Yeo Han-gu, Director General for Trade Negotiations, Actively Requests Pacific Alliance Chair Colombia to Support South Korea's Associate Membership Application

At the Korea-Colombia Trade Ministers Meeting

Yeo Han-gu, Director General for Trade Negotiations at the Ministry of Trade, Industry and Energy. (File photo) [Image source=Yonhap News]

[Sejong=Asia Economy Reporter Joo Sang-don] On the 25th, Yeo Han-gu, Director General of the Trade Negotiations Bureau at the Ministry of Trade, Industry and Energy, held talks with Maria Ximena Lombana Villalba, Minister of Commerce, Industry and Tourism of Colombia, and requested support to initiate negotiations for South Korea's accession as an associate member of the Pacific Alliance (PA).

The Pacific Alliance is a regional bloc formed in 2012 by four countries: Mexico, Chile, Peru, and Colombia, with Colombia serving as the chair country this year. If South Korea joins as an associate member, it is expected to lead to the conclusion of a new Korea-Mexico free trade agreement (FTA) and improvements to existing FTAs with Chile, Peru, and Colombia.

At the meeting, Director General Yeo stated, "The Korea-Colombia FTA, which came into effect in 2016, serves as a solid economic platform between the two countries through high levels of liberalization," adding, "In particular, Colombian coffee holds the number one market share in Korea's coffee market, and exports of Korean mobile phone components to Colombia have rapidly increased, demonstrating that the Korea-Colombia FTA has greatly contributed to expanding exports of products from both countries."

He continued, "Korea is a manufacturing powerhouse in semiconductors, automobiles, and electronic devices, while Colombia is a resource-rich country abundant in natural resources and agricultural and marine products," emphasizing, "Since the two countries have industrial structures that complement each other's deficiencies, let us further expand mutually beneficial economic cooperation in the future."

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