1. BILATERAL/MULTILATERAL ISSUES

PM says trade minister responsible for FTA translation errors [English, CSY]

http://english.yonhapnews.co.kr/national/2011/04/07/14/0301000000AEN20110407007800320F.HTML

Summary: The nation's chief trade negotiator should take the blame for the repeated translation errors found in the Korean-language text of a free trade deal with the European Union (EU), the prime minister said Thursday.  "Officials involved, including Trade Minister Kim Jong-hoon, should take due responsibility for the errors," Kim Hwang-sik said during a parliamentary session.   The National Assembly on Wednesday sent a ratification motion for the South Korea-EU free trade agreement (FTA) back to the government for the second time to give it more time to fix its translation errors in the Korean version of the deal.

USTR urges Congress to move immediately to ratify Korea FTA  [English, OYS]
http://english.yonhapnews.co.kr/news/2011/04/08/0200000000AEN20110408000300315.HTML

WASHINGTON, April 7 (Yonhap) -- The Obama administration Thursday reiterated calls on Congress to move quickly to ratify the pending trade deal with South Korea, defying congressional Republicans who insist on considering the deal together with similar deals with Colombia and Panama.

"Now is the time to pass this agreement so American families can realize the many benefits of the U.S.-Korea trade agreement," Demetrios Marantis, deputy U.S. trade representative, told a hearing of the House Ways and Means Subcommittee on Trade. "Working together, let's get the U.S.-Korea trade agreement done now."

The remarks by Marantis come a day after U.S. Trade Representative Ron Kirk dismissed calls by some Republicans for the administration to present the Korea FTA together with deals with Colombia and Panama.

2. GRAIN & OILSEED ISSUES

Korea to Open Grain Procurement Firm in Chicago [English, CSY,OSY]

http://english.chosun.com/site/data/html_dir/2011/04/08/2011040801145.html

Summary: The government will set up a grain procurement company in Chicago to reduce fluctuations in commodities import prices. The decision follows recent concerns of a potential food crisis as prices of wheat, beans, corn and other commodities soared due to the impact of extreme weather and rising oil prices.   The Ministry for Food, Agriculture, Forestry and Fisheries said in a meeting chaired by President Lee Myung-bak on Thursday it plans to establish an international grain procurement system between 2011 to 2015 that would ensure a stable supply of 4 million tons of beans, wheat and corn, or 30 percent of Korea's annual imports.

3. LIVESTOCK ISSUES

Foot-and-mouth cuts pig stocks by one third [English, CSY]

http://www.koreatimes.co.kr/www/news/biz/2011/04/123_84702.html

Summary: The country’s pig stock has been decimated by the recent foot-and-mouth disease (FMD) outbreak that devastated farms nationwide, government figures show.  Around 7.04 million pigs were being raised at local farms during the first quarter, down 28.8 percent, or 2.85 million animals, from the same period last year Statistics Korea said Thursday. This represents the lowest pig population since the third quarter of 1997, when 7.06 million pigs were raised at local farms, according to the report.

FMD dents demand for Korean beef, pork [English, CSY]

http://www.koreaherald.com/business/Detail.jsp?newsMLId=20110406000581

Summary: About half of Korean consumers cut spending on beef and pork due to concerns over foot-and-mouth disease, which has spread nationwide since November and caused significant damage, a survey conducted by Nielsen Company showed Tuesday.   The survey was conducted on 1,000 internet users in major cities in Korea including Seoul, Daejeon, Daegu, Gwangju and Busan from Feb. 25 to March 4.   About 49 percent of respondents said they decreased local beef and pork consumption while 49.5 percent said they bought local beef and pork as usual.   The FMD has also dampened consumer sentiment even among those who know that FMD has no effect on human beings. Among them, 46 percent said they had no intention of buying beef and pork. Among those who incorrectly believed that FMD could affect human beings, 65.3 percent didn’t intend to buy these meats.

4. MARKETING ISSUES

Jinro and Hite to Merge … New Company will be the Largest Liquor Company in Korea [Korean, OSY]

http://www.yonhapnews.co.kr/economy/2011/04/08/0301000000AKR20110408108351003.HTML?template=2087

Summary: Hite Co., the largest beer company in Korea, and Jinro Co., the largest soju company in Korea, will be merged before September this year, according to the announcement by Hite on May 5.  The new company, Hite Jinro Co., will be the largest liquor company in Korea that has over 2 trillion won of annual sales.  Hite Co. became the largest shareholder of Jinro Co. in 2005, but the Fair Trade Committee did not allow merger during the last five years.  This merger will help both Hite and Jinro to practice more aggressive marketing programs.

5. OTHER MISCELLANEOUS ISSUES

S. Korea checking local meat products for radiation [English, CSY]

http://english.yonhapnews.co.kr/business/2011/04/07/83/0501000000AEN20110407009100320F.HTML

Summary: South Korea has begun checking local meat products for radioactive contamination to alleviate public concerns following the detection of radionuclides in the atmosphere, a state quarantine service said Thursday.  The National Veterinary Research and Quarantine Service (NVRQS) confirmed that it started checking for contaminants in meat produced on the country's east coast, Jeju Island off the southern tip of the Korean Peninsula and along the demilitarized zone that separates South and North Korea.

Korea to contain price hikes of farm products [English, CSY]

http://www.koreaherald.com/business/Detail.jsp?newsMLId=20110407000843

Summary: The government said Thursday that it plans to tackle the recent spike in the price of farm and fisheries products that has contributed to rising inflationary pressure.  The announcement by the Ministry for Food, Agriculture, Forestry and Fisheries came after soaring costs for food helped send growth in consumer prices to a 29-month on-year high of 4.7 percent in March.   Of total gains, prices for farm and fishery goods jumped 14.9 percent on-year. A steep rise in consumer prices can undermine the country’s economic growth momentum.  The ministry said it will focus on controlling prices of 11 products, such as rice, cabbage, garlic, pork, chicken, apples and fish products like saury, pollack and squid, at an economic policymakers meeting chaired earlier in the day by President Lee Myung-bak.

S. Korea to join southeast Atlantic fisheries body [English, CSY]

http://english.yonhapnews.co.kr/business/2011/04/08/60/0501000000AEN20110408002000320F.HTML

Summary: South Korea will join an international fisheries management organization that can ensure steady catches of bottom fish and crustaceans in the southeast Atlantic Ocean, the government said Friday.   The Ministry for Food, Agriculture, Forestry and Fisheries said South Korea will become the seventh full-fledged member of the South East Atlantic Fisheries Organization (SEAFO) starting Saturday.  The ministry said that as a full member, South Korea will be allocated a total allowable catch quota of 230 tons of Patagonian toothfish and 400 tons of red crabs in the 2011-12 period.

Experts of S. Korea, Japan to meet next week over nuclear crisis [English, OYS]

http://english.yonhapnews.co.kr/news/2011/04/08/0200000000AEN20110408006500315.HTML

SEOUL, April 8 (Yonhap) -- South Korea and Japan will hold a meeting of nuclear experts next week to discuss measures to deal with the aftermath of massive radioactive leaks from the Fukushima Daiichi nuclear plant, officials said.

The plant in northeastern Japan has been a focal point of international attention since its reactors went out of control after being hit by the March 11 killer earthquake and tsunami.

S. Korea checking farm products for radiation  [English, OYS]

http://english.yonhapnews.co.kr/news/2011/04/08/0200000000AEN20110408004600320.HTML

SEOUL, April 8 (Yonhap) -- South Korea has started checking local farm products for above-limit radiation levels to alleviate public concerns following the detection of radionuclides in rainwater, a state farm quality control service said Thursday.

The moves came as radioactive particles have been detected in the atmosphere since late last month and in rain that fell on Thursday, the National Agricultural Products Quality Management Service said.

Tap Water Safe from Radioactive Contamination[English, OYS]

http://english.chosun.com/site/data/html_dir/2011/04/08/2011040801078.html

Concerns have risen over tap water being contaminated by radiation after rainfall on Jeju Island on Wednesday and nationwide showers on Thursday. But experts say there is nothing to worry about.

Drinking two liters of tap water and even rainwater from Jeju every day for two years would be equivalent to 1.4 times the radiation exposure from routine x-rays, while minute traces of radiation in tap water would be filtered out during the process of purification.

The Ministry of Environment said Thursday that levels of radioactive cesium-137 and iodine-131 would have no effect on tap water even if they seep into rivers or reservoirs.