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Central America-South Korea FTA goes into full implementation
By Guy José Bendaña-Guerrero & Asociados
The free trade agreement (FTA) signed by South Korea and five Central American countries is already under total effect since March 2021, looking to create an expanded and secure market for goods and services in their territories and a stable and predictable environment for investment.Under the Marrakesh Agreement Establishing the World Trade Organization and other multilateral, and bilateral instruments of cooperation, the FTA was signed in 2018 with the aim of raising living standards, promote economic growth and stability, create new employment opportunities, and improve the general welfare by liberalizing and expanding trade and investment between South Korea and Nicaragua, Costa Rica, El Salvador, Honduras and Panama.
The deal went into partial effect since 2019 with Nicaragua and Honduras as the first countries to complete their local legislative authorizations. Panama was the last one of the five countries to fulfill such procedures.
According to an analysis by the Korea Institute for International Economic Policy, the deal is expected to increase real gross domestic product (GDP) by 0.02 percent and create $690 million in consumer benefits. It will also create 2,534 jobs. It will especially increase exports of automobiles and steel, leading to a $580 million improvement in trade accounts and a 2.57 trillion won increase in production over the next 15 years.
Guy José Bendaña-Guerrero & Asociados
GUY JOSE BENDAÑA GUERRERO & ASOCIADOS has a long and prosperous tradition in the field of intellectual property (IP) in Nicaragua, with roots that go back to more than 100 years, resulting on long-term relationships with renowned clients and attorneys worldwide.
The firm has its origins in the law firm Henry Caldera & Henry Caldera-Pallais, founded in 1907 by Mr. Henry Caldera. That same year of 1907, through the efforts of Mr. Caldera, Nicaragua had its first Trademark Law. In the late 1930’s, Mr. Caldera’s oldest son, Dr. Henry Caldera-Pallais, after studying law in Nicaragua, attended the University of Michigan, where he graduated as a Registered U.S. Patent Attorney. Dr. Caldera-Pallais in 1964 was a founding member of the Interamerican Association of Intellectual Property (ASIPI), the first regional intellectual property organization in the Americas. The firm continued to grow during the administration of Dr. Franklin Caldera, son of Dr. Caldera-Pallais, who obtained his doctoral degree in law from the Universidad Centroamericana in 1973.
Since 1985 the current partners, Dr. Guy José Bendaña Guerrero and Mrs. Blanca Aragón de Bendaña, took over the management of the firm. Dr. Bendaña Guerrero, Director of the firm, has distinguished himself as one of the most respected authorities in Central America in the field of intellectual property and law in general, being the author of several books such as “Course of Industrial Property Law”, “Study of the new Laws of Industrial Property” and “New Study of Contracts “, among others. Mrs. Aragón de Bendaña has served as the firm’s general manager and, thanks to her excellent management, the firm has been in constant growth, with a highly qualified staff committed to excellence. Since 1996, partner Julián José Bendaña Aragón joined the firm, and has been standing out as one of the most recognized attorneys in the field of intellectual property.
We have adapted to the constant change of the business world, supporting our clients in finding the most appropriate legal solutions for each moment. The firm distinguishes itself by understanding the needs of its clients, offering personalized service and adding value to its activities.
Nowadays we continue to be the leading firm in Nicaragua in the area of intellectual property, and at the same time, we have been consolidating other areas of service within the civil, commercial and labor fields, as well as litigation and consulting in general. The firm is well positioned to guarantee a pragmatic service that meets the requirements of the most demanding clients.
