The Colombian and South Korean trade ministers discussed the progress of a free trade agreement (FTA) between the two countries, Caracol TV reported Monday.
Colombian Trade Minister Sergio Diaz-Granado met with Kim Jong-hoon, his South Korean equivalent, for their fourth round of meetings since negotiations began in December 2009.
Trade between the two countries has doubled in recent years, reaching $1.82 billion in 2010. The majority of that trade was dominated by South Korea, with nearly $1.39 billion coming from South Korean exports to Colombia.
Imports from South Korea usually consist of automotive and electronic goods, while Colombia’s main exports to South Korea are mineral and agricultural resources such as nickel, coal, and coffee.
Colombia hopes that an FTA with South Korea will diversify their exports to the Asian country. South Korean president Lee Myung-bak agreed in 2010 to allow Colombian livestock products in their market as part of the FTA.
South Korea already has FTAs with Chile and Peru and is currently negotiating terms for an agreement with Mexico as well.