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Chrysler Corp on the Signing of a Memorandum of Understanding

21 October 1998

Statement of Chrysler Corporation on the Signing of a Memorandum of Understanding between the United States and the Republic of Korea October 20, 1998

    AUBURN HILLS, Mich., Oct. 20, -- Chrysler Corporation would
like to extend our appreciation to the Administration for its exhaustive
efforts in attempting to get the Government of the Republic of Korea to make
significant reforms to its economy and to substantially improve market access
for foreign vehicles in that country.  While the initial negotiations have
concluded, the hard work remains to be done.  Failed economic, financial and
trade policies so apparent as they applied to the auto sector, have
contributed to Korea's economic difficulties.  There is much in this agreement
that holds promise for major changes in the Korean economic system, which will
make it more market-oriented and transparent.  However, we will evaluate this
agreement on how it is implemented by the Korean government in the months and
years ahead.