This review of Korean trade and industrial policies shows how trade policy, which began by effectively utilizing international competition, evolved into an industrial policy that encouraged close cooperation between the government and the private sector. The major findings of this paper are as follows. First, Korea began fundamentally reorienting its economic liberalization policies in the early 1980s. Through a variety of internal and external reforms, it attempted to link trade policy with industrial policy, reflecting the timing and speed of liberalization by industry. Second, another significant aspect of the market liberalization program was import liberalization, widening the gap between industries in the middle of the 1980s. Even though they were liberalized in terms of trade law, tariff levels for manufactured goods fell substantially during this period. In theory, it was seen to narrow economic inefficiency.