T he Korean government has undertaken wideranging reforms in politics and economics since 1980.' Nevertheless, certain fundamental goals and directions remain unchanged; and nowhere is this more true than in the area of economic policymaking. Today, we Koreans are more eager than ever before to pursue the goal of high economic growth with stability and equity. And in reaching this objective, we are also more committed than ever before to relying on the mechanism of the free market and an outwardlooking development strategy. This implies two things. Externally, Korean must further liberalize its policy on trade, investment, and technology transfers. Internally, the nation should promote competition throughout the economy, and equalize for all citizens the opportunity for participation in economic activities. The process of liberalizing Korea's foreign economic policy is already under way. Current import policy calls for raising the import liberalization ratio from the present level of 74.7 percent to over 90 percent by 1986. By expanding imports in areas where the nation lacks comparative advantage, Korea can expect to achieve a more efficient allocation of resources throughout the economy. In addition, by exposing domestic producers to foreign competition, the nation can expect improvement in the quality of the products it produces. As for Korea's policy on exports, the Seoul government plaris to increase exports based on a new pattern of industrial specialization. In Korea's view, the expansion of exports based on intraindustry specialization rather than interindustry specialization will be less difficult for our trading partners to absorb. Consequently, the expansion of Korea's exports will face less resistance in the world market place.