FTA with South Korea is Ratified

It was announced that the National Assembly of South Korea ratified the Free Trade Agreement signed with Central America.

Monday, August 5, 2019

The announcement was made by Seok-hyun Lee, deputy of the Korean assembly, who reported on the evening of August 2: "... We, the Korean National Assembly last night ratified the FTA with the nations of Central America. I hope you will benefit each other."

Laprensagrafica.com reports that "... With the good news of the ratification of the Free Trade Agreement by the Congress of South Korea, new opportunities are opening for our export sector that we hope will result in more jobs in our country,' wrote Economy Minister Maria Luisa Hayem on Twitter."

You may be interested in "Pressure Grows to Sign FTA with South Korea

Hayem added that "... Coffee, sugar, tuna and textiles are some examples of the products that we will be able to export to South Korea with the benefits of the FTA with El Salvador. For example, Salvadoran raw sugar will have free access to the South Korean market without the payment of tariffs."

After two years of negotiation, the treaty in question was signed in February 2018 by El Salvador, Panama, Honduras, Nicaragua and Costa Rica. In the case of Guatemala, it negotiated the FTA with South Korea on a bilateral basis.

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Because Guatemala is the only country in the region still negotiating an FTA with the Asian country, sugar producers estimate that they have stopped selling about 400,000 metric tons.

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Central American governments have now signed the General Framework agreement with China so that negotiations can start in October.

From a statement issued by the Ministry of Foreign Trade in Guatemala:

Guatemala, July 31, 2015. Central America is prepared to negotiate as a bloc, a Free Trade Agreement with South Korea.

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