Trade ministers meet on implementing Colombia FTA

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Trade ministers meet on implementing Colombia FTA

Trade Minister Yoon Sang-jick met with his Colombian counterpart, Sergio Diaz-Granados Guida, in Seoul yesterday to promise efforts to implement a bilateral free trade agreement between Korea and Colombia as soon as possible.

The two countries signed the trade pact in February. The Trade Ministry asked the Foreign Ministry to start the ratification process at the National Assembly last month. Colombia is the third South American country to clinch a trade deal with Korea after Chile and Peru.

“Colombia will be an ideal trade partner for Korea, since its infrastructure and plant construction markets will provide good opportunities for Korean companies, and they will contribute to growth of the Colombian economy,” Yoon said.

Korea has been exporting mostly manfactured goods to the country, while Colombia has sold minerals to Seoul.

Last year, the country’s exports to Colombia stood at $1.4 billion, while imports recorded $410 million, achieving a $1 billion trade surplus.

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