1. BILATERAL/MULTILATERAL ISSUES

ROKG withdraws KORUS FTA Bill [Korean: BYK]

http://www.ktv.go.kr/ktv_contents.jsp?cid=381403

Summary: The Korean government held a cabinet meeting and decided to withdraw the KORUS FTA bill that has been pending at the National Assembly.  The government will correct the mistranslations found in the originally proposed bill and resubmit it to the National Assembly for ratification.  The Government plans to complete the retranslation in May 2011.

Floor leader for GNP states that he will try his best to pass the Korea-EU FTA bill on May 4th [Korean: BYK]

http://www.asiae.co.kr/news/view.htm?idxno=2011050210142449121

Summary: Floor leader Moo Sung Kim for the ruling Grand National Party stated that he will do his best to pass the Korea-EU FTA in May.  He explained that he hopes to pass the bill on May 4^th, which was the day proposed by the opposition party.

2. LIVESTOCK ISSUES

NVRQS to test for formalin in milk products [Korean: BYK]

http://www.nongmin.com/article/ar_detail.htm?ar_id=187021&subMenu=articletotal

Summary: NVRQS to check for residues of formalin in drinking milk products.  Formalin is a substance that is not permitted for use in milk products.  NVRQS will collect samples from all 4 major milk producers in Korea and plan to complete the test by May

3. MARKETING ISSUES

Absolut Elyx to hit shelves in September

http://www.koreatimes.co.kr/www/news/biz/2011/04/123_86124.html

Korean whisky market up for 'premiumization'

http://www.koreatimes.co.kr/www/news/biz/2011/04/123_86125.html

The chief executive officer of Pernod Ricard said Thursday that the French-based global company sees the Korean market as mature for its diverse premium spirits. “The strategy is to go for premium products,” said Pierre Pringuet during an exclusive interview with The Korea Times in a Seoul hotel. Pringuet coined the word “premiumization.” He said Korea is already consuming a growing volume of premium and super-premium products, so the company is ready to satisfy those customers with various products and new spirits. The bureaucrat-turned-businessman said that Korea is one of the key markets in Asia for the world’s leading liquor company.“Korea is probably one of the top six countries for our products. When you include duty free, it probably is one of the top five,” he said. Franck Lapeyre, CEO of Pernod Ricard Korea agreed with him, saying that the Korean unit will focus more on premium brands. “If you look at premium whisky segments, which are 17-year-olds and 21-year-olds, these segments are growing. They are growing by double digits,” he said.

Korea to designate small-firm-only biz

http://koreatimes.co.kr/www/news/biz/biz_view.asp?categoryCode=123&newsIdx=85728

Korea’s large corporations may have to quit businesses such as tofu and red-pepper paste as the government is set to come up with a list of markets suitable for just smaller firms.The Commission on Shared Growth for Large and Small Companies (CGS) held a hearing Friday to decide what items will be included in the list for smaller companies with the aim of wrapping up the work as soon as possible. According to sources markets whose size are between 100 billion and 1.5 trillion won as well as those involving more than 10 small-sized firms would meet the requirements for small-firm-only businesses. The general expectations are that traditional foods, sauces, tofu, tire recapping and metal crafts would make it to the final list.