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Korean Free Trade Agreement entered into force in Nicaragua
By Guy José Bendaña-Guerrero & Asociados
The Korea-Central America FTA is a high standard, mutually beneficial trade pact that covers a wide range of areas including trade in goods and services, investment, government procurement, rules of origin and intellectual property right. It is also the first multilateral trade pact the Central American countries of Nicaragua, Costa Rica, El Salvador, Honduras and Panama have with an Asian nation.
With the framework for economic cooperation established, Korea will endeavor to develop a strategic cooperative relationship with the region through which the experiences of economic development will be shared. Under the FTA, the countries will eliminate tariffs on more than 95 percent of all traded goods immediately or in phases. The Central American countries will open their markets to Korea’s main exports including automobiles and steel as well as goods manufactured by small and medium enterprises such as cosmetics, textile, and auto parts. Korea will remove tariffs on coffee, raw sugar and tropical fruits immediately or in the near future, and those on beef, pork and frozen prawns in the long run.
The agreement will provide greater access to the Central America’s services sectors, especially retail, construction and entertainment industries. Fair competition in the telecommunication industries will be ensured while the investor-state dispute settlement system will replace bilateral investment treaties.
In addition to improved market access for goods and services, the FTA will remove various non-tariff barriers. The trade pact will facilitate access to government procurement opportunities including those related to energy, infrastructure and construction. The countries have also agreed on the standards to smoothen trade transactions including those related to rules of origin and customs procedures. The trade accord, for example, allows exporters and producers issue origin declarations without having them done by government agencies.
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.
