Bilateral negotiations will continue in order to reach an agreement on an "appropriate balance of commercial interests" for both countries.
From a statement issued by Mineco:
Guatemala, November 16, 2016. Guatemala will continue the process of FTA negotiations with South Korea bilaterally. The other Central American countries plan to officially finalise negotiations in Managua, Nicaragua, during the meeting of Ministers and Secretaries in charge of foreign trade of each country.
In the seventh round of negotiation all chapters were finalised and what is left pending are technical matters from the list on access and origin which will be addressed in a final meeting.
From a statement issued by the Ministry of Foreign Trade of Costa Rica:
San Jose, October 31, 2016.- Today the seventh round of negotiations of the Free Trade Agreement between Central America and Korea came to a close in Seoul, South Korea. This meeting, which took place from October 24 to 31, enabled the parties to move towards a final agreement.
In the VI round agreements were reached on the chapters on Government Procurement, Employment and Dispute Resolution, and the in next round they will define the final document for technical and legal review.
From a statement issued by the Ministry of Economy and Finance in Guatemala:
The average daily expenditure per capita rose by 8.5% compared to the previous quarter, led mainly by increased spending by visitors from Europe.
From the report "Tourism Survey III Quarter 2016" by the Central Bank:
In the third quarter of 2016 in terms of inbound tourism, the average daily expenditure per capita recorded a rise of 8.5 percent compared with the previous quarter, mainly driven by increased spending by visitors from Europe (36.1%).The interannual variation of average expenditure was 18.2 percent.In contrast, the average length of stay recorded a fall of 7.5 percent compared with the previous quarter, impacted by less stays by tourists from Europe (-34.3%) and South America (-15.7%).The annual rate of change of the average length of stay was -7.9 percent.
In the agreement between the region and South Korea the rule of origin for Salvadoran Textiles was recognized, which will prevent the importation of fabrics to later be used in the manufacture of garments in El Salvador.
The Salvadoran government managed to include in the agreement the recognition by South Korea of a rule of origin for textiles, in order to protect the entire chain in a country where virtually all of the raw materials for the manufacture of garments are produced, with the exception of cotton.
Fresh fruits, processed fruits, concentrates and fruit juices, coffee and cocoa are the main products with potential for export to China.
From a statement issued by Procomer of Costa Rica:
San José, November 18, 2016. Fresh fruits, processed fruits, concentrates and fruit juices, as well as coffee and cocoa are the main Costa Rican products that have potential for export to the Republic of Korea; a developed country with sophisticated and demanding consumers, in terms of innovation and quality.
The hotel industry is making greater efforts to promote itself in South America.
The Operations Manager of the newly opened Hotel Victoria, Edgardo Reyes Uriol said that with the aim of increasing tourism from the Southern Cone they have increased their participation in tourism fairs in Brazil, Chile and Argentina.
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