2012-3-13

Ahead of the Korea-U.S free trade pact that goes into effect this Thursday large supermarket chains in Korea have decided to lower their retail prices for U.S. foods and beverages.

E-Mart, one of the major retailers in Korea said Monday that it will mark down their retail prices for Welch's grape juice by around 20 percent starting this Thursday as almost the half of tariffs on U.S. grape juice will be abolished with the KORUS FTA.

Another Korean retailer Lotte Mart also said that it will sell U.S. beef CHEAPER by around 10 to 30 percent from this Thursday to next Wednesday.

Local retailers added that food products like cherry, almonds and orange juice will have their tariffs abolished immediately after the trade pact goes into effect.