LatinNews Daily - 22 February 2018

Central America: South Korea has signed bilateral free trade agreements (FTAs) with five Central American countries – Panama, Honduras, Nicaragua, El Salvador, and Costa Rica – covering various goods, services, and capital flows. The FTAs are expected to eliminate the tariffs of up to 95% on the goods traded between the Central American nations and South Korea, paving the way for a greater flow of agricultural goods from the region into the Asian country. The FTAs will also increase market access for Korean appliances, electronics, and vehicles. The trade deals are subject to parliamentary approval in each of the countries. Negotiations regarding the FTAs began in June 2015 between South Korea and six Central American countries (Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, and Panama) and concluded in November 2016 in Nicaragua. Guatemala had originally been included in the negotiations but has decided to remain out of the deal for now. The signing ceremony was organised in parallel with a business forum that brought together more than 100 entrepreneurs and potential investors. Honduras will host a group of South Korean entrepreneurs in March with the aim of capitalising on the signing of its FTA.

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