WASHINGTON -- A top Treasury Department official called on South Korea to introduce sweeping measures to liberalize its financial services market.

Lawrence Summers, under secretary for international affairs, outlined a six-point plan that he said would give "U.S. banks and securities firms a fair opportunity to compete" in South Korean financial markets.

Presidents Clinton is scheduled to visit Seoul on July 10 following a three-day visit to Tokyo for the Group of Seven nations' summit. Bilateral talks with South Korea over financial services liberalization have been under way for more than a year.

Suggestions for Five-Year Plan

In a speech to the U.S.-Korea Business Council, Mr. Summers said that the White House is seeking to encourage trade liberalization by the South Korean government during its current deliberations over a new five-year economic plan.

Among the points raised by the under secretary:

* Decontrol of domestic interest rates.

* Easing of restrictions on capital account and foreign exchange transactions, including limits due to deferred payments for imports and on underlying documentation required for foreign exchange transactions.

* Elimination of direct credit schemes, which the Treasury Department says limits banks' abilities to lend what they see as the most profitable ventures.

* Deregulation of monetary controls to free banks from mandatory purchases to win funding, replacing limits that the Treasury Department says restrict the ability of foreign firms to do business.

* Adoption of "transparent, consistent, and open" regulations.

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