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Guatemala is prioritizing its accession to the Korea-Central America Free Trade Agreement (FTA), which is expected to further boost bilateral trade and investment with South Korea, while helping diversify the Central American country's export markets, its foreign minister said.

Guatemalan Foreign Minister Carlos Ramiro Martinez made the remarks in an interview with Yonhap News Agency in Seoul on Wednesday during a visit that included talks with his South Korean counterpart, Cho Hyun.

"It will further expand trade, and it will surely create a more favorable scenario for increasing Korean investment in Guatemala," Martinez said. "At the moment, Guatemala has very few export products going to Korea, but we expect that to expand as well."

Coverage Comparison

Two Yonhap News Agency reports from July 1 provide overlapping but distinct coverage of the Guatemalan foreign minister's visit to Seoul. The first, an interview-focused piece, highlights Martinez's remarks on the FTA and bilateral economic ties. The second, a ministry-sourced report, details the meeting between Cho and Martinez, emphasizing the agreement to continue diplomatic efforts for the FTA's completion and to expand development cooperation.

Both reports agree on key facts: South Korea's FTA with five Central American nations—Panama, Nicaragua, Honduras, Costa Rica, and El Salvador—entered into force in 2021; Guatemala signed an accession protocol in January 2024; and Guatemala completed its domestic ratification procedures in November 2025. The reports also describe the two ministers' discussions as productive, with the ministry report noting agreements on development cooperation and exchange of views on regional developments.

The interview report adds specific details about bilateral trade figures and investment statistics, while the meeting report includes a comment from Martinez on shared values and a note from Cho on the Korean community in Guatemala.

Key Claims

  • Guatemala is prioritizing its accession to the Korea-Central America FTA, which is expected to boost bilateral trade and investment, according to Foreign Minister Carlos Ramiro Martinez in an interview with Yonhap.
  • Martinez said the FTA is expected to generate positive economic effects, given the complementary nature of bilateral trade and Guatemala's position as one of the largest economies in Central America.
  • South Korea's FTA with five Central American nations entered into force in 2021.
  • Guatemala reached an agreement with Seoul on joining the pact and signed an accession protocol in January 2024.
  • Guatemala completed its domestic ratification procedures for joining the pact in November 2025.
  • Bilateral goods trade totaled about US$418 million in 2024, with South Korea's exports to Guatemala reaching $287 million and imports standing at $131 million.
  • More than 250 Korean companies operate in Guatemala, primarily in the apparel sector.
  • Foreign Minister Cho Hyun met with his Guatemalan counterpart, Carlos Martinez, in Seoul and discussed ways to strengthen bilateral cooperation on trade, development assistance and other issues.
  • The two sides agreed to expand development cooperation in areas such as climate change and public administration.

Perspectives

Guatemala's Perspective

Foreign Minister Carlos Ramiro Martinez expressed strong commitment to the FTA accession, calling it a matter of high priority. He emphasized the potential for expanded trade and increased Korean investment, and expressed hope for a swift completion of remaining procedures. He also highlighted shared values with South Korea, including democracy, free trade, and respect for international law.

South Korea's Perspective

Foreign Minister Cho Hyun met with Martinez to discuss bilateral cooperation, with the ministry emphasizing the agreement to continue diplomatic efforts for the FTA's completion. Cho noted the presence of some 6,000 South Koreans residing in Guatemala and requested continued support for Korean businesses and the local Korean community, underscoring the importance of the bilateral relationship.