Korean president apologizes over beef import deal

South Korean President Lee Myung-bak has apologized to his country for pushing through a deal with the United States that allowed unhindered access to the Korean market for U.S. beef exporters.

Controversy has surrounded the deal since it was signed in April, with daily protests in Seoul marring the first few months of Lee's presidency.

In a televised speech, Lee said he catered to U.S. demand on beef imports so that a free-trade deal between the two countries could move ahead. The FTA is considered to have wide-ranging benefits to the Korean economy, but one of the sticking points was Korea's refusal to allow U.S. beef exports over concerns of mad cow disease. Prior to a mad cow outbreak in 2003, Korea was the third biggest market for U.S. beef exports.

With the global economy slowing, Lee said he saw the U.S.-South Korea free-trade agreement as a 'shortcut' to fulfill his promise to boost the South's economy, the Associated Press reported.

In the speech, Lee apologized for not recognizing what the South Korean people wanted, but said he did not want to miss a golden opportunity, referring to the free trade deal. He also said there was little chance the deal would be formally ratified if beef exports to Korea were not allowed. Lee said he will press Washington to restrict by law exports to cattle younger than 30 months, as younger cattle are considered to have less risk of carrying the disease.

It's been a tumultuous few weeks for Lee as a weeklong trucker strike over fuel costs has heaped further problems on his administration. The strike shows no signs of ending, with union officials on Tuesday rejecting a government proposal to partially subsidize diesel prices. 

Source: American Shipper