SOUTH KOREA: Despite progress made in Seoul’s...

SOUTH KOREA: Despite progress made in Seoul’s efforts to open its markets, U.S. firms still face significant barriers in selling their products in South Korea, a business group reported. The report, prepared by the American Chamber of Commerce in Korea, urged South Korea to do more to liberalize its economy. The English-language Korea Times predicted that the market report “may ultimately lead to a U.S. call for a structural reform of Korea’s trade, financial, tax and industrial policies.” U.S. Commerce Secretary Robert A. Mosbacher is to visit South Korea early next month and is expected to ask Korean officials to accelerate market opening and economic liberalization. Trade tension mounted last year as the United States tried to pry open Korea’s restricted market. They clashed over Seoul’s controversial frugality campaign, which Washington criticized as an anti-import drive.