Colombian minister stresses importance of FTA negotiations with South Korea

Colombian Minister of Commerce, Industry and Tourism Luis Guillermo Plata on Monday said that a free trade agreement (FTA) with South Korea will mark an important opportunity for Colombian products.

"This first commercial approach, through negotiations of a free trade agreement with an Asian country, constitutes a great opportunity for agricultural and industrial products with a high export potential," the official said after a round of FTA talks with South Korean representatives in the U.S. city of Los Angeles.

Colombia has expressed its interest in exploring the South Korean markets of dairy, food and other products, while the Asian country wants to have preferential access to Colombia's markets of, among others, polymers, cars and electrical appliances.

The two countries are set to hold another round of negotiations next month to discuss all related issues, including rules and procedures of origin, according to Santiago Pardo, Colombia's chief negotiator.

Colombia plans to establish free trade agreements with 48 countries in less than four years and thus to be present in markets with a total of 1.4 billion consumers.

Source:Xinhua