Today's Date:   Monday, November 19, 2012

1. BILATERAL/MULTILATERAL ISSUES

Korea, China and Japan to Announce the Launching of Trilateral FTA Negotiations in Phnom Penh [Korean: BYK]

http://news.khan.co.kr/kh_news/khan_art_view.html?artid=201211191301311&code=920100

Summary: The Trade Minister from Korea, China and Japan will hold a trilateral trade Minister meeting in Phnom Penh on November 20^th and will announce the launching of the FTA negotiations among these three nations.

2. LIVESTOCK ISSUES

Hanwoo beef sales outpace imported beef sales [Korean: BYK]

http://www.mdtoday.co.kr/mdtoday/index.html?no=209041

Summary: According to Mega Mart, their sale portion of Hanwoo beef in 2012 accounted for 58 percent of their beef sales versus 42 percent of imported beef sales.  This is comparable to 45:55 sales ratios between Hanwoo beef and imported beef in 2011 and 49:51 in 2010

3. MARKETING ISSUES

Products Sold on Internet Required to Provide Country of Origin and Shelf Life [Korean, OSY]

http://news.donga.com/3/all/20121118/50938249/1

Summary: Fair Trade Committee (FTC) announced on November 15 that food products sold on Internet will be mandated to disclose detailed information, including country of origin, shelf life, use of GMO ingredients, and nutrition.  FTC commented that strengthened disclosure of product information should help the consumers make optimum purchase decision.

Drought and Flood in Key Wine Regions Likely to Reduce Wine Production in Europe … Wine Price would Also Surge [Korean, OSY]

http://www.hankyung.com/news/app/newsview.php?aid=2012111658011

Summary: Market Watch reported on November 15 that poor harvest due to drought and flood would increase the price of European wine this year.  French Department of Agriculture has forecast that wine grape harvest would decline 20 percent this year.  Price of Spanish wine concentrate has surged 40 percent recently from 1,500 euro to 2,100 euro per metric ton.

Foreign Visitors to Korea to Mark 10 Million Soon This Year [Korean, OSY]

http://news.mk.co.kr/newsRead.php?year=2012&no=758987

Summary: Ministry of Culture & Tourism reported that total number of foreign visitors to Korea this year will mark 10 million within November, up 14 percent from last year.  Chinese visitors are forecast to show the largest growth rate, from 2.2 million last year to 2.9 million for the year. 

4. OTHER MISCELLANEOUS ISSUES

Report in Food News (On Line Food News Edition)[Korea, OYS]

Resumption of Oysters is befogged…Re-audit Dates Unclear [Korean: BYK]

http://news.naver.com/main/read.nhn?mode=LSD&mid=sec&sid1=101&oid=001&aid=0005941617

Summary: FDA has not sent the plan for henceforward, including the re-audit dates for the oyster production area, and the result of the reassessment about the lifting of recall on canned oyster products.  The Deputy Director at MIFAFF said that MIFAFF was in the process of trying to find out the situation as the things that were supposed to be notified are missing.  MIFAFF plans to send the information pertaining to the additional recommendations and the changing of the designated waters within this week. 

Revision to Retail Industry Act may Further Restrict Large-scale Retailers [Korean, OSY]

http://www.hankyung.com/news/app/newsview.php?aid=201211164800g

Summary: Draft of revision to Retail Industry Development Act has passed the review of National Assembly committee on November 15.  Revision includes mandatory store closings for minimum three days per month and closing of stores from 10:00 p.m. to 10:00 a.m. next morning. 

GS25 Opens a Record Big Lunch Box Plant [Korean, OSY]

http://www.yonhapnews.co.kr/economy/2012/11/16/0318000000AKR20121116047200003.HTML

Summary: GS25, a leading convenience store chain, announced on November 16 that it had opened a record big lunch box processing plant in Echon, Gyunggi-do.  The plant has a capacity to supply a wide variety of lunch box products to 4,000 convenience stores every day.