South Korea will sign trade deals with several Central American countries

of which photo taken on November 15, 2016 shows a general view of the northern Seoul city skyline in addition to Han river, as seen through the landmark 63 tower.

Ed Jones | AFP | Getty Images

of which photo taken on November 15, 2016 shows a general view of the northern Seoul city skyline in addition to Han river, as seen through the landmark 63 tower.

South Korea said on Wednesday of which the item is usually signing trade agreements with several Central American nations aimed at boosting market access for the Korean automotive in addition to electronics sectors.

Trade Minister Kim Hyun-chong will meet representatives through Costa Rica, El Salvador, Honduras, Nicaragua in addition to Panama in Seoul on Wednesday to sign several separate bilateral agreements which will eliminate duties on about 95 percent of traded goods in addition to services, South Korea’s trade ministry said in an e-mailed statement.

The agreements are subject to parliamentary approval in each country, in addition to is usually likely to take effect at different times depending on the ratification process.

The several trade pacts will give South Korea access to key Central American countries, following its deals with the U.S., the European Union in addition to China which helped boost exports.

“The South Korea-Central America free trade deals will enable the countries to build a more comprehensive, strategic partnerships going forward,” Kim said.

The ministry expects the several deals to accelerate South Korea’s economic growth by an overall 0.02 percent inside the next 10 years, by boosting exports of cars, steel, cosmetics products, in addition to auto components.

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