements, such as conditions that a producer export a certain portion of his production, have created significant distortions in the international trading system.

Korea also will fully open its market to foreign travel and advertising agencies and wholesalers of pharmaceuticals and cosmetics. It also will remove requirements that pharmaceutical companies produce their products in Korea.

Korea will terminate its "border closure" practice of banning imports to protect new local production. Korea has indefinitely suspended its regulations requiring burdensome clinical testing of foreign pharmaceutical products in Korea. It will also adopt simplified import procedures for cosmetics and food labelling and it agreed to recognize and waive quality inspection requirements for nternationally recognized standard or certification marks.

The two governments have not been able to agree at this time to additional liberalization measures for agricultural products. on April 8 the Korean Government announced liberalization by 1991 of 243 agricultural and fisheries products. However, the United States is requesting further liberalization. GATT findings support the U.S. and other countries' requests for further liberalization of Korea's agricultural import restrictions.

OUTLINE OF THE U.S.-ROK LOCALIZATION AGREEMENT

The May 19 U.S.-Korean localization agreement addresses a number of Korean policies and procedures which have adversely affected U.S. exports to Korea. Following is a summary of some of the key elements of this trade agreement:

"border closures" -- Korea's Technology Development Promotion and Pharmaceutical Affairs laws will be revised in 1989 to eliminate the border closure provision which allows the local industry, once it begins production of a new product in Korea, to request that imports of that product be banned. All existing border closure measures will be terminated by July 1990 -- no new border closures will be invoked effective immediately;

"special laws" -- Korea's 39 industry specific laws will be made GATT-consistent and transparent;

pre-import notification -- industry association involvement in pre-import notification will be eliminated; procedures will be simplified and expedited;

customs procedures -- Korean customs regulations, procedures and appeals process will be made more transparent and will be applied uniformly and expeditiously;

standards -- Korea will exempt from quality inspection internationally-recognized standard marks and marks from well-known public organizations in foreign countries; a review of Korea's quality inspection procedures will be undertaken with a view to harmonization with developed country procedures, including self-certification;

food labelling -- information requirements will be relaxed effective August 1989;

cosmetics -- testing and registration procedures will be revised and submitted for comment by September 1989 and implemented by March 1990; by September 1989 separate testing will not be required for product color; when wholesaling of cosmetics is opened to foreign participation in July 1990, foreign companies will not have to re-register their products in order to market them in Korea;

pharmaceuticals -- good clinical practices regulations will be revised and are suspended as drafted.

Note: This is an outline -- please read the agreement for more details and the authoritative text.

GEarp; 5-5-89

202/395-6813

THE AMBASSADOR EMBASSY OF THE REPUBLIC OF KOREA

TONG-JIN PARK WASHINGTON,D C

May 19, 1989

The Honorable Carla A. Hills

The United States Trade Representative

Office of the U.S. Trade Representative

600 Seventeenth Street, N.W.,

Washington, D.C. 20506

Dear Ambassador Hills:

I have the honor to refer to the recent consultations held between representatives of the Government of the Republic of Korea (Korean Government) and the Government of the United States of America (U.S. Government) regarding certain of Korea's practices with respect to border closure, standards and testing requirements, and customs procedures. As a result of these consultations, Korea has agreed to take the following actions:

A. Import Restrictions

1. By September 20, 1989, the Korean Government will submit amendments to its National Assembly to repeal border closure provisions, i.e., in the Technology Development Promotion Law Article 8.2 and the Pharmaceutical Affairs Law Article 72-4.

2. Upon passage by the National Assembly of amendments referred to in the preceding paragraph, the Korean Government will revise relevant regulations to implement these amendments by April 1, 1990.

3. The Korean Government will terminate all remaining border closure measures by July 1, 1990, and effective immediately, will not invoke any new border closure measures. Upon receipt of Ministry of Health and Social Affairs (MOHSA) import registration, these products will be subject to simple import reporting/notification procedures. (See attachment for a list of products affected by border closure measures and the timetable for import liberalization.)

4. The Korean Government will do its utmost to ensure that the application of the safeguards provisions of Korea's Foreign Trade Law will be consistent with Article XIX of the General Agreement on Tariffs and Trade (GATT).

5. The Korean Government will apply the provisions of Ministry of Health and Social Affairs Notice 89-12, entitled "The Guideline for Manufacturing and Manufactured Items regarding Pharmaceutical Products," solely to imports and manufactures of Ginkgo leaf extracts and finished products containing such extracts. This notice will not be extended to apply to any other product.

6. The Korean Government will continue to review its "individual" laws in order to expeditiously identify and change those provisions and measures which are not consistent with its GATT obligations and to enhance transparency. In the interim, neither these laws nor their application will-be made more restrictive.

7. Effective immediately, the Korean Government will ensure that any requirement for pre-import reporting or notification does not create any obstacles to trade.

8. Except for the purpose of public health, safety and environmental preservation, by December 31, 1989, the Korean Government will draft and implement a plan to reduce or eliminate pre-import reporting/notification requirements and to phase out participation of industry associations in the pre-import reporting/notification

system.

9. The Korean Government confirms that the pre-import fee for pharmaceutical products has been eliminated and that the only remaining pre-import reporting/notification fee collected by the Medical Device Manufacturing Association will be eliminated by July 1, 1989.

10. By October 1, 1989, the Korean Government will simplify documentation requirements for pre-import reporting/notification and will ensure that pre-import approval under such a system is issued expeditiously.

11. The Korean Government will ensure that its customs regulations, procedures and appeals process are transparent and apply in a uniform and expeditious manner.

B. Standards

1. The Korean Government will notify to the GATT Agreement on Technical Barriers to Trade trade-related standards, and technical regulations which are not based on well recognized international standards, or which deviate from those standards.

2. Under the Industrial Products Quality control Law, the Korean Government will exclude from prior quality inspection internationally-recognized standard or certification marks and marks from well-known public organizations in foreign countries.

3. By August 1, 1989, the Korean Government will (a) accept a single indication of freshness on food product labels consisting of the "best before" date and (b) will permit use of "class names" for colors and flavorings (e.g., "artificial colors") with the exception of the color Yellow 5. The Korean Government will announce and publicize no later than June 30, 1989, its decision to accept such labeling effective on August 1, 1989. The Korean Government may prohibit the use of class names for colors, in addition to Yellow 5, if such colors are proven to cause health problems.

4. a) By September 1, 1989, the Korean Government will notify to the Agreement on Technical Barriers to Trade revised regulations pertaining to testing and registration requirements for cosmetics. In drafting such regulations, the Korean Government will take into account relevant international practices.

b) Such revised procedures will be implemented by March 1, 1990.

c) The Korean Government confirms that effective immediately, where product testing is required, the number of samples requested will be limited to the minimum necessary to perform adequate testing.

d) By September 1, 1989, separate testing will not be required for variations in product color.

e) The Korean Government confirms that it does not test ingredients listed in the Cosmetic, Toiletry and Fragrance Association (CTFA) Dictionary and, effective on July 1, 1989, will not test ingredients contained in the CFTA's "Letter of Intent to Publish in the Supplemental Editions of the CFTA Dictionary."

f) Effective July 1, 1990, foreign wholesalers of cosmetics may distribute previously registered cosmetics products without impediment.

5. a) The Korean Government will review its Good Clinical Practices (GCP) regulations with a view to harmonization with international practice and confirms that the implementation of the GCP as drafted is suspended.

b) The Korean Government will notify the draft GCP regulations to the GATT Agreement on Technical Barriers to Trade for parties' comment.

c) The Korean Government confirms that, in the interim, it will continue to accept the following as the only safety and efficacy conditions for the approval of importation and production of pharmaceuticals:

i) U.S. Food and Drug Administration FDA) certification of pharmaceuticals and FDA-approved test data; and

ii) limited Phase III testing in Korea of a drug that has been marketed in foreign countries for less than three years or a drug that has been marketed only in the country where it was developed.

6. a) By the end of 1989, the number of items subject to type approval prior to importation under the Electrical Products Safety Control Law will be reduced substantially and those items exempted from type approval will be subject, to a simple notification of intent to import. The type approval system will be simplified and foreign manufacturers will be able to obtain type approval.

b) The Korean Government will continue to review its quality inspection procedures with a view to harmonization with developed country procedures.

C. General Provisions

1. Both Parties agree to consult at the request of either Party concerning any matter relating to this letter.

2. Both Parties agree that the terms and conditions of this letter are to remain unimpaired by direct or indirect restrictions.

This letter reflects our mutual understanding of the actions that the Korean Government has agreed to take with respect to border closure, standards and testing requirements, and customs procedures.

Sincerely,

[signature]

Tong-Jin Park

The Honorable Tong-Jin Park

Ambassador

Embassy of the Republic of Korea

2370 Massachusetts Avenue, N.W.

Washington, D.C. 20008

Dear Ambassador Park:

I have the honor to acknowledge receipt of your letter and its attachment dated May 19, 1989, concerning the actions the Korean Government has agreed to take concerning certain of its practices with respect to border closure, standards and testing requirements, and customs procedures. Your letter and attachment read as follows:

"Dear Ambassador Hills:

I have the honor to refer to the recent consultations held between representatives of the Government of the Republic of Korea (Korean Government) and the Government of the United States of America (U.S. Government) regarding certain of Korea's practices with respect to border closure, standards and testing requirements, and customs procedures. As a result of these consultations, Korea has agreed to take the following actions:

A. Import Restrictions

1. By September 20, 1989, the Korean Government will submit amendments to its National Assembly to repeal border closure provisions, i.e., in the Technology Development Promotion Law Article 8.2 and the Pharmaceutical Affairs Law Article 72-4.

2. Upon passage by the National Assembly of amendments referred to in the preceding paragraph, the Korean Government will revise relevant regulations to implement these amendments by April 1, 1990.

3. The Korean Government will terminate all remaining border closure measures by July 1, 1990, and effective immediately, will not invoke any new border closure provisions. Upon receipt of Ministry of Health and Social Affairs (MOHSA) import registration, these products will be subject to simple import reporting/notification procedures. (See attachment for a list of products affected by border closure measures and the timetable for import liberalization.)

4. The Korean Government will do its utmost to ensure that the application of the safeguards provisions of Korea's Foreign Trade Law will be consistent with Article XIX of the General Agreement on Tariffs and Trade (GATT).

5. The Korean Government will apply the provisions of Ministry of Health and Social Affairs Notice 89-12, entitled "The Guideline for Manufacturing and Manufactured Items Regarding Pharmaceutical Products," solely to imports and manufactures of Ginkgo leaf extracts and finished products containing such extracts. This notice will not be extended to apply to any other product.

6. The Korean Government will continue to review its "individual" laws in order to expeditiously identify and change those provisions and measures which are not consistent with its GATT obligations and to enhance transparency. In the interim, neither these laws-nor their application will-be made more restrictive.

7. Effective immediately, the Korean Government will ensure that any requirement for pre-import reporting or notification does not create any obstacles to trade.

8. Except for the purpose of public health, safety and environmental preservation, by December 31, 1989, the Korean Government will draft and implement a plan to reduce or eliminate pre-import reporting/notification requirements and to phase out participation of industry associations in the pre-import reporting/notification system.

9. The Korean Government confirms that the pre-import fee for pharmaceutical products has been eliminated and that the only remaining pre-import reporting/notification fee collected by the Medical Device Manufacturing Association will be eliminated by July 1, 1989.

10. By October 1, 1989 the Korean Government will simplify documentation requirements for pre-import reporting/notification and will ensure that pre-import approval under such a system is issued expeditiously.

11. The Korean Government will ensure that its customs regulations, procedures and appeals process are transparent and applied in a uniform and expeditious manner.

B. Standards

1.The Korean Government will notify to the GATT Agreement on Technical Barriers to Trade trade-related standards and technical regulations which are not based on well-recognized international standards, or which deviate from those standards.

2. Under the Industrial Products Quality Control Law, the Korean Government will exclude from prior quality inspection internationally-recognized standard or certification marks and marks from well-known public organizations in foreign countries.

3. By August 1, 1989, the Korean Government will (a) accept a single indication of freshness on food product labels consisting of the "best before" date and (b) will permit use of "class names" for colors and flavorings (e.g., "artificial colors") with the exception of the color Yellow 5. The Korean Government will announce and publicize no later than June 30, 1989, its decision to accept such labelling effective on August 1, 1989. The Korean Government may prohibit the use of class names for colors, in addition to Yellow 5, if such colors are proven to cause health problems.

4.a) By September 1, 1989, the Korean Government will notify to the Agreement on Technical Barriers to Trade revised regulations pertaining to testing and registration requirements for cosmetics. In drafting such regulations, the Korean Government will take into account relevant international practices.

b) Such revised procedures will be implemented by March 1, 1990.

c) The Korean Government confirms that effective immediately, where product testing is required, the number of samples requested will be limited to the minimum necessary to perform adequate testing.

d) By September 1, 1989, separate testing will not be required for variations in product color.

e) The Korean Government confirms that it does not test ingredients listed in the Cosmetic, Toiletry and Fragrance Association (CTFA) Dictionary and, effective on July 1, 1989, will not test ingredients contained in the CTFA's "Letter of Intent to Publish in the Supplemental Editions of the CTFA Dictionary."

f) Effective July 1, 1990, foreign wholesalers of cosmetics may distribute previously registered

cosmetics products without impediment.

5. a) The Korean Government will review its Good

Clinical Practices (GCP) regulations with a view

to harmonization with international practice and

confirms that the implementation of the GCP as

drafted is suspended.

b) The Korean Government will notify the draft GCP

regulations to the GATT Agreement on Technical

Barriers to Trade for parties' comment.

c) The Korean Government confirms that, in the

interim, it will continue to accept the following

as the only safety and efficacy conditions for the

approval of importation and production of

pharmaceuticals:

i)U.S. Food and Drug Administration (FDA) certification of pharmaceuticals and FDA approved test data; and

ii) limited Phase III testing in Korea of a drug that has been marketed in foreign countries for less than three years or a drug that has been marketed only in the country where it was developed.

6. a) By the end of 1989, the number of items subject to type approval prior to importation under the Electrical Products Safety Control Law will be reduced substantially and those items exempted from type approval will be subject to a simple notification of intent to import. The type approval system will be simplified and foreign manufacturers will be able to obtain type approval.

b) The Korean Government will continue to review its quality inspection procedures with a view to harmonization with developed country procedures.

C. General Provisions

1. Both Parties agree to consult at the request of either Party concerning any matter relating to this letter.

2. Both Parties agree that the terms and conditions of this letter are to remain unimpaired by direct or indirect restrictions.

This letter reflects our mutual understanding of the actions that the Korean Government has agreed to take with respect to border closure, standards and testing requirements, and customs procedures.

Sincerely,

Tong-Jin Park

Ambassador"

I am pleased to confirm that this exchange of letters including the attachment thereto is a mutual understanding between our two governments concerning the actions that the Korean government has agreed to take with respect to certain of its practices with respect to border closure, standards and testing requirements, and customs procedures.

Carla A. Hills

ATTACHMENT

List of products for which border closure measures will be terminated and the timetable for such actions.

HSK

Product Description

Date Planned to be Liberalized

2932909000

Ranitidine Hcl

June 1, 1989

2941909090

Cefoperazone Na

September 1, 1989

2842909000

Hydrotalcide

September 1, 1989

2924219000

Proglumide

January 1, 1990

2939901000

dl-Methylephadrine Hcl

January 1, 1990

2930909090

S-Carboxymethylcystein

January 1. 1990

2906132000

Inositol

January 1, 1990

2941909010

Kanamycine Sulfate

January 1, 1990

2941909010

Soluble Kanamycine Sulfate

January 1, 1990

2941909090

Rifampicine

January 1, 1990

9602001000

Empty Gelatin Capsule

January 1, 1990

3003300400

Medicaments acting on the Circular System

January 1, 1990

3507909000

Seratiopeptidase

July 1, 1990


TANC offers these agreements electronically as a public service for general reference. Every effort has been made to ensure that the text presented is complete and accurate. However, copies needed for legal purposes should be obtained from official archives maintained by the appropriate agency.