South Korea Wednesday signed a free trade deal with Panama, Honduras, Nicaragua, El Salvador and Costa Rica, the Asian country's Trade Ministry said.

The pact was sealed by the South Korean Trade Minister, Kim Hyun-Jong, his counterparts from Costa Rica and Nicaragua, Alexander Mora and Orlando Solorzano, respectively, Salvador's Minister of Economy, Tharsis Salomon Lopez, the Minister of Economic Development of Honduras, Arnaldo Castillo, and Vice Minister of International Trade for Negotiation of the Ministry of Trade of Panama, Diana Salazar. </s> SEOUL, Feb 21 (Reuters) - South Korea said on Wednesday it will sign free trade agreements with five Central American nations that will boost market access for South Korean automotive and electronics sectors.

Trade Minister Kim Hyun-chong will meet representatives from Costa Rica, El Salvador, Honduras, Nicaragua and Panama in Seoul on Wendsday to sign five separate bilateral agreements which will eliminate duties on about 95 percent of traded goods and services, South Korea’s trade ministry said in an e-mailed statement. </s> Trade Minister Kim Hyun-chong will meet representatives from Costa Rica, El Salvador, Honduras, Nicaragua and Panama in Seoul on Wendsday to sign five separate bilateral agreements which will eliminate duties on about 95 percent of traded goods and services, South Korea's trade ministry said in an e-mailed statement. </s> SEOUL (Reuters) - South Korea said on Wednesday it is signing free trade agreements with five Central American nations aimed at boosting market access for the Korean auto sector and electronics makers.

Trade minister Kim Hyun-chong will meet representatives from Costa Rica, El Salvador, Honduras, Nicaragua and Panama in Seoul on Wednesday to sign five separate bilateral pacts which will eliminate duties on about 95 percent of traded goods and services, Korea’s trade ministry said in an e-mailed statement.

The agreements are subject to parliamentary approval in each country, and is likely to take effect at different times depending on the ratification process.

The five trade pacts open South Korea to key Central American countries after its deals with the U.S., the European Union and China helped boost exports.

“The South Korea-Central America free trade deals will enable the countries to build a more comprehensive, strategic partnerships going forward,” Kim said.

The ministry expects the five deals to accelerate South Korea’s economic growth by an overall 0.02 percent in the next 10 years, by boosting exports of cars, steel, cosmetics products, and auto components. </s> South Korea signed a free trade deal with five Central American countries on Wednesday, even as Seoul and Washington spar over their existing FTA.

Trade Minister Kim Hyun-chong signed the pact with economic ministers from Costa Rica, El Salvador, Honduras, Nicaragua and Panama, said a spokeswoman for the Seoul ministry.

The treaty, which will take effect in each country as it ratifies it, will also provide the world's 11th-largest economy with a "third route" to the US in the face of mounting trade protectionism in Washington, it said.

South Korea and the US have their own free trade agreement, known as KORUS, but have begun talks on renegotiating it at Washington's demand.

US President Donald Trump has repeatedly condemned the pact as a "horrible deal" and a "disaster", and the two allies are at loggerheads over tariffs on steel, washing machines and other goods imposed by Washington in recent weeks.

South Korea's economy is heavily dependent on international trade and the Central American pact will help it export more products such as cars, iron and steel, home appliances and textiles to the region, the trade ministry statement said.

It ran a surplus of nearly $1.9 billion with the five Central American countries last year, according to figures from South Korean trade body KITA, with exports of $2.2 billion and imports worth $333 million.

The agreement came after 32 months of talks to ease tariffs and lower barriers with six central American countries, although Guatemala decided to stay outside the deal for now. </s> SAN SALVADOR: Four Central American nations are to sign a free trade deal with South Korea on Wednesday after more than two years of talks to ease tariffs and barriers on a range of products, El Salvador’s government announced.

El Salvador, Honduras, Nicaragua and Costa Rica will seal the pact with the Asian country, sending their economy ministers to the signing ceremony.

Six Central American countries had been involved in the negotiations, but two of them — Guatemala and Panama — were staying outside the deal at this stage. Guatemala said it had yet to finalize trade discussions with South Korea. Belize was not involved.

Talks on the pact started in June 2015 and covered 21 chapters addressing market access, rules of origin, trade facilitation, health and phytosanitary measures, trade defense, investment, and technical obstacles to trade.

The agreement “is an example of how and adequate balance can be found between opening new market opportunities for products and, at the same time, respect the sensitivities of productive sectors,” the Salvadoran economy ministry said in a statement.

After the signing, the accord is to be submitted for ratification to the participating countries’ legislatures.

 In 2016, Central America imported $1.08 billion from South Korea, and exported $143 million to the country. </s> South Korea signed a free-trade deal with five Central American countries on Wednesday, amid ongoing sparring between Seoul and Washington over their existing trade agreement. Trade Minister Kim Hyun-chong signed the pact with economic ministers from Costa Rica, El Salvador, Honduras, Nicaragua and Panama, a spokeswoman for the Seoul ministry said, according to AFP. The treaty will take effect in each country as it is ratified. It will provide the world’s 11th-largest economy with a “third route” to the US in the face of mounting trade protectionism in Washington, according to the ministry. Seoul and the US have their own free-trade agreement, known as KORUS, but they have begun talks on renegotiating it at Washington’s demand. US President Donald Trump has repeatedly condemned the pact as a “horrible deal” and a “disaster.” The two allies are at loggerheads over tariffs on steel, washing machines and other goods imposed by Washington in recent weeks. </s> "[The signed document], discussion of which began in June 2015 and lasted for two years and eight months, will shape a comprehensive strategic partnership between South Korea and Central American nations," the ministry said.

The agreement is subject to approval by the national parliaments.

South Korea is interested in natural resources that the Central American countries are rich in. The latter, in turn, seek to attract Seoul's investments and enter the South Korean market.

READ MORE: S Korea Files Trade Complaint to Challenge US Anti-Dumping Duties — Reports

South Korea has already implemented similar agreements with South American countries, including Chile, Colombia and Peru, as well as with the North American nations of the United States and Canada. </s> SEOUL, South Korea (AP) — South Korea has agreed to further open its auto market to the United States as the two countries reached an agreement in principle on amending their six-year-old free trade agreement, its top trade negotiator said Monday.

South Korea's Trade Minister Kim Hyun-chong said the United States will lift tariffs on South Korean-made pick-up trucks in 2041 instead of 2021. It will also be able to export 25,000 additional American vehicles to South Korea without having to comply with domestic regulations. South Korea will ease emission standards for American cars shipped from 2021-2025 when the Asian country sets new import regulations.

Kim said South Korea also won an exemption from import tariffs on steel products. The third-largest steel exporter to the United States after Canada and Brazil, South Korea was on the list of 12 countries U.S. President Donald Trump recently said would be hit with heavy tariffs on their exports of steel and aluminum products to the U.S.

The South Korean announcement came hours after President Donald Trump said the United States is on the verge of amending its trade agreement with South Korea.

The president told reporters at a Friday news conference that trade deals are being made with various countries and then highlighted South Korea, a key economic and national security partner in Asia. The United States ran a $10.3 billion trade deficit with South Korea last year.

After Trump's remarks, Commerce Secretary Wilbur Ross said he hoped a final agreement with Seoul would be announced next week.

The free trade pact between the United States and South Korea went into effect in 2012.

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South Korea signs free trade agreements with the Central American countries of Costa Rica, El Salvador, Honduras, Nicaragua, and Panama to eliminate duties on about 95% of traded goods and services.