Guatemala-South Korea FTA: Negotiations Restart

Guatemalan authorities announced that in the first week of October they will travel to South Korea, with the aim of restarting negotiations of the Free Trade Agreement between the two economies.

Thursday, September 5, 2019

Guatemala is the only Central American country still negotiating the Free Trade Agreement (FTA) with South Korea, since El Salvador, Panama, Honduras, Nicaragua and Costa Rica signed it in February 2018.

You may be interested in "FTA with South Korea is Ratified

Regarding the changes that have been made in the negotiation process, Julio Dougherty, Guatemala's deputy minister of Integration and Foreign Trade, told that "... on Korea's side a new negotiator of the process was appointed. In the case of Guatemala, the country's private sector has been asked to take a joint stand on its interests."

Dougherty added that "... he is confident that after the meeting with the Korean authorities a prompt resolution will be reached, so that Guatemala will not remain at a disadvantage against other economies in the region."

The trade agreement between South Korea and the other Central American countries is expected to enter into force soon. In the case of El Salvador, the Ministry of Economy reported days ago that the exchange of diplomatic notes of the trade agreement between the two nations is still pending, in which it must be determined when it would begin to apply.

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Sugar: Guatemala Loses for Lack of FTA with Korea

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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.

Months ago it was reported that Guatemalan authorities would travel to South Korea in the first week of October, with the aim of restarting the Free Trade Agreement (FTA) negotiations.

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Guatemalan authorities, the only country in the region that is negotiating the FTA with Korea unilaterally, announced that they will speed up efforts to sign the agreement before the end of the year.

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