South Korea is set to enter into trade agreements with USD 27,000,000,000 central and southern US markets. South Korea and the four Mercosur countries officially announced the start of trade negotiations in Seoul on May 25th.
General Minister of Trade Kim Hyun signed a joint declaration on the signing of the Mercosur trade agreement with Korea with the four Mercosur ministers. Grand InterContinental Seoul Parnas Hotel.
Korea and Mercosur have been discussing trade agreements since 2004. A joint study was also conducted on the feasibility of a free trade agreement. However, with Mercosur’s emphasis on protectionism, the contract was halted.
Minister Kim said, “The Korean government has been able to persuade Mercosur to continue since the inauguration of new Brazilian and Argentine governments capable of open transactions.”
According to the Ministry of Commerce, Industry and Energy, Korea’s real GDP in 2035 could increase from 0.36 to 0.43% by signing this year’s trade agreement. The trade agreement is expected to promote trade of $2.4 billion in agriculture and $1.226 billion in the agricultural industry in manufacturing sectors, including the automotive and steel industries.