Merco Press - 12 August 2021
South Korea/Mercosur round of trade talks at the end of the month
South Korea wants to advance with trade negotiations with Mercosur. Discussions started back in 2018 and at the end of the month, a seventh-round is slated to take place.
“The trade agreement with Mercosur will pave the way for South Korean exporters to secure the emerging markets of South America and complete our FTA portfolio in the region,” the Ministry of Trade, Industry and Energy said in a statement on Thursday.
Mercosur four full members, Argentina, Brazil, Paraguay and Uruguay, represent 70% of the South American continent population and 75% of GDP, and Seoul is interested to speed negotiations and expand its exports portfolio.
South Korea’s Trade promotion agency, KOTRA, expects the deal could help the Asian country participate in Brazil’s infrastructure projects. It is currently in negotiations with Ecuador for a free trade agreement.
Anyhow South Korea as the number four economy in Southeast Asia has been active in other fields to deepen trade relations with emerging markets. Since 2004 the country has a free trade agreement with Chile. Likewise with Peru and Colombia and five Central American countries.