Seoul: Trade Minister Yeo Han-koo met with ambassadors from South America's Mercosur countries Thursday to discuss ways to deepen economic cooperation, including trade agreement negotiations between South Korea and Mercosur, Yeo's office said.
According to Yonhap News Agency, Yeo met with the ambassadors of Argentina, Brazil, Paraguay, and Uruguay, which form a South American trade bloc called Mercosur, in Seoul. The discussions focused on the possible reopening of negotiations for a trade deal between Korea and Mercosur and strengthening cooperation in supply chains, the Ministry of Trade, Industry, and Resources reported.
Mercosur is the largest economic bloc in South America, with a combined population of 290 million and a gross domestic product of US$2.7 trillion. The bloc also possesses abundant mineral resources, including lithium and nickel, which are widely used in advanced industries.
Korea and Mercosur have held seven rounds of trade negotiations since 2018, but the talks have stalled since the latest round held in August 2021. Yeo emphasized the importance of Mercosur as a cooperation partner for South Korea, which seeks market diversification and supply chain stabilization amid changes in the global trade environment, such as the rise in trade protectionism.
The ministry further stated that Yeo urged Mercosur's active support for Korean companies operating in the region, including POSCO Holdings, which is investing in Argentina for lithium production.