Colombia agrees to remove tariffs on Korean textiles
Colombia has agreed to eliminate import tariffs on Korean textiles and clothing when free trade negotiations end. The two countries have held six rounds of negotiations since the end of 2009.
After the talks, the Free Trade Agreement (FTA) between South Korea and Colombia will establish a framework and establish a favorable trade and investment environment between the two countries.
South Korean President Lee Myung-bak said that according to the agreement, South Korea will regard Colombia as a gateway to South America, and Colombia will regard South Korea as a gateway to Asia.
Although the implementation date of the South Korea-Colombia Free Trade Agreement has not yet been finalized, the agreement is expected to enter into force in the first half of 2013 after approval by the two countries’ parliaments.
The idea of this free trade agreement is to eliminate tariffs on 96.1% of Colombian goods and 96.7% of Korean goods within 10 years after the agreement takes effect.
Under the free trade agreement, Colombia will immediately eliminate or eliminate tariffs on Korean textiles and clothing within a few years.
In 2011, South Korea’s exports to Colombia were worth US$2 billion, which was negligible compared with South Korea’s exports to other trading partners. However, Colombia is seen as a country with huge growth potential and is one of the emerging markets.
The agreement makes South Korea the first Asian country to sign a free trade agreement with Colombia.
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