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Central America-South Korea FTA goes into full implementation

By Guy José Bendaña-Guerrero & Asociados - 09/03/2021

The free trade agreement (FTA) signed by South Korea and five Central American countries is already under total effect since March 2021, looking to create an expanded and secure market for goods and services in their territories and a stable and predictable environment for investment.

Under the Marrakesh Agreement Establishing the World Trade Organization and other multilateral, and bilateral instruments of cooperation, the FTA was signed in 2018 with the aim of raising living standards, promote economic growth and stability, create new employment opportunities, and improve the general welfare by liberalizing and expanding trade and investment between South Korea and Nicaragua, Costa Rica, El Salvador, Honduras and Panama.

The deal went into partial effect since 2019 with Nicaragua and Honduras as the first countries to complete their local legislative authorizations. Panama was the last one of the five countries to fulfill such procedures.

According to an analysis by the Korea Institute for International Economic Policy, the deal is expected to increase real gross domestic product (GDP) by 0.02 percent and create $690 million in consumer benefits. It will also create 2,534 jobs. It will especially increase exports of automobiles and steel, leading to a $580 million improvement in trade accounts and a 2.57 trillion won increase in production over the next 15 years. 

By Guy José Bendaña-Guerrero & Asociados - 09/03/2021
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Guy José Bendaña-Guerrero & Asociados

The Law Firm, specialized in the field of Intellectual Property, formerly known as Henry Caldera & Henry Caldera-Pallais, was founded in 1907 by Mr. Henry Caldera, as part of a three-way operation consisting also of the import and retail of goods. With time, these three operations became separate enterprises. That same year, and through the efforts of Mr. Caldera, Nicaragua had its first Trademark Law.

In the late 1930’s, Mr. Caldera’s older son, Henry Caldera-Pallais, after obtaining a Law degree in Nicaragua, furthered his studies in the University of Michigan, where he graduated to become a U.S. Registered Patent Agent. During his stay in the United States, he gained experience working with the New York firm of Lagner, Parry, Card and Largner. In the late 1940’s, Mr. Caldera-Pallais returned to Nicaragua to take charge of the Law Firm, which became known as Henry Caldera & Henry Caldera-Pallais.