The Panamanian Assembly approved in third debate the bill 305, which ratifies the Free Trade Agreement between the Asian country and the Central American region.
Once President Cortizo Cohen approves this law and it is promulgated in the Official Journal, it is expected that the corresponding diplomatic notes will be exchanged as soon as possible so that the FTA can come into effect, informed the Panamanian government.
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.
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.
It is the first Central American country to establish a date of entry into force of the Free Trade Agreement with the Asian nation, which is agreed for October 1, 2019.
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.
In Guatemala, agricultural entrepreneurs insist that opportunities will be lost if the agreement is not signed, while industrialists propose analyzing the conditions in more detail.
The National Coffee Association believes that the Ministry of Economy has abandoned talks with the Korean government, which harms them since the Asian country is a growing market that recognizes the quality of the grain.
Guatemalan coffee growers are warning that if the country does not adhere to the agreement signed between Central America and the Asian country, they will lose market share and will have to compete with their peers in the region under unequal conditions.
The Honduran government has announced that from 11 to 15 March, a delegation of investors from South Korea will be visiting the country to assess business opportunities under the new FTA with Central America.
Authorities from the Ministry of Economic Development explained that in addition to investors from South Korea, the arrival of Taiwanese businessmen is also expected. This group plans to arrive in the country on March 15, and they will be interested in exploring business opportunities in sectors such as agroindustry, floristry and tourism.
While agricultural companies in Guatemala insist on signing the agreement so as not to lose out to their competitors in the region, industrialists propose to renegote the agreement from scratch.
Each sector's position is very clear.The industrialists say that if the agreement is signed under the current conditions, some subsectors will be affected, and for that reason they want, if there is openness on the part of the Korean government, to go back to the negotiating table.
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.
Inability to reach a consensus with the business sector is one of the reasons why the Morales administration has decided to postpone negotiations for a trade agreement until 2018.
The government explained that in the remainder of the year negotiations with representatives from the business sector will be finalized in order to define aspects on which there is no agreement, so as to resume talks with the Asian country next year.
Opposition from industry and in particular from the metallurgical sector has forced the government to reject the possibility of signing the agreement in June.
In the view of the metalworking sector, the agreement constitutes a threat to the domestic industry.Estuardo Rivera, president of the Union of Metallurgy, told Prensalibre.com:"...'It is not that we are opposed to the agreement, what happened is that 7% of the products to be exchanged in the steel sector were killing off local industry'."
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.
Fresh fruits, processed fruits, concentrates and fruit juices, coffee and cocoa are the main products with potential for export to China.
From a statement issued by Procomer of Costa Rica:
San José, November 18, 2016. Fresh fruits, processed fruits, concentrates and fruit juices, as well as coffee and cocoa are the main Costa Rican products that have potential for export to the Republic of Korea; a developed country with sophisticated and demanding consumers, in terms of innovation and quality.
Operating Company dedicated to the manufacture of gluten-free and sugar-free products, OHNE brand. The OHNE brand has 8 product lines: square bread, sweet...