Home / Knowledge / News / Textiles / Colombia agrees to end tariffs on Korean textiles
Colombia agrees to end tariffs on Korean textiles
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

Textiles | On 27th Jun 2017

Govt defers tax deduction at source provision under GST

E-commerce players in India will not be required to deduct tax on...

Apparel/Garments | On 27th Jun 2017

Future Group aims Rs 12,000 crore in fashion business

Future Group, which runs retail stores across India under various...

Textiles | On 27th Jun 2017

AEPC & NSDL to help exporters with GST compliances

Apparel Export Promotion Council (AEPC) and National Securities...

Interviews View All

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Anshul Sood

‘Indian footwear market is nascent and largely a trend follower’

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Kai Poehler
Voith Paper GmbH & Co. KG

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

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


news category

Related Categories:
July 2017

July 2017

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


Browse Our Archives


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search