Key facts
- Guatemala is prioritizing accession to the Korea-Central America Free Trade Agreement (FTA).
- The FTA is expected to boost trade, investment, and export diversification for Guatemala.
- Bilateral goods trade between South Korea and Guatemala was $418 million in 2024.
- South Korea's exports to Guatemala were $287 million, while imports were $131 million.
- Guatemala is improving its investment environment and anti-corruption measures.
- South Korea and Guatemala will expand development cooperation, focusing on climate resilience.
Guatemalan Foreign Minister Carlos Ramiro Martinez stated that his country is prioritizing accession to the Korea-Central America Free Trade Agreement (FTA), viewing it as a catalyst for increased Korean investment and export diversification. During a visit to Seoul, Martinez met with South Korean Foreign Minister Cho Hyun to discuss enhancing bilateral ties. The existing FTA between South Korea and five Central American nations took effect in 2021, and Guatemala signed an accession protocol in January 2024, now awaiting completion of domestic procedures by other member countries.
Bilateral goods trade between the two nations reached $418 million in 2024, with South Korea exporting $287 million and importing $131 million. Martinez highlighted Guatemala's efforts to improve its investment climate through administrative streamlining and anti-corruption measures, noting the presence of over 250 Korean companies, primarily in the apparel sector, and a Korean community of more than 6,000 residents.
Discussions also covered expanding development cooperation, with Guatemala welcoming South Korea's official development assistance programs, particularly those focused on climate resilience and adaptation, while stressing the continued importance of traditional priorities like malnutrition, education, and health. Both ministers expressed hopes for future presidential visits between their nations.