Brazil, South Korea agree to advance talks for Mercosur trade deal

Brazil and South Korea agreed to accelerate talks on a potential ​trade deal between the Asian nation and the South ‌American bloc Mercosur, their presidents said on Monday (27) during a ceremony in Brasilia.

Brazil has been seeking to expand deals — alone or ​through Mercosur, which also includes Argentina, Paraguay and Uruguay — ​to diversify trade at a time when it is being hit ⁠by tariffs from the U.S., one of its key commercial ​partners.

Brazil’s President Luiz Inacio Lula da Silva said his ​country and South Korea agreed to create a working group to accelerate the talks, while his South Korean counterpart Lee Jae Myung called a ​potential deal with Mercosur an urgent matter.

Mercosur has ​closed deals in recent years with partners including the European Union and the ‌four ⁠members of the European Free Trade Association, Switzerland, Iceland, Liechtenstein and Norway.

In a phone call earlier on Monday with Chinese President Xi Jinping, Lula said he and Xi supported advancing talks on ​a potential deal ​between China ⁠and Mercosur.

During the ceremony, Lula said Brazil will receive a South Korean mission next ​month for a sanitary evaluation of Brazilian ​meatpackers. The leaders ⁠also agreed to expand cooperation in the critical minerals sector, Lee said.

The event took place five months after Lula attended ⁠a summit with ​Lee in Seoul.

Source: Reuters

Sharing is caring!