Today's Date:  Monday, June 25, 2012

1. BILATERAL/MULTILATERAL ISSUES

After Hundred Days, Free Trade Agreement Brings Many Benefits [Korean, SWY]

http://www.hankyung.com/news/app/newsview.php?aid=2012062109091

Summary: Although, overall export of Korea has decreased by 2%, Korea’s export to United States has grown by 8% overall, only after 100 days. Reduction or elimination of tariff has led to many exporting companies, especially small and middle sized business, to be more competitive in the market either allowing companies to hire more workers or fill in for the high labor cost. FTA is working as an essential part of supporting Korea’s export economy.

Tracing the Origin is the Biggest Task[Korean, SWY]

http://news.hankooki.com/lpage/economy/201206/h2012062121101221500.htm

Summary: Tracing and deciding on the origin is rather a challenging task. Such system is in a very incipient stage and the matter is very technical. Many firms view this as the prime obstacle fairly implementing the terms of agreement in FTA.

2. ECONOMIC ISSUES

Almost No Change in Price of Imported Goods[Korean, SWY]

http://news.hankooki.com/lpage/economy/201206/h2012062202421421500.htm

Summary: There has been increase in export to US, but price o imported goods has rarely changed. Export of such products as car parts has increased by 16.8% and US’s investment to Korea has also increased by more than 200% but change in prices of such popular goods as beef and beer are yet to be seen.

3. LIVESTOCK ISSUES

Inspection on U.S. beef will be eased [Korean: SLK]

http://mbn.mk.co.kr/pages/news/newsView.php?news_seq_no=1207183

 Summary: The Korean government has decided to lift the strict legal measure to inspect U.S. beef which has been in practice for the last two months. MIFAFF announced that opening inspection of the beef will return to its normal rate at 3 percent from the 23^rd. Last April, MIFAFF initiated opening inspection rate from 3 percent to 50 percent instead of restricting the importation of beef related to BSE. Related person said “Even though the inspection measure will be eased we will continue to administer our labeling system.” 

4. MARKETING ISSUES

Total Population of South Korea Exceeds 50 Million [Korean, OSY]

http://news.donga.com/Economy/3/01/20120623/47229923/1

Summary: Korea Statistics Office (KSO) announced that total population of South Korea exceeded 50 million as of 6:36 pm on June 23.  KSO added that the population will continue to grow until 2030, hitting the record high of 52.16 million before being on a decline due to reduced birth rate.