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Seoul recently agreed to reopen its market to most U.S. beef cuts, lifting a five-year ban placed after the outbreak of the first mad cow case in the United States. The decision reached on April 18 is expected to permit U.S. beef shipments to arrive here around in mid May.

"We are very pleased that Korea has taken the decision," Vershbow said, "And this agreement is based on international scientific standards, which I think is the only policy for trading nations that they want to observe, that they want to have healthy economic relations with other nations."The Lee Myung-bak administration, however, faced mounting domestic criticism for rushing to the beef agreement despite lingering concerns over mad cow disease and feared impact on the local cattle industry

Resuming U.S. beef imports has been considered a key condition for Seoul gaining U.S. ratification of the free trade agreement

The NewsWealth.com South Korea News Media Guide spotlights South Korean current events via major daily South Korean newspapers, South Korea news blogs, magazines, South Korean tabloids, and other South Korea news sources for multimedia coverage of South Korean breaking news plus top stories on showbiz celebrities, South Korea politics, sports events, the South Korea travel industry, South Korean newspaper advertising, medical tours, eco tourism, luxury camping, retirement in South Korea, investing in South Korea, business opportunities, accommodations, telecom services, immigration guidelines, expat employment, import & export, forex trading, money transfer rates, and more.

IN THE FIRST THREE decades after the Park Chung Hee government launched the First Five-Year Economic Development Plan in 1962, the South Korean economy grew enormously and the economic structure was radically transformed. South Korea's real gross national product (GNP) expanded by an average of more than 8 percent per year, from US$2.3 billion in 1962 to US$204 billion in 1989. Per capita annual income grew from US$87 in 1962 to US$4,830 in 1989. The manufacturing sector grew from 14.3 percent of the GNP in 1962 to 30.3 percent in 1987. Commodity trade volume rose from US$480 million in 1962 to a projected US$127.9 billion in 1990. The ratio of domestic savings to GNP grew from 3.3 percent in 1962 to 35.8 percent in 1989.

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