South Korea and Colombia are in midst of negotiations of a bilateral agreement, between the two countries, which has raised concerns in the Colombian textile sector with regards to rules of origin and procedures to be adopted for tax relief.

According to Carlos Botero, Executive Director of Inexmoda, the apex textile, apparel and fashion institute, The Korean textile and apparel sector is more developed than the one in Colombia and in that sense, the agreement could go against interests of local industry.

He added by saying that, the textile, clothing and fashion sector in Colombia is looking forward to negotiations that reflect a dynamic economic development and that benefit and ensure fair competition for the sector of the country.

Speaking on the outstanding issue of restoration of relations between Venezuela and Colombia, he said, that Venezuela owes around US $300 million to the textile sector in the country and they would like a reassurance that the debt will be repaid and also that both countries should normalize relations at the earliest.