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.
The trade agreement excludes oil, some dairy and meat products, waffles, beer, gum, certain plastics, paper, cardboard and the metalworking sectors.
The agreement, which will come into effect when it gains legislative approval in Colombia, provides free instant access to Costa Rica for cocoa beans, refined salt, medicines, raw materials for the plastics industry, paper and textiles and plywood doors.
The retail sector is looking favorably on accession to the bloc, but the agricultural and food industries are opposed to it.
The lack of information about how membership has been negotiated and sensitivities presented by some sectors and products in comparison to their peers in the Pacific Alliance are part of the arguments used by agriculture and industry to oppose, at least under the current conditions, the incorporation of Costa Rica into the Alliance.
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 Legislature has approved a Free Trade Agreement with the group made up of Iceland, Liechtenstein, Norway and Switzerland.
"The initiative states that another important aspect of the plan is that the EFTA countries are among the most developed in the world, as they have a high per capita income averaging $47,800 per year."
According to the Ministry of Foreign Trade (Comex): "...
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.
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.
The Costa Rican Chamber of Food Industry believes that the trade agreement could pose a threat to Costa Rican production.
From a press release by the Costa Rican Chamber of Food Industry (CACIA):
In a letter addressed to the members of the Committee for International Relations and Foreign Trade, the Costa Rican Chamber of Food Industry, CACIA, once again was vehement in its opposition to the possible approval of the FTA with Colombia, by the Legislative Assembly .
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.
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.
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