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November 7,2011
2011.11.07
Ratification of FTA Postponed [English, MGF]
http://www.koreatimes.co.kr/www/news/nation/2011/11/116_97953.html
The passage of the long-pending Korea-U.S. free trade agreement (KORUS FTA) at the National Assembly was postponed Thursday after a scheduled plenary session was cancelled when the opposition showed no signs of backing down from its position. The next parliamentary session is scheduled for Nov. 10.
Presidential Office Calls For Swift Approval Of Trade Pact With U.S. [English, MGF]
http://www.tbs.seoul.kr/eNews/news.do?method=efmNewsInfo&n_idx=52818¢´tPage=2
The presidential office has urged the National Assembly to ratify the free trade agreement with the United States in a democratic manner by putting it to a vote. A Cheong Wa Dae official, asking to remain anonymous, says the only democratic way to deal with the issue would be to put it to a vote in accordance with the National Assembly act. The trade pact has been one of the most contentious issues that has plagued Korea's parliament for months. Opposition parties claim that the deal lost balance after last year's revision and now favors the U.S.
S. Korea's Trade Surplus With EU Narrows Under Free Trade Deal [English, MGF]
http://www.tbs.seoul.kr/eNews/news.do?method=efmNewsInfo&n_idx=52813¢´tPage=2
Korea to Join $1 Trillion Dollar Trade Nations Soon [Korean, OSY]
http://news.donga.com/Economy/MoneyT/3/0102/20111107/41680161/1
Summary: According to the Ministry of Knowledge & Economy, total amount of international trade (import and export combined) of Korea this year is likely to mark $1 trillion dollar around the first week of December, which will make Korea the 9th country in the world to join the $ 1 trillion dollar trade nations. In particular, Korea has made a robust export growth over the years. Between 1971 and 2010, Korea has achieved a 16.9 percent annual export growth on average. Market analysts point out that Korea needs more FTAs to further expand the international trade.
Per Capita Income of Koreans to Mark a Record High $24,000 This Year [Korean, OSY]
http://www.hankyung.com/news/app/newsview.php?aid=2011110619611&sid=0101&nid=002
Cow in Andong Tests Negative for Foot-and-Mouth Disease [English, MGF]
http://world.kbs.co.kr/english/news/news_Dm_detail.htm?lang=e&id=Dm&No=85771¢´t_page
Paris Baguette (Bakery Shop Chain) Marks 3,000 Stores in Korea [Korean, OSY]
http://www.hankyung.com/news/app/newsview.php?aid=2011102592991&sid=0104&nid=004
Summary: Paris Baguette, the leading bakery shop chain in Korea, announced that the number of stores under the chain marked 3,010 at the end of September, up 294 from the year end 2010. The company started the franchise business in 1986, so each year it has added 120 stores on average.
¡°Coffee Market in Korea is Far from Being Saturated¡±, Darrel Kim, Starbucks Asia Director [Korean, OSY]
http://economy.donga.com/Top_Feed/3/0113/20111107/41678092/3&top=1
S. Korea To Export Tomatoes, Grapes To N. America In 2012 [English, MGF]
http://www.tbs.seoul.kr/eNews/news.do?method=efmNewsInfo&n_idx=52808¢´tPage=3
Korea will export tomatoes and grapes to the North American market starting in 2012 after meeting quality control and quarantine safety requirements. The farm ministry's Animal, Plant and Fisheries Quarantine and Inspection Agency says negotiations with the United States to ship tomatoes were successfully concluded last month. The agency adds that actual product shipments will take place in May. The QIA says talks with Canada to ship grapes were completed in August, although the fruit will not reach the country until next year.
Study Shows Kimchi Effective at Eliminating Body Fat [English, MGF]
http://world.kbs.co.kr/english/news/news_Dm_detail.htm?lang=e&id=Dm&No=85747¢´t_page=
New research shows that the staple Korean dish kimchi could help you lose weight. The study explains that kimchi contains an enzyme that is effective at breaking down fat in the body. It noted that fermented kimchi is more effective than freshly made kimchi when it comes to eliminating fat.
¡°Korean Frozen Oyster May Cause Food Poisoning¡±, FDA Announces Consumer Warning [Korean, OSY]
http://economy.donga.com/3/0113/20111107/41678186/3
The information in this report was compiled by the Agricultural Trade Office (ATO) at the U.S. Embassy in Seoul, South Korea. The press summaries contained herein do NOT reflect USDA, the U.S. Embassy, or other U.S. government agency official policy or view point. U.S. food exporters can learn more about market opportunities in South Korea by reviewing ATO Seoul¡¯s Exporter Guide and other reports available at www.fas.usda.gov by clicking on ¡°attaché reports¡±.
Agricultural Trade Office, U.S. Embassy - Seoul
Tel: 82-2-6951-6848 Fax: 82-2-720-7921
Email: atoseoul@state.gov