COLOMBIA’S AUTOMOTIVE INDUSTRY BRACES FOR ARRIVAL OF TARIFF-FREE KOREAN VEHICLES
March 1st, 2013
COLOMBIA industry associations and politicians have warned the country’s automotive industry is at risk following the signing of a free trade agreement with South Korea in February.The free trade agreement, which is expected to come into force at the end of this year, will eventually allow South Korea-made vehicles to enter the South American country free of the current 35% tariff. Colombia’s commerce minister Sergio Diaz-Granados stressed that tariffs will be reduced gradually over 10 years, allowing the Colombian automotive industry time to adjust to the ...
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