Today's Date:      Thursday, March 8, 2012

1. BILATERAL/MULTILATERAL ISSUES

Democratic United Party states that it is still their position to ask for renegotiations of the KORUS FTA [Korean: BYK]

http://www.asiae.co.kr/news/view.htm?idxno=2012030811003581258

Summary: The Head of the Policy Committee within the Democratic United Party asserted that it was still the party’s policy that there is a need to renegotiate the KORUS FTA.

2. LIVESTOCK ISSUES

New Taiwanese Administration to face protests for allowing ractopamine used in U.S. beef [Korean: BYK]

http://news.donga.com/3/all/20120307/44599918/1

Summary: Taiwan is at the verge of facing a protest against U.S. beef as the new Prime Minister Ma Ying Jeou that will take over the power in May has announced that it would conditionally allow the import of U.S. beef that contains ractopamine, which is allowed to be used in the United States, Korea and Japan but banned in Taiwan and EU.  The new administration has made this decision after hearing that it would be a precondition for resuming the trade talks between the United States and Taiwan which has been suspended since 2007.

Korea bans import of Taiwanese poultry due to HPAI outbreak [Korean: BYK]

http://sbscnbc.sbs.co.kr/read.jsp?pmArticleId=10000405779

Summary: MIFAFF has banned the import of poultry products from Taiwan after the outbreak of HPAI in Taiwan.  Products subject to the ban will be those poultry products that were produced on December 7, 2011 or after.

3. MARKETING ISSUES

Taiwanese Government Faces Backfire after Announcing Easing of Import Regulation on U.S. Beef [Korean, OSY]

http://news.donga.com/Inter/New/3/02/20120307/44599918/1

Summary: Taiwanese government announced on March 5 that it would allow American beef from cattle fed Lactopamin, a feed additive banned for use in some countries including Taiwan, China, and EU.  Easing of the import regulation was a condition required by the U.S. in resuming a bilateral trade negotiation, which stopped since 2007.  However, the announcement of Taiwanese government has met strong oppositions from the opposition parties as well as consumer NGOs.  A protest participated by some 20,000 people is scheduled to take place on March 8.

‘www.11st.co.kr’, a Leading Internet Open Market, Offers COSTCO Products [Korean, OSY]

http://www.newswire.co.kr/newsRead.php?no=607864&ected=

Summary: ‘11st Street (www.11st.co.kr)’, a leading internet open market in Korea, announced on March 8 that it had launched a page in the site that offers some 400 COSTCO products.  Unlike the conventional COSTCO stores, shoppers do not need to join the COSTCO membership and can pay with many different credit cards.

The Amount of Japanese Seafood Tested Positive for Radioactivity Increases Sharply This Year, Korean Customs Office [Korean, OSY]

http://www.yonhapnews.co.kr/economy/2012/03/08/0301000000AKR20120308028300002.HTML?template=2087

4. OTHER MISCELLANEOUS ISSUES

Saenuri Party decides on nominating Mr. Woon Chun CHUNG, former Minister for Agriculture [Korean: BYK]

http://www.hani.co.kr/arti/politics/assembly/521032.html

Summary: The Saenuri Party announced that it was nominating Mr. Woon Chun CHUNG, former Minister for Agriculture as its candidate for the upcoming general elections.  Mr. Chung resigned after taking up the responsibility for the protest against U.S. beef in 2008.

Detection of radiation in Japanese fishery imports on rise [English, CSY]

http://english.yonhapnews.co.kr/business/2012/03/08/34/0501000000AEN20120308001800320F.HTML

Summary: South Korea is more frequently finding radioactive materials in fishery products from Japan but has no immediate plans to ban imports as their levels are far below the maximum intake limits, the quarantine office said Thursday.  In the first two months of the year, the country has detected traces of radioactive materials, such as cesium, in 32 separate shipments of fisheries products from Japan, according to the Animal, Plant and Fisheries Quarantine and Inspection Agency.   The figure represents an over 50 percent increase from 21 cases detected in the nine months of last year since the meltdown of a reactor and resulting radiation leak at Japan's Fukushima nuclear power plant in March. The worst nuclear accident in Japan's history was caused by a powerful earthquake and tsunami.  Seoul has since checked all fisheries imports from Japan for radiation but has never blocked shipments. The quarantine office said it has no immediate plans to do so.

BAT to lowers cigarette price to counter sales drop [English, CSY]

http://english.yonhapnews.co.kr/business/2012/03/07/0501000000AEN20120307002000320.HTML

Summary: British American Tobacco (BAT) will lower the price of its Vogue brand cigarettes to counter a sharp sales drop in the South Korean market, local sources said Wednesday.  The company increased the price of its Vogue and Dunhill cigarettes to 2,700 won (US$2.4) per pack in late April 2011, but said it will lower prices to 2,500 won as of Monday, sources in the tobacco industry said.

5. MIFAFF PRESS RELEASES

► National Agricultural Products Quality Service to provide a support of 17.5 billion won ($15 million) for standardization of agricultural products being sold in the market.

► MIFAFF to create an investment fund for small sized agricultural and food companies.

► MIFAFF designates 50 agricultural companies as tentative social companies that will help create new jobs and provide services to the elder people in the rural sector.

► MIFAFF to provide low-interest loans to fishery farms

► MIFAFF targets at increasing exports of ag. Equipment to $1 billion by 2015

► MIFAFF hopes to enhance competitiveness of horticultural farms by increasing fundaments for the horticultural industry

► Korea agrees to resume its export of oyster to Hong Kong after being shut off for the past 10 years, after findings of Norovirus in 2001.

► MIFAFF to put full efforts in trying to prevent the outbreak of HPAI during the period March ~ May when the bird that migrated to the South returns

► MIFAFF to revise its calf price stabilization program to maintain appropriate level of calf inventory

► Korean farmers to overcome the big tidal wave of KORUS FTA through cooperation with small to mid-sized companies.

► Universities to develop and supply environmentally friendly farming technology to the rural area