7th Korea-Mercosur Trade Agreement Negotiations Held: "We Will Actively Advance Discussions"

Negotiations by Sector: Products, Origin, Services, Intellectual Property Rights, and Government Procurement

[Sejong=Asia Economy Reporter Joo Sang-don] The Ministry of Trade, Industry and Energy announced that the 7th official negotiations for the Trade Agreement (TA) between Korea and Mercosur (a customs union among Brazil, Argentina, Uruguay, and Paraguay) will be held via video conference from the 30th of this month to the 3rd of next month.

On the Korean side, Lee Kyung-sik, the Free Trade Agreement Negotiator of the Ministry of Trade, Industry and Energy, will serve as the chief representative, with a delegation of about 60 members from related ministries including the Ministry of Trade, Industry and Energy, Ministry of Economy and Finance, Ministry of Agriculture, Food and Rural Affairs, Ministry of Culture, Sports and Tourism, and Ministry of Oceans and Fisheries participating in the negotiations.

On the Mercosur side, Pablo Seder, Director of the Uruguayan Ministry of Foreign Affairs, will serve as the chief representative, with a delegation of about 100 members from related ministries of the four countries?Brazil, Argentina, Uruguay, and Paraguay?participating in the negotiations.

Korea and Mercosur have held a total of six official negotiations since their first talks in September 2018. Notably, since the 6th negotiation held in June this year, the talks have been conducted via video conference due to the spread of COVID-19.

The 7th negotiation will cover sectoral discussions on goods and trade remedies, rules of origin, services, e-commerce, intellectual property rights, government procurement, and sanitary and phytosanitary measures (SPS).

An official from the Ministry of Trade, Industry and Energy explained, "The Korea-Mercosur TA is significant in proactively securing emerging markets in South America and further completing Korea’s free trade agreement (FTA) network within the Latin American region." The four Mercosur countries?Brazil, Argentina, Uruguay, and Paraguay?account for 70% of the total South American population (295 million people) and 68% of the GDP ($3.4 trillion).

The Free Trade Agreement Negotiator stated, "The government has confirmed the potential economic effects and expectations from various sectors regarding the Korea-Mercosur TA through industry meetings and inter-ministerial conferences," adding, "We will actively advance discussions in this negotiation to successfully conclude the Korea-Mercosur TA talks."

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