• Trade News
  
  S.KOREAN,U.S.
  FINANCIAL CHIEFS
  DISCUSS NORTH
  KOREA,FTA
•    On Oct. 14, the top financial policymakers of South Korea and the United States met on the sidelines of the Group of 20 Finance Ministers Meeting in Washington D.C.
     Finance Minister Kim Dong-yeon and Treasury Secretary Steven Mnuchin discussed pending issues including North Korea, the bilateral free trade agreement (FTA) and the U.S. report on currency manipulation, according to Seoul officials.
     They expressed concerns over Pyongyang's nuclear and missile
• provocations and agreed to enhance policy coordination to cope with risks related to North Korea.
     They also exchanged views on the ongoing talks to revise the terms of the Korea-U.S. FTA. Earlier this month, Seoul and Washington agreed to begin the process of amending the FTA at Washington's request.
     In their third meeting, Kim also stressed that South Korea does not intervene in foreign exchange markets.

• SEAFOOD EXPORTS UP
  10.9 PERCENT IN FIRST
  THREE QUARTERS OF
  2017
•    Exports of South Korean seafood rose 10.9 percent in the first nine months of 2017 from a year earlier on strong demand for dried laver and tuna.
     The country's outbound shipments of fish, shellfish and seaweed were valued at USD 1.74 billion during the January- September period, up from USD 1.56 billion tallied a year ago, according to the Ministry of Oceans and Fisheries.
     Seafood sales to Japan, the country's largest seafood market, went up 10.2 percent on-year to USD 590 million in
• the nine month period, led by strong sales of dried laver, tuna and oysters.
     China imported USD 290 million worth of South Korean seafood over the period, down 0.2 percent. Despite strong sales of Korean dried laver and cod, exports of squid and fish cake declined in the nation.
     Exports of dried laver, in particular, skyrocketed 50.3 percent to USD 410 million in the first three quarters as China and Japan had a sluggish harvest and prices went up this year, the ministry said.

• Government & Policy
  
  MOON CALLS FOR
  EXPORT-ORIENTED
  ARMS DEVELOPMENT,
  ENHANCED DEFENSE
  CAPABILITIES
•    President Moon Jae-in called for a transformation of South Korea's defense industry to boost its exports, as well as for efforts to develop advanced systems to enhance the country's independent defense capabilities.
     "We must widen our view to the world and form joint communities for defense cooperation with friendly nations," the president said in congratulatory remarks marking the start of the Seoul International Aerospace and Defense Exhibition (ADEX) on Oct. 17.
     "The government will further strengthen its diplomatic efforts to help boost exports by the defense
• industry. I believe our government's efforts will contribute to global peace while also strengthening the defense capabilities of friendly nations," Moon said.
     The president also underscored the country's need to advance its defense systems.
     "Currently, we need the power to make peace more than ever. To this end, we urgently need to secure enhanced capabilities for our own aerospace and defense industries," he said.
     Moon said efforts to enhance the competitiveness of the defense industry will also help improve the livelihood of the people.
  

• S.KOREA TO
  COMPLETE ENERGY
  TRANSFORMATION
  ROAD MAP THIS YEAR
•    On Oct. 12, government officials announced that South Korea will complete an energy road map that shifts its reliance from coal and nuclear power toward natural gas and renewable energy to put more focus on public safety and technology innovation.
     "We will change the energy paradigm toward safe and clean future energy, reflecting global trends and public demand," Paik Un-gyu, minister of trade, industry and energy, said during a parliamentary audit. "We will gradually phase out the nuclear
  
• reactors and make coal-fired thermal power plants more ecofriendly."    South Korea operates 24 nuclear reactors that generate about 30 percent of its electricity, while coal and renewable energy provide 37.5 percent and 6.7 percent, respectively, according to the ministry.
     The ministry said the energy road map will raise the ratio of renewable energy to 20 percent by 2030 by increasing investment in research and development, and supporting related industries.