1. BILATERAL/MULTILATERAL ISSUES

 

Implementation Of KORUS FTA May Be Delayed: Trade Minister [English, MGF]

http://tbsefm.seoul.kr/eNews/news.do?method=efmNewsInfo&n_idx=54209¤tPage=5

Summary: Trade Minister Kim Jong-hoon says the Korea-US FTA may take effect behind schedule. Speaking at a forum in Seoul this morning, Minister Kim said both countries may need more time to complete the procedures of the trade pact. The two countries have previously set a target for the pact to take effect on January 1st. The minister said the exact time table will be determined in about two weeks time.

 

Closer look at the impact of the recently approved Korea-US Free Trade Agreement [English, MGF]

http://world.kbs.co.kr/english/program/program_economyplus_detail.htm?no=3109

 

Hong: Additional Measures to Address Losses from FTA Under Review [English, MGF]

http://world.kbs.co.kr/english/news/news_Po_detail.htm?lang=e&id=Po&No=86407¤t_page=2

Summary: Ruling Grand National Party (GNP) Chairman Hong Joon-pyo says additional measures are under review to protect the agro-fisheries and the livestock industries after the South Korea-U.S. free trade agreement takes effect.

 

Effectuation of KORUS FTA May be Delayed [English, MGF]

http://world.kbs.co.kr/english/news/news_Ec_detail.htm?lang=e&id=Ec&No=86424¤t_page=

Summary: Trade Minister Kim Jong-hoon suggests the Korea-U.S. free trade agreement may go into effect later than expected as both countries will need more time to prepare for its implementation.   After attending a lecture hosted by the Korea Medium Industries Association Thursday, the minister told reporters that the trade deal may go into effect behind schedule as the end of the year nears.  Kim said both South Korea and the U.S. want to wrap up discussions on the implementation of the trade deal and put it into effect by January first. However, the minister added the two sides will take the time to work out any issues in the deal even if they miss the deadline.

 

2. ECONOMIC ISSUES

 

Korea's Trade Dependency With US Hits All-Time Low  [English, MGF]

http://tbsefm.seoul.kr/eNews/news.do?method=efmNewsInfo&n_idx=54257¤tPage=1

Summary: Korea's dependency on trade with the United States has hit an all-time low. According to data from the Bank of Korea and the Korea Customs Service, the country's trade dependency on the US was 9.3 percent as of October--the lowest since related data was first compiled more than two decades ago. The figure is less than one-third the amount recorded in the early 1990s.

 

Parliament Fails To Approve Next Year's Budget  [English, MGF]

http://tbsefm.seoul.kr/eNews/news.do?method=efmNewsInfo&n_idx=54250¤tPage=1

Summary: The National Assembly will, once again, likely miss the legal deadline to approve next year's state budget bill. The parliament's budget review committee is scheduled to convene a sub-panel meeting today, however, sources say it is unlikely that the bill will be passed due to delays. Members of the sub-panel have failed to meet since November 22nd after Democratic Party members issued a boycott of all assembly procedures following the ratification of the Korea-US free trade bill.

 

(Report) SERI Forecasts Slower Economic Growth For Korea In 2012  [English, MGF]

http://tbsefm.seoul.kr/eNews/news.do?method=efmNewsInfo&n_idx=54238¤tPage=3

Summary: The Samsung institute's research suggests that Korea's economy will fall to a 3.6 percent growth rate as the nation's exports slow down next year. This will be an inevitable side-effect of the ongoing sovereign debt problems in the eurozone. SERI also expects the global economy to grow at a slower 3.5 percent, with major developed economies expected to tighten their fiscal spending next year. As a result, Korea's export-driven economy will take a hit as demand abroad falls. Factors such as decreasing domestic demand, increasing consumer prices and large household debt will also contribute to the slowdown. To ensure that these issues do not persist, the institute recommended that the government prioritize price stability through interest rate adjustment and helping low-income households secure stable jobs.

 

3. MARKETING ISSUES

 

International Sugar Price Stabilizes … Korean Table Sugar Processors Likely to Reduce Losses [Korean, OSY]

http://www.hankyung.com/news/app/newsview.php?aid=2011120194841&sid=0104&nid=004<ype=1

Summary: International sugar price in New York Commodity Exchange Market marked $23.69/lb on Nov. 30, down by $2.08 from one month before and by $8.43 from the year high recorded earlier in January.  Hikes of international sugar price over the year have resulted significant amount of losses to Korean table sugar processors.  Market analysts forecast that local processors will see better business performance in the coming months.

 

Busan New Container Terminal (BNCT) to Operate Automated Container Handling System [Korean, OSY]

http://www.yonhapnews.co.kr/economy/2011/12/01/0318000000AKR20111201167200051.HTML

Summary: Busan New Container Terminal (BNCT), located in the Busan New Port, gave a press demonstration of the Automated Container Handling System on Dec. 1.  The system offers fully automated handling  of cargo containers in the dock, eliminating the service of container carrier trucks, which reduces loading or unloading time by 20 percent.  The BNCT will start operation on January 1, 2012 and can service four 50,000 ton containerships at the same time.

 

4. NORTH KOREA ISSUES

 

Gov't Confirms Transparent Distribution of Flour Aid in NK [English, MGF]

http://world.kbs.co.kr/english/news/news_Po_detail.htm?lang=e&id=Po&No=86397¤t_page=2

Summary: The Unification Ministry has confirmed that flour aid for North Korean infants was well distributed.

 

5. OTHER MISCELLANEOUS ISSUES

 

Tomatoes Recalled In US Over Possible Salmonella Contamination [English, MGF]

http://tbsefm.seoul.kr/eNews/news.do?method=efmNewsInfo&n_idx=54255

Summary: A produce company in the United States is recalling its tomatoes for possible salmonella contamination. Front Row Produce is recalling its 10-ounce pint and 10-pound bulk grape tomatoes supplied by Rio Queen Citrus of Mission, Texas. The tomatoes were distributed to foodservice distributors and retail stores in the states of Missouri and Illinois. The contamination was discovered during random testing. So far, no illnesses have been reported.

 

Busan Aid Forum Calls for Shift from 'Effective Aid' to 'Effective Development' [English, MGF]

http://world.kbs.co.kr/english/news/news_Po_detail.htm?No=86437&id=Po

Summary: The Fourth High Level Forum on Aid Effectiveness has ended in the nation’s southern port city of Busan. Representatives from about 200 countries, international organizations and civic groups held a plenary session and adopted the Busan Declaration on Thursday. The declaration urges countries to shift their focus in international aid policy from "effective aid" to "effective development." It also calls on developed countries, emerging nations and private organizations to become aid providers.

 

Deadlocked National Assembly misses 2012 budget deadline [English, MGF]

http://www.koreatimes.co.kr/www/news/biz/2011/12/113_99989.html

Summary: The National Assembly missed the deadline for next year's budget bill on Friday, as widely expected, with the protracted standoff between rival parties continuing following the ruling party-led parliament's ratification of the free trade deal with the U.S. late last month.  Korean law obliges the unicameral parliament to pass the annual budget bill by Dec. 2 to allow 30 days of preparation for the bill's implementation. Rival parties, however, have failed to meet the cut-off date every year except in 2002, when the presidential election was held in late December.