Home / Knowledge / News / Textiles / Colombia agrees to end tariffs on Korean textiles
Colombia agrees to end tariffs on Korean textiles
26
Jun '12
Colombia has agreed to eliminate tariffs on textiles and apparel items from South Korea at the conclusion of free trade talks, the sixth round of negotiations held since late 2009 between the two nations.
 
The end of talks will lead to Korea-Colombia Free Trade Agreement (FTA) and create an institutional framework and favorable environment for trade and investment between the two countries.
 
Under the agreement, South Korea will treat Colombia as a gateway to South America, and Colombia will treat South Korea as a gateway to Asia, South Korean President Lee Myung-bak said.
 
While no date has yet been finalized for the implementation of the Korea-Colombia FTA, the agreement is expected to go into effect during the first half of 2013, after it receives parliamentary approval in both nations.
 
The FTA envisages elimination of tariffs on 96.1 percent of Colombian goods and 96.7 percent of South Korean goods within ten years from the date of the agreement’s coming into force.
 
As per the FTA, Colombian tariffs on textiles and clothing from South Korea would end either immediately or within seven years.
 
In 2011, South Korea exported goods worth US$ 2 billion to Colombia, which is considered insignificant compared to exports to other Korean trading partners. However, Colombia is considered as a country with huge growth potential is counted among the emerging markets.
 
The deal has made South Korea the first Asian country to have a FTA with Colombia.
 

Fibre2fashion News Desk - India

Must ReadView All

Apparel/Garments | On 5th Dec 2016

EC proposes new tax rules to support e-commerce in EU

The European Commission (EC) has unveiled a series of measures to...

Apparel/Garments | On 5th Dec 2016

Traders to intensify adoption of digital payments

Adoption of digital payments in their existing business format would...

Textiles | On 5th Dec 2016

US textile & apparel exports down 6.44% in Jan-Sept ’16

The exports of textile and apparel from United States were down 6.44...

Interviews View All

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search