Many economic sectors await the Guatemalan FTA with South Korea, but one in particular would benefit greatly

Published 2021년 11월 5일

Tridge summary

Guatemala is finding it difficult to compete in the South Korean market for agricultural and aquaculture products due to its lack of adherence to a 2019 free trade agreement (FTA) signed in 2018 by other Central American countries. This has resulted in a significant drop in Guatemalan exports to South Korea, while other Central American countries have seen over 50% increase in exports annually. Ricardo Rodríguez, an economic analyst, emphasized the potential of Guatemalan exports, including sugar, coffee, fruits, vegetables, beverages, and aquaculture products, if the country manages to secure access agreements and sanitary permits. The Ministry of Agriculture is leading negotiations for the FTA, focusing on plant and animal health, and international guidelines for food safety. The Chamber of Agro is working to enhance the country's business climate to attract investment, with a strategy that includes improving productive offerings, diversifying crops, and adhering to technical regulations and sanitary measures.

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Original content

By Natiana Gándara / Prensa Libre In order for Guatemala to easily enter agricultural and aquaculture products into the South Korean market, the country's adherence to the trade agreement that has been in force with the other Central American countries since 2019, although it was signed in 2018, is required. And to achieve this, it is necessary to achieve the access agreements and sanitary permits necessary to begin to exploit the opportunities of this important Asian market, said Ricardo Rodríguez, an economic analyst at Cabi. "Currently, Guatemalan products are at a total disadvantage compared to the rest of Central America and it is difficult for them to recover the export levels of previous years," he added. Rodríguez presented the study "Business opportunities with South Korea" to the members of the Chamber of Agro (Camagro), and officials of the International Regional Agricultural Health Organization (OIRSA) where he stated that South Korea is the ninth largest economy in ...

Source: Forbescentroamerica