Opportunities in FTA El Salvador - South Korea

With the entry into force of the trade agreement between the two countries, the Salvadoran export sector intends to study the South Korean market to take advantage of the opportunities that have opened up.

Wednesday, January 8, 2020

After two years of negotiation, the Free Trade Agreement with South Korea was signed in February 2018 by El Salvador, but did not come into force until January 1, 2020.

Silvia Cuellar, executive director of the Salvadoran Exporters Corporation (Coexport), told Elmundo.sv that "... the Korean market has potential and good prospects for us to take advantage of it, but we must study it because it is other customs, other representations and factors. It is essential to put our products, like coffee, since we have seen that it has a lot of acceptance."

Cuellar added that "... within the framework of the FTA, South Korean buyers interested in products such as coffee and sugar have been received, but 'we must continue to explore since not much is known and El Salvador has not been so present in that market, unlike the U.S. market and Central America."

The Salvadoran export sector expects that with the entry into force of the agreement, trade flow between the two economies will increase by about 20%.

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FTA El Salvador - South Korea Applies from January 2020

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After two years of negotiation, the treaty in question was signed in February 2018 by El Salvador.

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Pressure Grows to Sign FTA with South Korea

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In Guatemala, business associations, mainly in the export sector, are insisting that the government resume negotiations and complete the process of adhesion to the trade agreement with the Asian country.

The private sector groups explained that despite the commercial opportunities that Guatemalan companies have with South Korea, Guatemala is the only country in Central America that has not completed negotiations to sign the FTA, meaning that they are unable to take advantage of the benefits that this agreement offers.

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. 

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