Colombia, South Korea To Sign Off On FTA
South Korea and Colombia are expected to formally announce the conclusion of free trade talks after the G20 summit, which kicked off on June 18 in Mexico.
The agreement is expected to be signed on June 25, 2012, when Korean President Lee Myung-bak visits Bogota, Colombia. Negotiations towards the agreement have progressed briskly, with a total of eleven rounds of negotiations held since talks were initiated in 2009.
The agreement, South Korea's third with a Latin American nation, will be particularly beneficial for Korea's vehicle and electronic goods manufacturing industries, which are currently subject to substantial tariffs in Colombia.
For Colombian exporters, the agreement will gradually reduce tariffs on food, coffee and metals, which constitute the bulk of Colombian exports to Korea.