RoK signs FTA with five Central American countries

Thursday, 22/02/2018 19:21
The Republic of Korea (RoK) has signed Free Trade Agreements (FTA) with five Central American countries to reduce tariffs and build stronger business partnerships.

A  cosmetic shop in the trade center in Seoul (Source: AFP/VNA)

According to the report from the RoK’s Ministry of Trade, Industry and Energy, the signing parters are Costa Rica, El Salvador, Honduras, Nicaragua and Panama.

“The FTA agreement between Korea and the Central American countries will be an opportunity to form a wider strategic partnership,” said Trade Minister of the Ministry of Trade, Industry and Energy Kim Hyun-chong.

The Ministry said it expects the RoK’s exports to the Central American countries will expand once the FTA goes into effect, as under the deal, the five countries have promised to immediately or gradually remove tariffs on more than 95 percent of all products. Tariffs will be immediately waived for Korean cars and cosmetics, and gradually for steel and home appliances.

The agreement also calls for the RoK to immediately slash tariffs on coffee and raw sugar, and for bananas, in five years time.

The RoK is the first Asian country to strike a free trade deal with the countries in Central America./.

Compiled by BTA

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