Seoul: The industry ministry convened a meeting on Thursday with major companies operating in Latin America to address issues related to South Korea's trade negotiations with regional partners, officials reported. The gathering included representatives from sectors such as automobiles, steel, and home appliances to discuss Seoul's ongoing efforts to establish trade agreements with Mexico and the Mercosur trade bloc.
According to Yonhap News Agency, the discussions come amid South Korea's ambition to strengthen economic ties with Mercosur, the largest economic bloc in Latin America, which comprises Argentina, Brazil, Paraguay, and Uruguay. This bloc represents a combined population of 290 million and boasts a gross domestic product of $2.7 trillion. Since 2018, South Korea and Mercosur have engaged in seven rounds of trade negotiations, although progress has stalled since the last round in August 2021. Similarly, talks with Mexico have faced delays due to domestic opposition within the country.
The industry ministry emphasized its commitment to securing trade agreements with both Mexico and Mercosur, aiming to diversify export markets for Korean companies. This strategic push is intended to enhance South Korea's economic footprint in Latin America, providing new opportunities for growth and cooperation.