South Korea maintains trade talks with Mercosur

On Monday (09/30), South Korea’s trade ministry said that it planned to hold the fourth round of trade talks with Mercosur as Seoul plans to expand its trading network with emerging countries and revitalize its exports.

During the meeting, which will be held from Tuesday to Friday in the South Korean port city of Busan, discussions will focus on exchanging details of a free trade pact covering products, services, and investments, according to the Ministry of Trade, Industry, and Energy of South Korea.

Seoul’s exports to the four Mercosur countries reached US$5.6bn in 2018, down 13.7% from the previous year, according to data compiled by the Korean International Trade Association.

South Korea mainly exports chips, auto parts, and mobile devices to South American countries. In return, Asia’s fourth largest economy imports iron ore and grain.

The country has sought to diversify its free trade network with emerging countries to revitalize its struggling exports. Amid rising protectionism, South Korea’s exports fell 21.8% in the first 20 days of September and are expected to fall for the tenth consecutive month of the year.

Source: Yonhap News Agency

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