[FTA HONG] Summary of the Korea-Colombia FTA (FTA utilization rate, FTA utilization by industry, and summary of highlights)
The FTA with Colombia, a country rich in energy resources such as oil and natural gas, came into effect on July 15, 2016, marking the first time an Asian country has signed a free trade agreement with Colombia, paving the way for Korea to capture the Colombian domestic market. As of 2022, the export utilization rate of the Korea-Colombia FTA is 49.1% and the import utilization rate is 93.0%. In terms of FTA utilization by industry, machinery is the highest at 63.4% and miscellaneous products are the lowest at 0.0%. In the import sector, agriculture, forestry and fishery products have the highest utilization rate of 94.5%, while miscellaneous products have the lowest utilization rate of 0.0%. (Unit: Thousands of dollars) Category FTA total amount FTA preference eligible exports and imports Apply actual FTA preferential tariffs utilization rate(%) amount amount Export Korea-Colombia FTA 940,256 456,198 223,984 49.1 Import 814,548 275,639 256,375 93.0 ...