LatinNews Daily - 04 November 2021

In brief: Guatemala exploring trade potential in South Korea

* Guatemala’s Agriculture Minister José Ángel López has taken part in a working table with representatives from the country’s agriculture chamber and El Salvador-based international regional agricultural health organisation (OIRSA) to explore markets and trade opportunities with South Korea. Guatemala is seeking to join the free trade agreement (FTA) which South Korea signed with five other Central American countries (Costa Rica, El Salvador, Honduras, Nicaragua, and Panama) in February 2018, which will eventually eliminate tariffs on about 95% of goods traded by both sides. According to figures from Guatemala’s central bank (Banguat), in 2020 Guatemala’s exports to South Korea totalled US$85m while imports from South Korea totalled US$248m. The same figures show that in the first seven months of 2021, Guatemala’s exports to South Korea totalled US$66m while imports totalled US$204.4m.

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