Mexico G20 Summit has ended successfully. President Lee Myung Bak visited Brazil, Chile, and Columbia for sales diplomacy. On the 25th, Lee met with Colombia's President Santos, and declared the conclusion of FTA negotiation between Korea and Columbia, and signed the deal.
In Korea's point of view, the FTA with Colombia will act as the FTA hub of Central and South America, and lay bridges into the American market. Trade volume between the two countries is expected to increase by more than five times.
From now on, both countries will abolish tariffs within 10 years after the FTA is in effect (96.1% of all Korean exports, and 96.7% for the Colombian exports)
Of the 45 FTA countries, Korea is the 10th FTA country through this Colombian FTA. Of the Central and South America countries, Korea is the third country after Chile and Peru. Korea will export quality products in the automobile and electronics industry, and Colombia will export raw materials, which will lead to a mutual supplementary relationship where both countries will result in a win-win situation.