Translation of Korean literature into foreign languages involves a Korean translator working together with a native foreign translator. In many cases, the Korean translator, who is supposed to have a full knowledge of the source text language and culture, is in charge of understanding the original text, while the native foreign translator is in charge of the re-creation process. As mentioned by Albrecht Neubert, the five parameters of translational competences are (1) language competence, (2) textual competence, (3) subject competence, (4) cultural competence, and (5) transfer competence. Of the five, the most crucial part is the last parameter, as transfer skills integrate the knowledge of language, text, subject and culture with the sole aim of satisfying transfer needs. But in the actual co-translation system there is no clear mention about which one of the two co-translators will be in charge of the transfer task. Much of the criticism focused on the co-translation system is due to this point. This study tries to make clear that the transfer process must be done by both co-translators working together. Furthermore, the study discusses the competences required by the translators, the actual situation of co-translation system as regards to Korean literature and the steps that need to be taken in order for the translation to be a `real` co-translation in every sense of the word.