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On
March 19, the government
signed a free trade agreement
with South Korea.
/ Foreign Ministry courtesy
photo. |
Delegation
of 60 Korean officials
to visit Costa Rica
By the A.M. Costa Rica staff
Some 60 Korean government
officials are making an official
visit to Costa Rica starting today
through Friday. The group is led
by Park Won-soon the mayor of
Seoul.
The delegation is composed of
mayors, ministers and one deputy
of the ruling Democratic Party of
Korea. They come to develop an
agenda on economic issues
especially on companies such as
cooperatives, an announcement
said.
Throughout the week the delegation
will have meetings with different
cooperatives, such as Copenae,
Coopesantos, Coopetarrazú,
Coprole, among others.
Marvin Rodriguez, second vice
president, said the visit of the
Koreans is an opportunity for the
government to draw on the
experience of a leading country in
the field of innovation and
development of associative
companies, such as cooperatives.
According to David Li Fang,
coordinator for Asia and the
Middle East of the Costa Rican
Foreign Ministry, "this visit is a
result of the strengthening of
relations between both nations."
The representatives of Korea come
to the country to talk about smart
cities, urban mobility,
sustainable development, good
cooperative business practices and
closer relation between Costa Rica
and Korea, the Costa Rican
government said.
Thursday, a day before leaving an
agreement of understanding is
expected to be signed between the
local governments of both nations,
in the facilities of the Institute
of Municipal Promotion and
Advisory, know as IFAM, in
San José.
As A.M. Costa Rica reported March
19, the government signed a free
trade agreement with South Korea.
President Carlos Alvarado signed
the law that puts into effect the
treaty "to promote greater
exports, investment, and
cooperation," officials said.
According to the government, the
advantages of the treaty with
Korea are:
- Access to the Korean market for
80 percent of Costa Rica products.
- An elimination of the 16 percent
tariff on most Costa Rican
products and a gradual reduction
on many others. Just 4 percent of
the products will remain subject
to the current tariffs.
- Products such as coffee, sugar,
non-alcoholic beverages, medical
devices, medicines, plastic, iron
and glass manufactures, articles
and prosthetic devices, among
others, will enter Korea free of
duty.
- Other goods, such as bananas,
frozen pork and beef, cassava,
pineapple, and fruit juices, will
be be subject to import duties.
- 68 percent of the products
imported from Korea will be exempt
from import duties.
- 27 percent of products imported
from Korea are subject to
different duty categories.
The government said that the
Korean market is a very attractive
one for Costa Rica. It is a
country with a population of over
50 million and has a gross
domestic product of more than $1.6
billion and an average purchasing
power of $32,000 per inhabitant
per year.
In addition, Korea is one of the
main importers of food and
agricultural products.
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Could this new treaty motivate an
increase in Costa Rican
agricultural products? We
would like to know your thoughts
on this story. Send your comments
to news@amcostarica.com
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