Honduras. From January to September and despite the pandemic, exports from Honduras to South Korea increased 24 percent, diplomats from both countries highlighted during a virtual meeting on the occasion of the first anniversary of the Free Trade Agreement (FTA).
Ambassador Jae Hyun Shim, representing the embassy of the Republic of Korea in Honduras and with the support of the Ministry of Economic Development, organized the "Seminar for the First Anniversary of the entry into force of the Free Trade Agreement" among the two countries.
The meeting began with a few words of welcome from the Undersecretary for Foreign Policy Affairs, José Isaías Barahona, followed by the words of the ambassadors of Honduras and South Korea, Virgilio Paredes and Jae Hyun Shim, respectively.
For Honduras they participated; the undersecretary of Economic Development, David Alvarado; and the executive director of the Honduran Council of Private Enterprise (Cohep), Armando Urtecho, as well as Liliana Sánchez.
Representing Korea were the director of the Trade and Investment Promotion Agency (KOTRA), Sung Hee Ahn, and the professor of the University of Foreign Studies, Tae Heok Lee.
Among the achievements, it was highlighted that in January and September 2020, exports from Honduras to Korea showed an increase of 24 percent, totaling 660 million dollars.
This is the highest amount registered in the last seven years and shows the effectiveness of the FTA after the tariff reduction in products such as; coffee, sugar, textiles. The representatives of the Asian country recommended that Honduras take into account the characteristics of the Korean market that seeks high quality products at competitive prices.
Also, actively use the Korea Importers Association (KOIMA) to broaden the trade landscape. The participants agreed that it is necessary to take full advantage of the FTA for sustainable economic growth and generate quality jobs for both countries.