1. BILATERAL/MULTILATERAL ISSUES

Korea-EU FTA to Drop Retail Price of European Wine in Korea 5 to 15 Percent [Korean, OSY]

http://news.mk.co.kr/v3/view.php?sc=30000017&cm=%B1%E2%BE%F7%A1%A4%B0%E6%BF%B5%20%C1%D6%BF%E4%B1%E2%BB%E7&year=2011&no=407232&relatedcode=&sID=501

Summary: Effectuation of Korea-EU Free Trade Agreement is only a few days away.  Suppliers and importers are reportedly busy adjusting retail price of related goods, reflecting reduction of import tariffs.  Keumyang, a leading wine importer, plans to reduce retail price of its European wines by 11 percent on average.  Other importers have announced similar reduction in retail price. 

Korea-EU FTA will Reduce Cost of Food Expenditure … Belgium Frozen Pork Belly Cut will get Cheaper to 1,000 KRW per 100g … Italian Wine will get 13 Percent Cheaper after FTA [Korean, OSY]

http://news.donga.com/Politics/New/3/00/20110629/38389625/1

Summary: Korea-EU FTA is scheduled to take effect on July 1.  Many imported European products, including agricultural products, will get cheaper in Korea as a result.  For example, pork belly cut meat from Belgium, currently subject to 25 percent import tariff, will get cheaper as the tariff will be phased out over 10 years.  European cheese and wine will also get cheaper.  36 percent of import tariff on cheese will be phased out over 15 years, and 15 percent import tariff on wine will be removed immediately.

2. MARKETING ISSUES

Sales Promotion of Local Fresh Blueberries in E-Mart [Korean, OSY]

http://news.donga.com/Economy/New/3/01/20110627/38357151/1

CJ to Become the Largest Logistics Service Company in Korea … CJ Won Bid for Daehantongwoon [Korea, OSY]

http://news.donga.com/Society/New/3/03/20110629/38389791/1

Summary: CJ won the bid for Daehantongwoon, the largest logistics service company in Korea.  CJ offered 215,000 won per share, much higher than market price, in the bid, beating the contender POSCO-Samsung consortium who offered 191,500 won per share.  CJ already owns CJ GLS, the second largest logistics service company in Korea.  

3. OTHER MISCELLANEOUS ISSUES

Jeju Island to Have Its Own Beer [Korean, OSY]

http://news.donga.com/3/all/20110607/37832951/1

Summary: Jeju province is putting efforts together to create the first beer made in the island.  The project, that will cost the provincial government 32 billion KRW of funds, aims to commercially launch a high quality beer by 2013.  Barley for the beer will be local Jeju origin, according to the Jeju beer research center.  Boris Mezones, a Spanish brew master hired for technical consulting, says Jeju beer will be quite unique in taste due to the clean water of the island.  The first prototype product developed by the research center is scheduled to be tasted in July 2011.