The main goal of the Ministry of Foreign Affairs during the sixth round of discussions of the Free Trade Agreement (FTA) with South Korea is to attain the most favorable access for industrial products into the markets. That could influence the progress and closure of the negotiations.
The goods that should have free access are: cables, tires, plastics and metal mechanics, according to executive director of Chamber of Industries of Costa Rica, Francisco Gamboa.
We are only asking for the acknowledgement of the vulnerabilities. We are not opposed to an FTA, on the contrary, we endorse it, as long as the Ministry of Foreign Trade protects the industry,”
said Gamboa said.
In 2015, the imports from South Korea were valued at $ 391 million and Costa Rica’s exports to that country reported a total value of $ 51.1 million.
Over the past 20 years, the trade between South Korea and Central America has expanded annually at an average rate of 16%, according to data from the Development Bank of Latin America (CAF). Therefore, the Asian Country has become an important trading partner to several countries in Latin America and has signed free trade agreements with Chile and Peru and plans to ratify soon the agreement with Colombia.
The next round of negotiations will take place in Managua, Nicaragua, from September 26th to 30th.