Nicaragua Confirms Agreement with South Korea

It is the first Central American country to establish a date of entry into force of the Free Trade Agreement with the Asian nation, which is agreed for October 1, 2019.

Thursday, August 8, 2019

After it was announced on the night of August 2 that the National Assembly of South Korea ratified the Free Trade Agreement signed with Central America, Nicaragua was the first country in the region to complete the procedures for entry into force.

On August 7, Foreign Minister Denis Moncada, Minister of Development, Industry and Commerce Orlando Solórzano and Ambassador Choi Young-Sam of the Republic of Korea exchanged official notes announcing that the internal procedures in each country for the entry into force of the Free Trade Agreement between the Republic of Korea and Central America have been complied with, informed the Nicaraguan government.

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

After two years of negotiation, the Treaty concerned 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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More on this topic

Guatemala-South Korea FTA: Negotiations Restart

September 2019

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.

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.

FTA with South Korea is Ratified

August 2019

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

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."

Central America and the FTA with South Korea

February 2018

The signing of the trade agreement is scheduled for late February, a measure that bodes well for improving access to Korean high-tech products and increasing agro-exports from Central America.

A report by Moody's analyzes the impact expected in El Salvador and in the other countries of the region, from the entry into force of the free trade agreement with the Asian nation. 

South Korea Seeks FTA with Central American Countries

June 2012

The government of the Asian power has an interest in negotiating a free trade agreement with the entire region seen as one market.

In the near future, a matter of months, South Korea wants to begin negotiating a free trade agreement with Central American countries, said the South Korean ambassador in Nicaragua, Soon Tae Kim.

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