Nicaragua is the first Central American country to establish a date of entry into force of the Free Trade Agreement (FTA) with South Korea, which is agreed for October 1, 2019.
After it was announced on the night of August 2 that the National Assembly of South Korea ratified the Free Trade Agreement signed with Central America, Nicaragua was the first country in the region to complete the procedures for entry into force.
On August 7, Foreign Minister Denis Moncada, Minister of Development, Industry and Commerce Orlando Solórzano and Ambassador Choi Young-Sam of the Republic of Korea exchanged official notes announcing that the internal procedures in each country for the entry into force of the Free Trade Agreement between the Republic of Korea and Central America have been complied with, informed the Nicaraguan government.
After two years of negotiation, the Treaty concerned was signed in February 2018 by El Salvador, Panama, Honduras, Nicaragua and Costa Rica. In the case of Guatemala, it negotiated the FTA with South Korea on a bilateral basis.