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.
The possibility of negotiating a free trade agreement with the trade bloc of South American countries is back on the discussion.
The issue will be discussed in detail at the meeting of the Council of Ministers of Economy of the region (Comieco), to be held in El Salvador on December 5 and 6.
Acisclo Valladares Urruela, Minister of Economy of Guatemala, confirmed to Prensalibre.com that "...
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.
The announcement was made by President Jimmy Morales in the company of the Minister of Economy, Acisclo Valladares Urruela, before the members of the board of directors of the National Coffee Association (Anacafé), which is one of the sectors that is demanding the adhesion of the country to the Free Trade Agreement (FTA) between Central America and South Korea.
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."
Both countries agreed to include threads, fabrics and clothing in the batch of items that are already subject to tax relief, as part of the Free Trade Agreement in force.
The Ministry of Economy of Guatemala informed that the trade between both countries will experience a significant increase because of the recent signature of several agreements that expand the productive value chains.
Since the beggining of the FTA Guatemalan exports to Colombia have increased by 4.6% annually, while Colombian goods going to Guatemala have risen by 23.9% annually.
From a statement issued by the Government of Guatemala:
It has now been five years since the entry into force of the Free Trade Agreement-FTA- between the Republics of Guatemala and Colombia which has fostered the expansion and diversification of trade in goods and services between the two countries by removing trade barriers.
The Guatemalan Exports Association is organizing a course to show in detail how to meet the requirements for exporting under the terms of the FTA.
In order to find out in detail the procedures for successfully gaining a certificate of origin from major FTAs and avoid problems in customs operations, the School of Foreign Trade at AGEXPORT, will hold on March 31, 2014 a course entitled: "Certificates of Origin under the main commercial treaties signed by Guatemala Export / Import".
On March 24, the Guatemalan Exporters Association will give a presentation on business opportunities in Chile.
From a statement issued by the Guatemalan Exporters Association (Agexport) reads:
The Department of Business Information and Market Intelligence AGEXPORT, INFOEXPORT in partnership with the institution of the Ministry of Foreign Affairs of Chile, PROCHILE, is to hold on March 24, 2014, a presentation on the opportunities for exports and imports in Chile and on the evolution of trade relations between the two countries since the entry into force of the FTA.
The Constitutional Court has temporarily suspended Article 19 of Governmental Decree 441-2013, which contains Regulations for the Administration of Tariff Quotas for Rice.
This regulation was established in the FTA between Central America, the Dominican Republic and the United States.
According to Martín Guzmán, general secretary of the CC, "the unconstitutionality [claim] was filed by the Chamber of Industry of Guatemala (CIG), last week and the highest court in the city received it yesterday. The agreement in question was published in Diario Oficial on 21 November, and from this the rice quotas are regulated," reported Prensalibre.com.
Increased prices are predicted along with less variety in drugs and agrochemicals because of the progressive protection of patent rights.
Román Macaya, director of the National Chamber of Generic Producers (Canaproge) explained that at the end of this decade the market will feel an impact on the protection of branded drugs and agrochemicals. The changes will occur due to the agreed extension of rights in the FTA between the U.S., Central America and the Dominican Republic.
A judgment by the Constitutional Court obliges the Ministry of Economy to redistribute quotas for imports of unhusked rice.
Published yesterday in the official newspaper, the resolution in favor of Arrocera San Francisco argues that preferential treatment is being given to a group of grain importers from the U.S.
These companies, classified as "historical importers" by the Ministry, received the majority of import quotas structured as duty free under the FTA with the North American nation.
The current $550 million from the annual sales of Guatemalan products and services to Mexico could double with the entry into operation of the unified FTA between that country and the Central Americans.
Guatemalans are hoping that exports to the Aztec nation will double with the entry into force of the agreement which unifies the Mexican FTA's that were held separately with Costa Rica, Nicaragua and the CA-3.
In late 2012, one year after the signing of the new trade agreement, trade between Mexico and the region totaled $9.3 billion.
This information was released by the Mexican ambassador in San Salvador, Raul Lopez Lira. "On September 1 the Central American countries will celebrate the first anniversary of the unified treaty between Mexico and the region with a significant increase in trade ...", reported Laprensa.com.ni article.
An agreement between parliamentarians has pushed forward the ratification process, which was stuck due to the resistance of the sugar industry.
"The treaty affected the sugar business, which is the reasons why the agreement could not be approved," said one of the congressmen who requested anonymity.
An article in Prensalibre.com reports that "With 113 votes in favor, the Free Trade Agreement with Peru was approved, having been postponed since the last special session, due to the fact that there was an attempt to approve it as a matter of national emergency with less votes than required by law. "
Starting from July 1 the trade agreement with Mexico, a country with which trade reaches $10 billion per year, came into effect.
The agreement "strengthens the recognition of an extended economic zone where Central America can put more products under a single origin and continue complementing each other in the production of goods and services for export to Mexico," said Anabel Gonzalez, Costa Rican Foreign Trade Minister.