September 13, 2019 Costa Rica signs new free trade agreements with the United Kingdom and Korea The free trade agreement with Korea will allow 80% of Costa Rica's products to enter the Korean market tariff free. This agreement could attract more foreign direct investment in Costa Rica. On September 4, 2019, Costa Rica approved the free trade agreement (FTA) between Central America and Korea. The FTA is effective as of that date. Central America and the United Kingdom signed an Association Agreement on July 18, 2019, guaranteeing continuity in the commercial relationships between both. Central America and Korea FTA Costa Rica, El Salvador, Honduras, Nicaragua, Panama, and Korea signed the Republic of Korea - Central America Free Trade Agreement on February 21, 2018. Costa Rica's Legislative Assembly approved the FTA on September 4, 2019. Under the FTA, 80% of Costa Rican products will enter into the Korean market tariff free, 16% of Costa Rica's products will be subject to a gradual tariff reduction and 4% will be excluded from the FTA. The agreement will open new opportunities for Costa Rican exports and will become a tool for attracting foreign direct investment. Central America and United Kingdom Association Agreement The Association Agreement guarantees that the tariff conditions will remain the same as they were before the United Kingdom exited the European Union. This agreement will enter into force as soon as the Central America - European Union Agreement no longer applies to the United Kingdom. Each Central American country, however, will need to ratify the agreement before it can enter into force. ———————————————
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