Trade Ministry publishes draft of Central America FTAThe Korean government published the first draft of a free trade agreement with five Central American countries on Monday.
The draft, which was posted online in English and Korean, comes five months after the government agreed on a provisional trade pact with Costa Rica, El Salvador, Honduras, Panama and Nicaragua. The countries first began talks for an FTA in 2010.
The Ministry of Trade, Industry and Energy will be accepting public comment on the draft until Oct. 13.
One notable line in the agreement stipulates that no country can raise existing duties or impose new tariffs on any originating goods unless otherwise specified in the FTA.
After the public comment period, the final version of the FTA will be submitted to Korea’s National Assembly for approval.
By Kang Jin-kyu
More in Economy
Average selling price of Seoul apartments hits 1 billion won
New legislation on online shopping proposed by FTC
Cash is truly king in time of coronavirus
When settling for a studio apartment is too expensive
Bill creates new rental protections for small businesses