South Korea and Uruguay expedite negotiations for trade agreement with MERCOSUR

RIO DE JANEIRO, BRAZIL – South Korea’s chief trade negotiator Yeo Han-koo met with Uruguay’s Foreign Minister Francisco Carlos Bustillo Bonasso online on Wednesday (29) to discuss ways to expand economic ties, the Ministry said.

Yeo noted that Uruguay is one of South Korea’s key partners as the two can work together to overcome the challenges posed by the Covid-19 pandemic, explaining that the trade agreement with the Common Market of the South (MERCOSUR) will enhance bilateral economic cooperation.

Comprising Brazil, Argentina, Paraguay and Uruguay, MERCOSUR accounts for some 70% of South America’s population and 68% of the region’s economy.

South Korea and MERCOSUR held the 7th round of negotiations earlier this month.

Yeo added that the South Korea-MERCOSUR trade agreement will pave the way for the two to expand cooperation in a wide range of areas, including digital, technology, infrastructure, information and communication technologies (ICT), healthcare and carbon neutrality.

South Korea has been making efforts to expand its economic ties with partners in Central and South America to diversify its export trade portfolio. The Ministry said it is currently in negotiations with Guatemala to invite the Central American country to a multilateral trade agreement that came into full force this year.

South Korea and 5 Central American nations – Costa Rica, El Salvador, Panama, Honduras and Nicaragua – fully implemented their FTA in March. Seoul also has separate trade agreements with Chile, Peru and Colombia.