Colombia, South Korea move to finalize trade deal
Colombia Reports | Monday, 07 February 2011
Colombia, South Korea move to finalize trade deal
Tom Heyden
Colombian and South Korean representatives meet Monday in Los Angeles for the third mini-round of negotiations to finalize details of a bilateral free trade agreement (FTA).
Colombia’s Trade Minister Sergio Diaz-Granados said that the agreement would generate new and expanded market opportunities for Colombian goods and services, El Mundo reported Monday.
The signing of the FTA "will lead to the first trade agreement with an Asian country, an important step in our strategy for approaching this important region of the world economy."
The negotiations are expected to focus upon market access for agricultural and industrial products, as well as the details surrounding the rules of origin of products.
Colombia’s chief negotiator, Santiago Pardo, explained that there has been an exchange of improved offers prior to the meetings, which are due to last until Wednesday 9 February.
There have been 14 chapters of the trade agreement finalized thus far, with details regarding such issues as intellectual property, investment and sustainable development still to be resolved.
The discussions have been ongoing since December 2009, including four rounds of negotiations and two mini-rounds. The most recent talks took place in Cali last October and were deemed to have made significant progress.
