[Photo] South Korea signs trade agreement with five Central American countries

Posted on : 2018-02-22 16:37 KST Modified on : 2019-10-19 20:29 KST

The South Korean Ministry of Trade, Industry and Energy announced that it had concluded a free trade agreement with five Central American nations on Feb. 21. The agreement with Costa Rica, El Salvador, Honduras, Nicaragua, and Panama will eliminate about 95 percent of existing trade duties and is expected to increase South Korean GDP by 0.02 percent over the next decade. The agreements will need to be ratified by the governing bodies of the respective countries, and will go into effect on different timelines. South Korean Trade Minister Kim Hyun-chong is pictured at the signing ceremony with representatives of the five countries at the Lotte Hotel in Seoul on Feb. 21.

From left are El Salvador’s Minister of the Economy Tharsis Salomon Lopez Guzman, Honduras’ Minister of Economic Development Arnaldo Castillo, Trade Minister Kim, Costa Rica’s Minister of Foreign Trade Alexander Mora, Nicaragua’s Minister of Development, Industry and Commerce Orlando Solorzano Delgadillo, and Panama’s Vice Minister of Commerce and Industry Diana Salazar.

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