The government will declare the launch of talks for free trade agreements with seven Latin American nations including Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica, Panama, and Ecuador within June this year. Of these, six countries excluding Ecuador belong to the Secretariat for Central American Economic Integration (SIECA). This is the first time for any country in Asia to begin FTA negotiations with these seven countries.
The Ministry of Trade, Industry, and Energy announced on April 29 "The New Strategy for Carrying forward FTAs" that includes strategies for promising emerging countries in Latin America and the Middle East. Of the 34 Organization for Economic Cooperation and Development member nations, only Japan, Mexico, and Israel have not signed a free trade agreement with Korea. The share of markets with which Korea signed FTAs reaches as high as 73.5 percent.
The next FTA targets for the government to focus on will be the six SIECA Central American nations, Ecuador, Mexico, and Mercosur member nations including Argentina, Brazil, Paraguay, Uruguay, and Venezuela. The seven countries including the SIECA members and Ecuador will be the earliest targets.
It is likely the negotiations with the Central American six countries to be progressed in a block deal. FTA talks will be held collectively, with a single agreement. In addition, the government will also go ahead with FTA talks with the Gulf Cooperation Council members including Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Oman, and Bahrain in the same way while considering other individual countries such as Israel, Mongolia, Uzbekistan, Egypt, South Africa, Japan, Indonesia, and Pakistan as long-term FTA negotiation targets.
By Yeon Choul-woong
