According to Yonhap News,

(SEJONG=Yonhap News) South Korea and Central American countries will engage in talks aimed at laying a firm foundation for a free trade pact that can benefit all sides, the government said Monday.

The five-day talks, scheduled to run from Monday through Friday in El Salvador, will focus on tariff concessions, liberalization of the service sector, business investment, e-commerce, financial markets and intellectual property rights, the Ministry for Trade, Industry and Energy said.

"There will be comprehensive discussions at the talks on the free trade pact itself that can speed up the process of reaching an eventual agreement," it said.

The free trade agreement (FTA) negotiations are the second of their kind between Asia's fourth-largest economy and Guatemala, El Salvador, Honduras, Costa Rica, Panama and Nicaragua.

The first round of talks took place in September with related parties exchanging views on trade dispute settlement, government procurement and country of origin rules, as well as technical barriers to trade, and sanitary and phytosanitary measures.

On the sidelines of the talks, businessmen from South Korea and Central America will host a gathering to touch on such issues as construction, infrastructure and energy fields, the ministry said.

"An FTA with Central America will allow local companies to secure an edge over rivals in penetrating these markets," a ministry official said. "Negotiations will be centered on promoting real exchange of products and services that can create more opportunities for all sides."

Central American countries have been experiencing solid growth in recent years and remain a largely untapped market that could help South Korea's economic growth.

yonngong@yna.co.kr

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