Columbia Plans To Cancel Tariffs On Clothing Imported From South Korea

Agreed to cancel the import from South Korea after the free trade negotiations ended.

The sixth round of consultations between the two sides began at the end of 2009.

The conclusion of the negotiations will lead to the birth of the Korea Columbia free trade agreement, which will provide a framework and favorable environment for trade and investment between the two countries.

According to the free trade agreement, South Korea will take Columbia as a gateway to South America. Columbia will take South Korea as a gateway to Asia, and South Korean President Lee Myung-bak said.

Korean clothing

Although the date of implementation of the South Korea Columbia free trade agreement has not yet been finalized, the agreement is expected to begin in the first half of 2013, and it needs approval from the two parliaments.

The free trade agreement will eliminate tariffs on 96.1% of Columbia's goods and 96.7% of Korean goods in the first 10 years of implementation.

According to the free trade agreement, Columbia is right from

Imported textiles and

The tariff will either end immediately or end in 7 years.

In 2011, South Korea exported $2 billion worth of goods to Columbia. Compared with the export volume of South Korea to other trading partners, the export volume is not very important. But South Korea believes that Columbia is a huge growth potential market in emerging markets.

The signing of the free trade agreement will make Korea the first Asian country to sign a free trade agreement with Columbia.