Today's Date:  Thursday, June 14, 2012

1. BILATERAL/MULTILATERAL ISSUES

Evaluation on ‘South Korea-United States FTA’ [KSH: Korean]

http://beauty.hankooki.com/news/articleView.html?idxno=1172

Summary: KCCI conducted a research about ‘3 months of South Korea-United States FTA, the effect and difficulty’ aimed at 400 export companies of the U.S. and 500 Korean citizens. According to the research, over 50% of companies and citizens were positive about the FTA and its effect. However, small or medium-sized businesses were not as satisfied as major companies or citizens.

A bill to distribute FTA benefit to vulnerable farming sectors [Korean, SLK]

http://www.daejonilbo.com/news/newsitem.asp?pk_no=1009578

Summary: The congressman Hong Moon Pyo initiated ‘A revised bill to support farmers effected by FTA agreement’ on the 13th. The revised bill regulates the trade benefit from FTA to be collected and distributed to agriculture and livestock industries to be utilized as a financial assistance. Hong explained in press meeting in congress “Although the public gets benefit from the agreement, there are farmers and industries that are damaged from it on the other side. We need to find a way for beneficiaries to help the others.”

2. OTHER MISCELLANEOUS ISSUES

The worst drought in recent 34 years arrived in central part of Korea… dreadful damage on garlic and onion harvest. [KSH: Korean]

http://www.hankyung.com/news/app/newsview.php?aid=2012061176691

Summary: KMA reports that precipitation this year; especially around central part of Korea is the lowest in recent 34 years. Related to serious drought, MIFAFF states that garlic, onion, and green onion harvest might be harmed greatly. MIFAFF explains that this is because they grow mostly in central part of Korea and the harvest season of such farm products are approaching. According to such expectation, supply of vegetable will decrease, leading to price inflation.