Published on December 04, 2020
Law approving FTA between the Republic of South Korea and the Republics of Central America
On November 20, Law No. 182 was enacted in the Official Gazette, approving the Free Trade Agreement (FTA) between the Republic of Korea and the Central American Republics, signed on February 21, 2018, strengthening the special bonds of friendship and cooperation between them.
Through this agreement, the following is intended:
- Stimulate the expansion and diversification of trade between the parties
- Eliminate barriers to trade and facilitate the cross-border movement of goods and services between the territories of the parties.
- Promote conditions of fair competition in the free trade area.
- Substantially increase investment opportunities in the territories of the parties.
- Provide adequate and effective protection and enforcement of intellectual property rights in the territory of each party.
- Create effective procedures for the implementation and enforcement of this Agreement, for its joint administration and for the resolution of disputes.
- Establish a framework for bilateral, regional, and multilateral cooperation to expand and enhance the benefits of this treaty.
It adds among the provisions, that the parties affirm their rights and obligations existing between them, under the WTO agreement and other agreements to which those parties are party.