*EPF105 03/25/2002
Text: South Korea Set to Join International Energy Agency
(IEA March 20 press release) (370)

The International Energy Agency (IEA) issued a press release March 20 announcing that South Korea will become a full member of the Paris-based organization March 28.

The IEA is an autonomous agency linked with the Organization for Economic Co-operation and Development whose main mission is to help members meet oil supply emergencies. There are presently 25 member nations, including the United States.

Following is the text of the IEA press release:

(begin text)

IEA/PRESS(02)06
Paris, 20 March 2002
KOREA SET TO BECOME 26TH MEMBER
OF INTERNATIONAL ENERGY AGENCY


Korea has completed all steps required to become a full member of the Paris-based International Energy Agency. Robert Priddle, the agency's executive director, announced that Korea had deposited its instrument of accession with the Belgian government, the last step toward becoming the IEA's twenty-sixth member. Korea's membership will begin formally March 28.

"We heartily welcome Korea into the IEA," Priddle said. "The country's very robust economy and its key strategic position in East Asia mean that its presence among us will greatly enhance energy security in its region and throughout the world."

The IEA was founded in 1974 in the wake of the first oil shock. It is an independent organisation of oil-consuming nations within the framework of the Organisation for Economic Cooperation and Development. Its core mission was and is to meet energy supply disruptions. Over the years, the Agency has extended its tasks to include extensive statistics gathering, analysis and projection of energy market trends, the promotion of energy efficiency and involvement in energy-related environment issues, especially climate destabilisation.

Korea formally applied for accession in April of 2001. Since then, it has enjoyed the status of a "de facto member country." In order to meet a central requirement of full membership in the Agency, the Seoul government has set aside emergency oil stocks equal to 90 days of oil imports. It has also accepted the obligation to implement demand-restraint and allocation measures in case of emergency.

The Czech Republic joined the IEA on 22 February last year. Slovakia and Poland are currently candidates for full membership.

(end text)

(Distributed by the Office of International Information Programs, U.S. Department of State. Web site: http://usinfo.state.gov)

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