Today's Date:   Tuesday, November 26, 2012

1. BILATERAL/MULTILATERAL ISSUES

KORUS FTA was Buttress for Exports to the United States [Korean: BYK]

http://www.ytn.co.kr/_ln/0102_201211271151567504

Summary: The KORUS FTA, 6 months after its implementation, has been the buttress for exports to the United States.  According to KITA, Korean exports to China and EU had dropped due to the slowdown in world-wide economy during the past 6 months.  However, exports to the United States increased by 2.9 percent over the same period in 2011.  However, the ratio of exports that actually benefited from lower duties coming from KORUS FTA was only 24.1 percent, compared to an average of 31.1 percent for other countries that have established FTAs with the United States.

National Headquarter for Stopping KORUS FTA Demands Renegotiation of the KORUS FTA [Korean: BYK]

http://news1.kr/photos/304648

Summary: A group of people belonging to the National Headquarter for Stopping KORUS FTA gathered in front of the City Hall yesterday and demanded that the KORUS FTA be renegotiated and that the ISD be abolished.

2. GRAIN & OILSEED ISSUES

Pop rice to be introduced [Korean: BYK]

http://www.foodnews.co.kr/news/articleView.html?idxno=42731

Summary: A small food company has developed a “popped rice” to substitute popcorns as a snack food.  The price is expected to be about twice as high as pop corns but the company hopes to gain market share due to the wellbeing trend among consumers.

3. LIVESTOCK ISSUES

MIFAFF to hold international symposium on FMD form Nov 28-29 [Korean: BYK]

http://www.foodnews.co.kr/news/articleView.html?idxno=42741

Summary: MIFAFF will hold an international symposium on FMD as part of its efforts to become eligible as being FMD free country.  The two day symposium will take place in Seoul Education & Cultural Center in Yangjae-dong.  Guest speakers include the Chairman of OIE’s Science Committee Gideon Bruckner, representatives from Japan, PRC. Taiwan, Mongolia, etc.

Australian beef is a supplement to Hanwoo beef [Korean: BYK]

http://news.hankooki.com/lpage/economy/201211/h2012112702313721500.htm

Summary: The President of Meat & Livestock Australia that is visiting Korea asserted that the Australian beef is not a competitive product against Hanwoo beef.  He argued that Hanwoo beef has established itself as a premium beef whereas the Australian beef is a beef that is less pricy and allows consumers to enjoy beef at any time and therefore it is a supplementary product to Hanwoo beef.

4. MARKETING ISSUES

Korea to Step Up to the 8th Largest Trading Country in the World This Year, Surpassing Italy for the First Time [Korean, OSY]

http://news.donga.com/3/all/20121127/51122384/3

Summary: Despite slowdown of global economy, Korea is likely to step up to the 8^th largest trading country in the world this year, reported the Korean Ministry of Knowledge & Economy on November 26.  The Ministry explained that Korea’s trade volume totaled $797 billion through September, 8^th largest in the world, surpassing Italy for the first time.  The Ministry expects that positive growth of both imports and exports marked for the first time in October in 32 months would continue through the end of the year.  Korea’s total trade volume for the year is forecast to exceed $1 trillion.  

FTC to Ban Convenience Store Chains from Opening New Outlets within 800 Meters from Existing Outlets [Korean, OSY]

http://www.yonhapnews.co.kr/economy/2012/11/26/0301000000AKR20121126164300002.HTML?template=2087

Summary: Fair Trade Committee is reportedly developing a guideline for the convenience store industry that will go into effect by the end of this year.  According to the industry source, the guideline will include restriction on adding new outlets in the vicinity of existing outlets.  The restriction distance FTC is likely to adopt is 800 meters.  The number of convenience stores in Korea increased rapidly to 21,221 at the end of 2011 from 9,928 in 2006.  Opening of too many outlets in a given area has caused a dispute in the industry, and existing outlets are demanding the government to introduce a restriction on the expansion practice of leading chains.

5. MIFAFF PRESS RELEASES

► Rabies detected in cattle farm located in Hwasung, south of Suwon

► MIFAFF Minister on official trip to Italy, Ukraine and Turkey form Nov. 26-Dec. 1

6. aT PUBLIC NOTICE OF STATE TRADING

► Tender for 7,000 MT of Non-GMO soybean for bean sprouts