A free trade agreement between South Korea and Colombia came into force at the close of last week, according to a report published by Pulse News.

Under the agreement, Colombia will lift tariffs on 4,390 South Korean export products immediately, and lower charges on some 3,000 others over the next decade. Tariffs on Korean cosmetics and beauty products, which currently stand at 15 percent, will be eliminated in seven- to 10 years.

Trade volume between the two countries was valued at US$1.45 billion last year, representing just 0.1 percent of Korea’s total trade. However, with a population of 46.2 million and one of the fastest-expanding consumer markets in South America, the Colombian market promises great potential for Korean manufacturers.