1. BILATERAL/MULTILATERAL ISSUES

Ratification of KORUS FTA gathers speed … Optimistic of getting it ratified before August [Korean: BYK]

http://news.naver.com/main/read.nhn?mode=LSD&mid=sec&sid1=104&oid=001&aid=0005049930

Summary: The U.S. Administration proposed to hold unofficial discussions about the pending 3 FTAs on May 4^th.  USTR and Congressional specialist began technical discussion on May 5^th.  The speaker for the House expressed his hope to get the FTA ratified before the Congress goes into recess on August 6^th.

Senator Baucus also changes his mind to support the KORUS FTA [Korean: BYK]

http://news.donga.com/3/all/20110506/36970657/1

Summary: The U.S. Administration has begun the working level discussions with the U.S. Congress which is considered as a stepping stone for getting the KORUS FTA ratified.  Senator Baucus who was the strongest barrier for getting the KORUS FTA stated on May 4^th that he supported the KORUS FTA.  However, he said that his support was based on the condition that the Korean beef market would be fully liberalized.  USTR Ron Kirk stated in his letter to Senator Baucus that the United States would request for consultations with Korea for the full application of the Protocol, once the KORUS FTA enters into force.  USDA announced that it would review the plan for providing a support of $10 million as a promotional budget to USMEF in the next 5 years.  A high level U.S. official stated in a teleconference with the press that the United States had not received any new promises from Korea regarding the beef issue and that the statement was a reconfirmation of the beef protocol that was discussed between the two nations in 2008.

Korea-EU FTA ratified [Korean: BYK]

http://news.sbs.co.kr/section_news/news_read.jsp?news_id=N1000908925

Summary: The Korea – EU FTA passed the National Assembly on May 4^th.  The FTA will be implemented on July 1, 2011.  Korea-EU FTA will mean more imports of pork from EU and wine.  The 15% duty on wine will be eliminated immediately, meaning that a bottle of wine that costs in the range of around 30,000 won now will drop to the level of 20,000 won range. 

2. LIVESTOCK ISSUES

MIFAFF announces future plan for livestock industry [Korean: BYK]

http://news.naver.com/main/read.nhn?mode=LSD&mid=sec&sid1=101&oid=001&aid=0005050356

Summary: The Ministry for Food, Agriculture, Forestry & Fisheries announced its plan to improve the livestock diseases control measures as well as enhance the competitiveness of the domestic livestock industry.  The key points of this plan, include: gradual introduction of licensing livestock farming up to 2015; penalizing farmers that did not follow the diseases control instructions for FMD/AI by reducing the compensation by 80% for the culled animals; and cancellation of the license if the farmer fails to report the employment of foreign workers or fumigation, etc.

3. MARKETING ISSUES

E-Mart to Open a New “Traders” Store in Daejun, which Targets COSTCO store [Korean, OSY]

http://www.hankyung.com/news/app/newsview.php?aid=2011050249301&sid=0104&nid=004&ltype=1