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.
The first round of negotiations will take place in Guatemala from August 26 to 28, during which the lists of products of interest to both nations will be exchanged.
Authorities from the Guatemalan Ministry of Economy (Mineco) informed that the agreement they seek to sign will not be a Free Trade Agreement (FTA), nor a Partial Scope Agreement, but rather a hybrid agreement.
In the last week of September, the first round of negotiations for the deepening and extension of the Partial Scope Agreement between the two countries is scheduled to take place in Havana.
The second round of negotiations will take place in Guatemala City during the week of October 7-11 this year, and will analyze in depth access to markets and rules of origin, in order to advance in the exchange of negotiating positions, informed the Ministry of Economy of Guatemala (Mineco).
The first round of negotiations began in the South American country to expand the list of products already traded in the framework of the agreement that has been in force since 2013.
The agreement that entered into force on February 19, 2013, has allowed immediate access to 593 products with 100% tax relief. In addition, it reduces tariffs on 84 products between 20% and 100% over 3 and 7 years, informed the Guatemalan government.
It is announced that technical groups from the governments of El Salvador and Guatemala began negotiations in London to conclude a new trade agreement.
Now, there is a possibility that the agreement the region seeks to sign with the European country will not be consolidated, since it is not yet clear how the process of Britain's exit from the European Union will be carried out, an issue that is generating great tension between the British Parliament and Prime Minister, Theresa May, at this very moment.
The FTA with Panama and the agreement with El Salvador, both in the negotiation stage, are part of the commercial opportunities that the Asian nation seeks to consolidate in the region in the short-term.
The third round of negotiations to conclude the trade agreement between the Central American country and the Asian nation began in Panama City. This session will deal with trade barriers, customs procedures and trade facilitation.
Both governments are trying to reach a consensus on issues regarding market access and rules of origin in the agreement which other Central American countries already signed in November 2016.
From a statement issued by the Ministry of Economy:
Guatemala and South Korea, told their Central American peers that they are continuing to make efforts to finalize bilateral FTA negotiations, seeking to respond to the interests of both countries.
Bilateral negotiations will continue in order to reach an agreement on an "appropriate balance of commercial interests" for both countries.
From a statement issued by Mineco:
Guatemala, November 16, 2016. Guatemala will continue the process of FTA negotiations with South Korea bilaterally. The other Central American countries plan to officially finalise negotiations in Managua, Nicaragua, during the meeting of Ministers and Secretaries in charge of foreign trade of each country.
In the VI round agreements were reached on the chapters on Government Procurement, Employment and Dispute Resolution, and the in next round they will define the final document for technical and legal review.
From a statement issued by the Ministry of Economy and Finance in Guatemala:
Guatemala, October 5, 2016.The teams negotiating the FTA between Central America and South Korea held a sixth round of negotiations from September 26 to 30 in Managua, Nicaragua with the conclusion of three more chapters.
Central American coffee will incur 0% tariff in 10 years, while bananas, vegetables and baby vegetables will be shielded from the entry into force of the agreement.
In the fifth round of negotiations which will be held in Seoul from August 8 to 12 it is expected that progress will be made on the definitions for the treatment of 9% of the universe of products that have not yet been analyzed.
Several years after conversations began, Central America and South Korea finally started the formal negotiations for a free trade agreement.
From a statement issued by the Government of Guatemala:
In Houston, Texas, the Minister of Economy of Guatemala, Sergio de la Torre, and his Central American counterparts in charge of foreign trade, met with Korean Minister of Commerce, Industry and Energy Yoon Sang-Jick, to start negotiating the Free Trade Agreement between the Republic of Korea and the Central American republics.
Negotiations for the FTA have been concluded with the bloc made up of Iceland, Liechtenstein, Norway and Switzerland, leaving only the respective approvals from governments pending.
During the negotiation issues were discussed related to services and investment, cooperation, sustainable development, intellectual property, sanitary measures, competition policy and government procurement, among others.