Minister for Trade Dukgeun Ahn held talks via videoconferencing with Guatemala’s Minister of Economy Luz Marina Pérez Contreras on September 5 to announce that the membership accession negotiations have reached a final agreement on Guatemala joining the Korea-Central America Free Trade Agreement (FTA).

Through the membership accession negotiations, Guatemala agrees to open most of the major items of Korea’s interest, such as automotive parts, textiles and steel, also agreeing to a relatively greater degree of tariff elimination in comparison with other Central American countries. Korea opens up coffee, sugar and other items of Guatemala’s interest, but protects rice, sesame, honey and a number of sensitive agricultural produce.

Trade Minister Ahn stated that “on the occasion of Guatemala’s membership accession, we look forward to seeing the Korea-Central America FTA develop into a gateway for Korean companies’ entrance into the Central American market,” and added that “we will support Korean firms to make full use of the FTA to expand trade with not only Central American countries but with North and South America.”