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Central America and South Korea, good to go

By Guy José Bendaña-Guerrero & Asociados - 24/09/2018
Central America and South Korea, good to go

The National Assembly of Nicaragua ratified on 13 September, 2018, the free trade agreement (FTA) between South Korea and Central America, which will eliminate tax rates of more than 95 percent of goods and open the services and investment markets.
On 18 June 2015, six Central American countries (Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama) and Korea launched negotiations towards a free trade agreement.  After several rounds of negotiations, Central America and the Republic of Korea concluded terms for a free trade agreement on November 16, 2016 in Managua, Nicaragua.

Central America and South Korea carried out the legal review of the texts of their free trade agreement on February 13-17. Nicaragua, Costa Rica, El Salvador, Honduras and Panama signed the Central America-Korea Free Trade Agreement in Seoul, Korea on February 21, 2018. 

The FTA aims to provide better product protection, strengthen intellectual property rights, increase investment opportunities, stimulate trade diversification, eliminate tax obstacles, facilitate cross-border movement and promote conditions of fair competition.
According to official data from the South Korean government, the volume of exports and imports of South Korea with those five Central American countries in 2017 amounted to USD 2,200 and 330 million, respectively.

By Guy José Bendaña-Guerrero & Asociados - 24/09/2018
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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.