The FTA between Colombia and Korea will enter into force on July 15. This is Colombia’s first FTA with an Asian country. Through this FTA, Colombia aims to strengthen trade relations with one of the most dynamic regions of the world as well as to attract investment.
This FTA is of great importance for the Colombian agricultural sectors, as Korea is a major importer of these goods. Also, Colombia expects to attract investment in sectors such as high-tech and infrastructure. Moreover, this FTA establishes an immediate removal of 98% of tariff lines for industrial products.
On the other hand, on August 1, the FTA between Colombia and Costa Rica will enter into force. This trade agreement is the result of Colombian efforts to achieve preferential access in different markets for products and services.
The FTA with Costa Rica establishes the conditions for market access of goods between the two countries and includes modern rules on investment protection and trade in services. It also covers disciplines such as public procurement and cooperation, among others. Regarding tariffs, this FTA provides tariff reliefs for 81% of agricultural products and 98% of industrial goods. In addition, about 75% of these goods are granted immediate tariff elimination.
This FTA will consolidate trade relations with Central America, and will complement the existing FTA between Colombia and the Northern Triangle (El Salvador, Guatemala and Honduras).