The South Korean government will soon start negotiations with six Central American countries for a free trade agreement, officials said Friday.

Trade Minister Yoon Sang-jick announced the official launch of FTA talks after meeting on Thursday with his counterparts from six countries ― Panama, Guatemala, El Salvador, Honduras, Nicaragua and Costa Rica ― in Houston, the U.S.

“The ministers shared the view that the FTA should be consistent with the rules of the World Trade Organization and agreed to pursue a high-level and comprehensive FTA including trade in goods, trade in services, investment, economic cooperation and other areas of mutual interest,” the trade leaders said in a joint statement.

If the two parties ink the deal, South Korea will become the first Asian country to sign such an agreement with the six countries, which form a regional economic bloc known as the Secretariat for Economic Integration, or SIECA.

The trade volume between Korea and the six countries has doubled over the past 10 years. Currently, some 200 Korean firms are investing or operating in those countries, creating some 150,000 jobs.

“Korean companies will be able to secure comparative advantages over rival countries like Japan and China as no other Asian countries have signed the FTA with the major Central American nations,” a ministry official said.

According to the ministry, the six countries make up the fifth-largest market in Latin America in terms of their combined gross domestic product, while their combined population of 43.5 million is the third largest in the region, making them a promising market with great potential.

“Korean firms needed to seek opportunities to participate in Central America’s various economic development projects to diversify their business portfolio in trade items and investment filed amid a protracted global economic slump,” the official said.

If signed, South Korea’s automotive, auto parts, smartphone, medical, construction material and food companies are expected to benefit from the deal, according to the Korea Trade-Investment Promotion Agency’s report released on Friday.

The first round of FTA negotiations could be held as early as next month in El Salvador, where SIECA is headquartered, another ministry official said.

By Park Han-na and news reports (hnpark@heraldcorp.com)