South Korea and Mercosur agreed on Friday (25.5.2018) to begin formal negotiations for a free trade agreement, during a meeting held in Seoul between the South Korean government and representatives of the four countries of the Latin American bloc.
Asia's fourth-largest economy and Mercosur plan to begin these negotiations during the second half of the year, according to the agreement reached by both parties, which hope to boost their trade and investment exchanges.
"This is a significant step towards deepening the important relations between the Mercosur member states and South Korea," said representatives of the governments of Seoul, Brazil, Argentina, Paraguay and Uruguay in a joint statement issued after the meeting.
"Strengthening ties through increased trade and investment flows is an expression of our common interest. in prosperity, and our commitment to free trade and open markets," the statement added.
The South Korean government, for its part, valued the importance of the future agreement for "to boost its imports of automobiles, auto parts and electronic products to Mercosur member states", through a statement from the Ministry of Commerce, Industry and Energy.
The countries that make up the Southern Common Market have a combined population of 290 million people and a gross domestic product of some 2,7 trillion dollars, which represents more than half of the economy of the South American continent, according to data from the South Korean Ministry.
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