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South Korea and Mercosur agree to restart free trade talks
The renewed process includes a working group to prepare a declaration for talks to resume at the Mercosur summit in December.
South Korea and Brazil, in coordination with the Mercosur trade bloc, agreed to revive negotiations toward a free-trade agreement, setting up a pathway to restart talks that have been stalled for years, according to SCMP Economy.
SCMP Economy reports that a joint working group will prepare a formal declaration ahead of the Mercosur summit in December, following an agreement reached Monday by South Korean President Lee Jae Myung and Brazilian President Luiz Inacio Lula da Silva in Brasilia.
The report says observers argue Seoul must address skepticism in Latin America, particularly among Brazil’s manufacturing sector, which has worried that expanded imports of Korean goods could damage the region’s industrial base.
SCMP Economy notes the South Korea-Mercosur trade talks began in 2018 and have been stalled since late 2021, while Mercosur comprises Argentina, Brazil, Paraguay, Uruguay, and Bolivia, plus associate members.