South Korea’s National Assembly approved a free trade agreement (FTA) with Colombia on Tuesday meaning that only approval of Colombian Congress remains before the agreement can enter into force.
Colombia signs free trade agreement with South Korea
Under the agreement, South Korea will eliminate tariffs on imports of 96.1% of Colombian products over 10 years and Colombia will eliminate tariffs on 96.7% of all products from South Korea.
Colombian exports to South Korea are mainly coal, coffee and metals, while for South Korea, the fourth largest economy in Asia, exports to Colombia consist mainly of vehicles, car parts, machinery and technology.
Sources
- Korea, Colombia officially sign FTA (Korea.net)
- El Parlamento surcoreano ratifica el TLC con Colombia (Caracol Radio)
- Parlamento surcoreano ratifica el TLC con Colombia (CM&)