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Seoul agrees to work for implementation of FTA with Colombia

All Headlines 11:00 July 08, 2013

SEOUL, July 8 (Yonhap) -- South Korea and Colombia will work to quickly implement their bilateral free trade agreement (FTA) signed earlier this year, the Seoul government said Monday.

The agreement came at a trade ministers' meeting held in Seoul, involving South Korea's Trade Minister Yoon Sang-jick and Sergio Diaz-Granados Guida, Colombia's minister of commerce, industry and tourism, according to the Ministry of Trade, Industry and Energy. Also present at the meeting were five members of Colombia's parliament.

Yoon and Diaz-Granados agreed the South Korea-Colombia FTA will mutually benefit both countries while significantly deepening their economic cooperation, the ministry said in a press release.

"Also, the two sides agreed on intensified cooperation between the countries' governments as strategic partners may lead to an expansion of operations by South Korean firms in Colombia, especially in the infrastructure and industrial plant industries, which in turn may contribute to Colombia's economic development," it said.

The Korea-Colombia FTA was signed in February but still needs to be endorsed by the countries' respective legislatures.

The FTA is South Korea's 10th free trade deal.

Under the deal, Seoul will eliminate tariffs on 96.1 percent of Colombian goods within 10 years after it takes effect with Colombia set to reciprocate the move on 96.7 percent of South Korean products.


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