Guatemala will implement FTA with South Korea

2011-10-04

It is believed that the Free Trade Agreement (FTA) between Guatemala and South Korea will take effect in the near future. To attain a balance in bilateral trade, the Ministerio de Economía de Guatemala (MINECO), which is Guatemala’s Ministry of Economy, plans to propose the FTA when a national committee for export promotion meets on July 7, although it denies having reached any decisions politically. The director of Guatemalan Exporter’s Association considers South Korea a promising market, saying it is awaiting Guatemala-Korea trade statistics for a further analysis of the FTA’s benefits. Comparing Taiwan and Korea, he noted that Guatemala is eligible to sign an FTA with South Korea just like the one it already inked with Taiwan because “Guatemala is an exporter of cane sugar and coffee, not technologies”.