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LatinNews Daily - 04 October 2019

In brief: Nicaragua activates free trade deal with South Korea

* Nicaragua has activated a free trade agreement (FTA) with South Korea. The agreement between South Korea and six central American nations has now partially entered into force in Nicaragua and Honduras and will enter into force fully once internal procedures have been completed in the other four central American nations: Costa Rica, El Salvador, Guatemala, and Panama. Negotiations regarding the FTA concluded in Nicaragua in November 2016 and the FTA will eventually eliminate tariffs on about 95% of goods traded by both sides. The deal is viewed as an opportunity for Nicaraguan exporters of coffee, bananas, sugar, cacao and honey and is expected to boost South Korean exports of automobiles and steel and increase its participation in state infrastructure projects in the region.

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