Joint Statement on the Conclusion of Negotiations
for the Free Trade Agreement between Korea and Colombia

Bogotá
25 June 2012

1. We, Minister for Trade of Korea and Minister of Trade, Industry and Tourism of Colombia, held a Trade Ministers’ meeting on 25 June 2012 in Bogotá, Colombia and announced the official conclusion of the Korea-Colombia FTA negotiations, recognizing that all the remaining issues of the negotiations have been successfully resolved between the negotiating teams of the two countries.

2. We share the understanding that the Korea-Colombia FTA is mutually beneficial to both sides, and that this agreement is a comprehensive and high-quality FTA, consisting of chapters on trade in goods, services, customs procedures and trade facilitation, investment, sanitary and phytosanitary measures, technical barriers to trade, trade remedies, intellectual property rights, government procurement, trade and sustainable development, and cooperation, among others.

3. We firmly believe that the Korea-Colombia FTA, among its main benefits, creates an institutional framework and favorable environment for trade and investment between the two countries, expands market access opportunities through elimination of tariff and non-tariff measures, gives incentives to promote bilateral investment, and enhances cooperation between the two countries.

4. We recognize that the complementary nature of the economies of Korea and Colombia, as well as cooperation efforts and the friendly relationship between both countries, have led to a rapid increase in trade and investment in recent years, and share the view that the Korea-Colombia FTA will further contribute to promoting co-prosperity and development of both countries.

5. We decide to promptly proceed with initialing, signing, and other follow-up actions to bring the Korea-Colombia FTA into effect as early as possible.