Colombia, S. Korea sign economic agreements

Colombia and South Korea Tuesday signed two cooperation agreements in Bogota to strengthen economic ties, the Colombian Treasury Ministry said.

The agreements on financial cooperation and tariff cuts were signed by Colombian Treasury Minister Oscar Ivan Zuluaga, Education Minister Cecilia Maria Velez and South Korean Ambassador Hong Seong-hoa.

The agreements allow investors of both countries to have "more favorable conditions within the framework of juridical security," the Ministry said in a statement.

The Ministry said the agreements offered Seoul and Bogota important tools to prevent tax evasion.

Signing the agreements was the last step in a process that started in 2009, after a series of meetings between Colombian and South Korean representatives to negotiate the terms of the agreements.

The two countries signed an investment promotion and reciprocal protection agreement in early July. They are also negotiating a free trade agreement.

Source:Xinhua