Commerce Minister Yeo Han-koo plans to meet with his Uruguayan counterpart, Francisco Bustillo, practically later in the day to discuss ways to expand economic ties, according to the Ministry of Commerce, Industry and Energy. .
âUruguay is one of South Korea’s key partners, as the two can make joint efforts to overcome the challenges of the COVID-19 pandemic,â Yeo said in a statement, noting that the agreement trade with Mercosur will further strengthen bilateral economic cooperation. .
Mercosur, made up of Brazil, Argentina, Paraguay and Uruguay, accounts for about 70 percent of South America’s population and 68 percent of the region’s economy.
South Korea and Mercosur held their seventh round of negotiations earlier this month.
“South Korea’s trade deal with Mercosur will pave the way for both sides to expand cooperation in a wide range of areas, including digital, technology, infrastructure, ICT, healthcare and neutrality carbon, âadded Yeo.
South Korea is striving to expand its economic ties with partners in Central and South America in order to diversify its export portfolio.
The ministry said the day before that it was currently in negotiations with Guatemala to invite the Central American country to a multilateral trade pact that came into full force this year.
South Korea and five Central American countries – Costa Rica, El Salvador, Panama, Honduras and Nicaragua – fully implemented their FTAs ââin March.
Seoul also has separate trade agreements with Chile, Peru and Colombia. (Yonhap)