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El Salvador signs FTA with South Korea

By Portal & Asociados - 26/02/2018
El Salvador signs FTA with South Korea

El Salvador signed a Free Trade Agreement (FTA) with South Korea that will decrease import costs due to the reduction of tariff rates for many Salvadoran products. The commercial agreement was signed on February 21 in South Korea´s capital city Seoul, by Tharsis Salomón López, Minister of Economy of El Salvador, and Kim Hyun-chong, Trade Minister of South Korea.

For El Salvador the FTA will benefit its exportable supply and companies competitiveness by decreasing import costs due to the reduction of tariff rates: among other measures, the agreement establishes free tariffs access for raw sugar, coffee and medicines. For South Korea, the signing of FTAs with El Salvador and other four Central American nations will boost market access for its automotive and electronics sectors.

"For the first time, a commercial agreement is reached with unlimited quota access for raw sugar, and immediate access without tariffs for coffee and medicines", the Ministry of Economy of El Salvador highlighted in a statement. "The South Korea-Central America free trade deals will enable the countries to build a more comprehensive, strategic partnerships going forward," said in another statement South Korea´s Minister Kim.

By Portal & Asociados - 26/02/2018
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Portal & Asociados

For over thirty years, PORTAL & ASOCIADOS has been recognized as a Salvadoran law firm synonymous of high quality, integrity and value by leading domestic and multinational corporations and law firms seeking to invest or expand operations in El Salvador and Central America. We provide intellectual property services with a high level of professionalism no matter the size or nature of the operations of our clients.

The firm provides Intellectual Property services to businesses of all sizes, across all industry segments. Our multidisciplinary approach and multilingual staff appeal to inside and outside counsel who need a cooperative, responsive and cost conscious legal team on the ground to represent their clients’ interest in the Salvadoran and Central American region. Portal & Asociados also stands at the forefront of CAFTA related opportunities assisting manufacturers and companies to take full advantage of CAFTA market opening provisions by helping clients navigate the important reforms of domestic legal and business environments.

Because it is so time consuming and therefore expensive to establish and maintain relationships with five different law firms located and operating within a small geographical region, the firm´s Central American services consolidates clients’ efforts and offers one point of contact for all legal needs in Guatemala, Honduras, El Salvador, Costa Rica and Nicaragua and that is why we are your CENTRAL AMERICAN HUB FOR INTELLECTUAL PROPERTY SERVICES.