Today's Date:   Thursday, November 08, 2012

1. BILATERAL/MULTILATERAL ISSUES

Companies reply that FTA is helpful to their business [Korean: BYK]

http://www.econotalking.kr/xe/index.php?document_srl=68197&mid=market_2010

Summary: The Federation of Korean Industry (FKI) conducted a survey among 250 trading companies about the benefit of the 8 FTAs in place with 45 countries.  62.4 percent of the companies surveyed replied that FTA was helpful in importing and exporting business.  The most successful FTA chosen by the companies surveyed was the ASEAN FTA (34.5%), EU (25.2%) and KORUS FTA (16.3%).

2. LIVESTOCK ISSUES

Japan to Allow U.S. Beef from Under thirty month old cattle [Korean: BYK]

http://news.khan.co.kr/kh_news/khan_art_view.html?artid=201211071345311&code=970203

Summary: The council within the Japanese Ministry of Welfare and Labor provided a policy to alleviate the restrictions for imported beef from “under twenty months” to Under thirty months” in its meeting held on November 6, 2012.  This policy will have an impact on beef being imported from United States, Canada, France and Netherland.  Such alleviation of age restrictions could go into effect as early as the beginning of next year.

Quarter of beef dishes served in school lunches have false COO labels [Korean: BYK]

http://news.naver.com/main/read.nhn?mode=LSD&mid=sec&sid1=102&oid=003&aid=0004813793

Summary: According to the Seoul Health & Environment Research Institute, it collected 109 samples of beef that was being sold for the school lunch program from January to August this year.  It conducted a DNA test and found that 28 samples did not match with the traceability information (15 samples of Hanwoo and 13 samples of Holstein steer).  This is comparable to the 3 percent of non-matching DNA found in beef that was being marketed through the general market.

3. MARKETING ISSUES

Bubbling Convenience Store Industry … Excessive New Store Openings[Korean, OSY]

http://news.donga.com/3/all/20121105/50641978/1

Summary: It is reported that the number of convenience stores in Korea totaled 21,221 at the end of year 2011, up 25 percent from the previous year.  Rapid increase of the stores in the industry has continued this year.  As a result, sales volume and profit level per store have continued a sharp decline since 2008.  Market analysts agree that expansion of the convenience store industry is much faster than what the market can sustain economically.