1. BILATERAL/MULTILATERAL ISSUES

No Need to Ratify the KORUS FTA As If Chasing a Deadline  [English: BYK]

http://english.khan.co.kr/khan_art_view.html?artid=201110191155587&code=790101

Summary: The sight of the government and Grand National Party (GNP) trying to rush the ratification of the KORUS FTA following the ratification of the agreement last week by the US Congress has been quite the spectacle. While appearing to imply that failure to ratify the agreement quickly will lead to a calamity, despite resistance from the opposition, civic society, farmers and small and medium-sized merchants, the government and ruling party are now revealing dictatorial thoughts of railroading the ratification in October, even if they have to mobilize physical force.  Yesterday, GNP chairman Hong Joon-pyo said he would get the agreement passed in a single stroke, revealing his intent to pass the ratification bill after the October 26 by-election. This apparently means that he intends to simply render opposition forces powerless.  Not only should the KORUS FTA not be passed this way; neither is there any need for it to be. The intention of the government and GNP rushing to pass the agreement in October as if there were some kind of time limit on it is clear.

Prime Minister States that asking for renegotiation of the KORUS FTA is asking to discard the whole deal [Korean: BYK]

http://polinews.co.kr/viewnews.html?PageKey=0101&num=136652

Summary: The Prime Minister in his address to the National Assembly said that it was the firm position of the ROKG that a renegotiation of the KORUS FTA is not an option and asked the assembly to ratify the bill in October.  He also added that if the ratification gets delayed any further then it may cause problems in implementing the bill as of January 1, 2012.  The Prime Minister also told the assembly that efforts to come up with compensation measures among the two parties and the government was imminent.

2. LIVESTOCK ISSUES

MIFAFF Minister states that ROKG cannot expand the beef import market if the people oppose it [Korean: BYK]

http://news.khan.co.kr/kh_news/khan_art_view.html?artid=201110172140515&code=920501

Summary: The Minister of MIFAFF stated in a discussion with the press corps that “if the people say that they won’t allow import of U.S. beef over 30 months than it means that we can’t allow it.  If the United States pushes for further market opening against the people’s will, then it could be met with consumers’ backlash.”  He explained that the KORUS FTA and U.S. beef issues are two separate issues.  However, USTR had mentioned that it would be asking Korea for a full market liberalization in May.  He said that “the import of U.S. beef is currently increasing but if the consumers hear that beef from over thirty month old cattle are going to come in, they will be reacting sensitively.  The United States is well aware of this.  Would the United States do something that would result in suffering losses?”  He added that “even if the United States comes and makes this request, if the consumers’ confidence has not recovered, we don’t have to open up the market further.”  As for additional compensation measures for the farmers in preparation for the ratification of the KORUS FTA, he explained that the joint task force composed of the ROKG, ruling and opposition party was getting very close in reaching a consensus on the compensation measure and expected that the consensus could be reached after holding a couple of more meetings.

RDA developes new processed pork products to cope with unstable supply and demand situation in the pork market [Korean: BYK]

http://www.mdtoday.co.kr/mdtoday/index.html?no=168161

Summary:   According to a survey, the preference for pork bellies and boston butt among Korean consumers is 93 percent.  However, the ratio of pork bellies in one pork carcass is only 9.3 percent, which is resulting in a shortage in popular cuts but an oversupply in lean cuts.  The Rural Development Administration (RDA) hopes to mitigate this problem by introducing new processed pork cuts made from unpopular cuts.

3. MARKETING ISSUES

Value of Korean Won Rises Sharply Against U.S. Dollar as Korea-Japan Agree to Expand Currency Swap Program to $70 Billion [Korean, OSY]

http://www.hankyung.com/news/app/newsview.php?aid=2011101943521&nid=010&sid=01061005

Summary: The exchange rate of Korean won declined (value strengthened) by 13.71 won to mark 1,131.90 won per $1 USD  on October 19 after Korea - Japan summit meeting announced that they had reached an agreement to increase the currency swap program to $70 billion USD.  The program allows both countries to increase US dollar reserve by agreed amount under emergency situation.  Market analysts forecast that the value of Korean won is likely to gain additional strength in the coming months.

http://www.yonhapnews.co.kr/economy/2011/10/20/0302000000AKR20111020041900017.HTML?template=2088

Summary: Korea Food & Drug Administration announced on October 20 that it had developed a genetic test tool that could identify products made of false ingredients.  The tool is based on DNA analysis and can be applied to 22 key food ingredients for now, including beef,  pork, onion, radish, squid, and pasta, according to KFDA.  For example, the tool can detect if a jar of diced garlic contained radish ingredient.  KFDA plans to expand the tool to additional ingredients.

Home Plus to Invite 2,000 Consumers to Its Wine Tasting Event [Korean, OSY]

http://www.yonhapnews.co.kr/economy/2011/10/20/0318000000AKR20111020047800003.HTML

Summary: Home Plus, the second largest hypermarket chain in Korea, is hosting a wine tasting event on October 20.  The event, held in Grand Hyatt Hotel, invites 2,000 regular consumers who have purchased wine at Home Plus store.  About 20 wineries from 7 countries will have a tasting booth in the event, offering a wide variety of wines that are currently or soon sold in Home Plus stores.