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South Korea's FTAs with Central American Countries to Take Effect from Oct. 1
Domestic Procedures Completed
South Korea's FTAs with Central American Countries to Take Effect from Oct. 1
  • By Jung Suk-yee
  • August 15, 2019, 09:23
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Yeo Han-koo (third from right), head of the trade negotiation bureau of the Trade Ministry, and ambassadors from five Central American countries hold hands before their meeting at Hotel Lotte in Seoul on Aug. 13. From left are Costa Rica Ambassador Rodolfo Solano Quiros, Honduras Ambassador Virgilio Paredes Trapero, El Salvador Ambassador Milton Alcide Magana Herrera, Yeo, Panamanian Ambassador Ruben Arosemena, and Nicaraguan Ambassador Wendy Palma.

Free trade agreements between South Korea and five Central American countries take effect one after another starting from Oct. 1 this year.

The Ministry of Trade, Industry and Energy of South Korea announced on Aug. 13 that South Korea’s domestic procedures for the implementation of the FTAs were completed on Aug. 2 via the National Assembly and the ministry notified Costa Rica, El Salvador, Nicaragua, Honduras and Panama of the completion on Aug. 6.

Nicaragua already completed its domestic procedure and the South Korea-Nicaragua FTA becomes effective on Oct. 1. The other FTAs will be implemented through the same procedural completion and notification.

The ministry and the five Central American countries’ ambassadors to South Korea had a meeting in Seoul on Aug. 13, discussing how to promote bilateral trade and investment by making good use of the FTAs.

South Korea has become the first Asian country that signed FTAs with the five countries. The ministry said that the FTAs will be a part of South Korea's FTA network in the Americas.