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Korea, Colombia start FTA talks

Source : Ministry of Foreign Affairs and Trade

The following is a press release dated Dec. 9.

The first round of the Korea – Colombia FTA negotiations was held at the Shilla Hotel, Seoul on 7-9 December 2009.
 
In this round, the two countries engaged in discussions on the Terms of Reference (TOR), 
encompassing the scope and the structure of the negotiations, negotiating methods for market access and negotiation schedules. This has laid a firm basis for progress in future negotiations. The main outcomes of the detailed rules that both sides agreed on are as follows:

- pursuit of a comprehensive and high quality FTA which meets WTO regulations. This will 
encompass areas of interest to both countries including goods, services, investment, government procurement, intellectual property rights, competition, sustainable development, cooperation, etc.

- agreement on principles for the liberalisation negotiations on goods, and services and investment. Market access negotiations will proceed based on the Request and Offer (R/O) method. 

- The second round will be held in Bogota, Colombia in early March next year. The negotiations will  proceed mainly on the basis of the draft texts and the priority lists which are scheduled to be exchanged prior to the second round.  

Colombia has achieved stable economic growth of more than six percent over the last five years. 
With a population of 46 million, the third largest population in the Central and South American region, and an outstanding business and investment environment and abundant natural resources, Colombia has emerged as an important partner for cooperation in the region for Korea. 

It is expected that the FTA with Colombia will contribute to expanding the opportunities for market access for Korea’s key export goods such as automobiles and electronic goods. This will also be conducive to the strengthening of its ties of cooperation and the expansion of investment in the fields of energy, natural resources and infrastructure construction.

* Unofficial Translation

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