The Costa Rica News (TCRN) – It has been announced by the Seoul government that South Korea and a group of six Central American countries have launched their negotiations for a free trade agreement (FTA).
With their geographical location, these countries, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama — act as a trade bridge linking North and South America. The six countries Central American counties form a regional economic bloc known as Secretaria de Integracion Economica Centroamericana (SIECA).
Costa Rica and South Korea will begin negotiating a free trade agreement (FTA) this year that would provide duty-free trade on a broad range of products between the two countries, according to reports.
The first round of FTA negotiations is projected to begin as early as next month in El Salvador, where SIECA is located.
If signed, this will be the first FTA between Costa Rica and South Korea and is expected to significantly increase trade which in 2014 which reached $5 billion USD between South Korea and the six countries.
The Costa Rica News (TCRN)
San Jose, Costa Rica