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LatinNews Daily - 17 September 2021

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In brief: New funds approved to boost South Korea-Central America trade ties

* The Central American development bank (BCIE) has announced that it has approved US$750,000 with South Korea under the South Korea-BCIE Single Donor Trust Fund (KTF), which will go on strengthening trade relations between the Asian country and Central America. According to the BCIE, the resources will be used to develop a comprehensive programme linked to the Free Trade Agreement (FTA) signed between the countries of Central America and South Korea, enabling the diversification of exports, increased competitiveness, the internationalisation of micro, small, and medium-sized enterprises (MSMEs) and increased trade flows and integration between the countries. The scope of the cooperation includes strengthening knowledge and understanding of trade and investment opportunities, as well as improving the technical, institutional, and operational capacities of key public and private stakeholders to enable them to take full advantage of the benefits of the FTA. The FTA between South Korea and five Central American countries (Costa Rica, El Salvador, Honduras, Nicaragua, and Panama) was signed in February 2018 and will eventually eliminate tariffs on about 95% of goods traded by both sides.