111. Memorandum From Robert Hormats of the National Security Council Staff to the President’s Assistant for National Security Affairs (Kissinger)1

SUBJECT

  • Joint Communiqué from Stans’ Meeting with the Korean Security of Commerce

Secretary Stans has sent you a copy of the joint communiqué (Tab A)2 from his meeting with Nak Sun Lee, Korea’s Minister of Commerce and Industry. The meetings took place in Washington on September 27–28.

The salient points are:

  • Stans emphasized the objectives of the President’s new economic policy and Lee reviewed the impressive development achievements under Korea’s last development plan and outlined goals envisaged in its next plan.
  • Lee noted that the U.S. ten percent surcharge on imports might adversely affect Korea’s exports to the U.S. and urged that it be [Page 286]removed as soon as possible. Stans reaffirmed that the surcharge was a temporary measure.
  • Lee emphasized the desire of Korea to encourage more U.S. equity investment, particularly in joint ventures with Korean partners. Stans indicated that U.S. firms will continue to be interested in Korea as long as the investment climate remains favorable.
  • Lee requested increased support for U.S. exports to Korea by the Ex-Im Bank. Stans took note of the request.

The discussions were frank and cordial. Stans will go to Seoul to meet with Lee next year.

  1. Source: National Archives, Nixon Presidential Materials, NSC Files, Box 542, Country Files, Far East, Korea, Vol. IV, 1 Jan–31 Dec 1971. No classification marking. Sent for information. Concurred in by Holdridge.
  2. Attached but not printed. Stans sent Kissinger the joint communiqué under a September 29 covering memorandum. (Ibid.)