Caribbean & Central America - December 2019

EL SALVADOR | FTA with South Korea to take effect in January. On 20 November Francisco Escobar Thompson, honorary consul of South Korea in El Salvador, told local news outlet El Mundo that a free trade agreement (FTA) between El Salvador and South Korea would take effect on 1 January 2020. Thompson told El Mundo that with the launch of the FTA, “El Salvador will increase its export and import amounts by 20%, which will benefit the Korean and Salvadorean market”. In June 2015 negotiations were launched between South Korea and six Central American countries (Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama) towards an FTA which were concluded in November 2016 in Managua, Nicaragua. Costa Rica, El Salvador, Honduras, Nicaragua and Panama signed the Central America-Korea Free Trade Agreement on 21 February 2018. Additionally, on the same date, Costa Rica and Korea signed a memorandum of understanding to promote trade, investment and cooperation.

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