5th Round of Trade Agreement Negotiations Between Korea and Four South American Countries Including Brazil and Argentina... "Settlement by the End of This Year"

[Asia Economy Reporter Kim Bo-kyung] The 5th official negotiations for a trade agreement between South Korea and four South American countries, including Brazil and Argentina, will be held from the 10th.

According to the Ministry of Trade, Industry and Energy on the 10th, the 5th official negotiations for a trade agreement between Mercosur (Southern Common Market), composed of four South American countries including Brazil, Argentina, Uruguay, and Paraguay, will be held from the 10th to the 14th in Montevideo, Uruguay.

On the Korean side, a government delegation composed of related ministries such as the Ministry of Trade, Industry and Energy, the Ministry of Economy and Finance, and the Ministry of Agriculture, Food and Rural Affairs will participate in the negotiations, with Kim Ki-jun, Free Trade Agreement Negotiator of the Ministry of Trade, Industry and Energy, serving as the chief representative.

On the Mercosur side, a delegation composed of negotiation officers from the related ministries of the four countries including Brazil will be present, with Valeria Csukasi, Director General of the Ministry of Foreign Affairs of Uruguay, serving as the chief representative.

Since the declaration to commence negotiations in May 2018, four official negotiations have been held. Considering the complementary economic structures, both sides plan to proceed with the negotiations at a rapid pace to conclude a high-level agreement that is mutually beneficial by the end of this year.

The negotiations will cover all areas including goods, services and investment, rules of origin and customs clearance, intellectual property rights, sanitary and phytosanitary measures (SPS), technical barriers to trade (TBT), government procurement, competition, general provisions, and cooperation.

Meanwhile, the four Mercosur countries represent 70% (290 million people) of the population in the South American region and 76% (2.7 trillion dollars) of the gross domestic product (GDP), making it a market with high growth potential.

Trade volume with South Korea was about 10.8 billion dollars last year (exports 5.4 billion dollars, imports 5.4 billion dollars), and if a Korea-Mercosur trade agreement is concluded, it is expected to lay the foundation for significantly expanding economic cooperation between the two sides.

This content was produced with the assistance of AI translation services.