Today's Date:   Wednesday, October 31, 2012

1. BILATERAL/MULTILATERAL ISSUES

Korea-EU free trade deal benefits both sides[English, BYK]

http://nwww.koreaherald.com/view.php?ud=20121029000846

Summary: The free trade agreement between Korea and the EU was signed on Oct. 15, 2009, and came into force on July 1, 2011.  Under the FTA, the EU agreed to eliminate or phase out tariffs on 96 percent of goods, and Korea for 99 percent of goods, within three years. Within five years, 98.7 percent of imports would be tariff-free.  Beside tariff reduction, the FTA brings reductions in non-tariff barriers to market access, including elimination of quotas, standardization of product specifications, agreements on simplified product testing, and others. Finally, the FTA harmonizes the countries’ rules for business operation, including the use of intellectual property, treatment of workers, and liberalization in cross-country financing and market access.

2. GRAIN & OILSEED ISSUES

[Editorial] Looming food crisis[English, BYK]

http://nwww.koreaherald.com/view.php?ud=20121029000525

Summary: As international cereal prices continue to rise, the Ministry for Food, Agriculture, Forestry and Fisheries has come up with a plan to increase the production of winter cereals, such as wheat and barley, and coarse fodders.  The ministry’s response calls for increasing the sown areas of winter grains and roughage from 250,000 hectares last year to around 300,000 hectares this year using farmland that lies idle in winter. The ministry seeks to boost the self-sufficiency rate of wheat from 2 percent to more than 6 percent and that of barley from 18 percent to around 27 percent. The target for coarse fodders is 87 percent, up from the current 81 percent.

3. MARKETING ISSUES

Foreign Travelers Transferring in Inchon Airport Are Allowed to Enter Korea Without Visas for up to 12 Hours … Likely to Boost Quick Shopping in Seoul [Korean, OSY]