1. On July 6, Minister for Trade Kim Jong-hoon had a meeting with Luis Guillermo Plata Paez, 
Colombian Minister of Commerce, Industry and Tourism visiting Korea on July 4-6. The signing 
of the Korea-Colombia Investment Guarantee Agreement ensued. 

2. Noting with satisfaction smooth progress of negotiations on a proposed Korea-Colombia FTA since 
their launch in November 2009, the two sides agreed to make every effort toward an early conclusion, 
while seeking a balance of mutual interests.

3. Minister Kim explained a recent increase in investments in Colombia by Korean enterprises, while 
Minister Plata welcomed the expanding presence of Korean businesses in his country and spoke highly 
of their operations.

4. The latest meeting between the Trade Ministers, which came after the June 30 Korea-Colombia 
Summit in Panama, is seen to have contributed to further bolstering substantive cooperation between 
the two countries. It is also seen to have, in particular, made a step forward in establishing institutional 
foundations, such as an FTA and an investment guarantee agreement, for strengthened economic and 
trade cooperation.

                      Spokesperson and Deputy Minister for Public Relations of MOFAT

* unofficial translation