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 "...
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."
Once the agreement approved by the Assembly enters into force, 80% of Costa Rican products will be able to enter the Korean market duty free.
The Free Trade Agreement between the Republic of Korea and the Republics of Central America was approved in the second debate, with 42 votes in favor. This trade agreement opens up export opportunities for the agricultural sector and addresses industry sensitivities, explained the Ministry of Foreign Trade.
The ministries of foreign trade of both countries has confirmed that as of June 1 goods and services may be sold under the terms of the agreement.
During May some administrative adjustments will be made, so that from June trade can be made directly between the two countries. The products that are exported from Costa Rica to Jamaica are bottles and glass containers, food preparations, preserves, sauces, medicines and cardboard boxes.
The Costa Rican Congress approved on its first reading a Free Trade Agreement which makes 71% of the market for goods and services in Colombia duty free.
On Monday, the Legislative Assembly of Costa Rica approved on its first reading the Free Trade Agreement with Colombia. The entry into force of this trade agreement is needed in order to allow the Central American nation to join the Pacific Alliance.
While the outgoing administration rushes through entry to the Pacific Alliance, one of the two possible next presidents is opposed to new treaties.
In a meeting with the Chamber of Exporters, Luis Guillermo Solís, presidential candidate of the Citizen Action Party, said that if he wins the Presidency of the Republic in April, he will slow the signing and negotiation of new FTAs.
Although both parties have expressed interest in renewing the agreement negotiations have been stalled since May.
The parties have opposing positions and this led to the current situation where no agreement has been reached. The renegotiations were started in late 2011, as the treaty did not include modern standards regarding services and conflict resolution.
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.
The trade agreement will bring one of the most dynamic economies in the world, which has a per capita GDP close to $51,000, closer to the Costa Rican economy.
From a press release by the Ministry of Foreign Trade of Costa Rica (COMEX):
Monday, July 1, will see the entry into force of the Free Trade Agreement (FTA) between Costa Rica and Singapore, which brings the Costa Rican economy closer to one of the largest in the world.
Costa Rica will be able to import 204 Mexican products under better conditions when the new version of the FTA between Mexico and Central America comes into effect.
From the study "Identification of inputs required by Costa Rican Exporters importable from Mexico" by the Costa Rican Foreign Trade Promotion Office (Procomer):
A total of 204 subheadings, can be viewed as potential opportunities for exporting companies in our country who will find better conditions regarding these inputs in Mexico.
With the signing of the trade agreement between the two nations, Costa Rica completes the requirements for entry as a full member of the Alliance also made up of Chile, Peru and Mexico.
"The agreement will be signed and Colombia's request for them to join the alliance is what will allow Costa Rica's entry ", said the president of Colombia, Juan Manuel Santos.
Products such as drugs, tires, plants, plastics, bread, cookies, flavored alcoholic beverages and batteries will be able to enter Colombia without incurring taxes.
This was confirmed by the Minister of Foreign Trade, Anabel Gonzalez. "The agreement will bring about the meeting of Gonzalez with her Colombian counterpart, Sergio Diaz-Granados, in the city of Cali during the VII Summit of the Pacific Alliance in which the country will participate.