KBS | 20 March 2018

S. Korea-Mercosur trade talks to begin in 1st half

South Korea and the Southern Common Market, also known as Mercosur, will likely begin negotiations to forge a trade pact in the first half of the year.

Prime Minister Lee Nak-yon, who is visiting Brazil for the World Water Forum, said he and Brazilian President Michel Temer agreed on Monday to swiftly launch the trade deal talks. Lee said the negotiations are expected to launch in the first half of the year.

The two sides agreed in March of last year to hold consultations to kick start such negotiations.

Made up of Argentina, Brazil, Paraguay and Uruguay, Mercosur is a regional economic bloc that was established in 1991. The bloc accounts for 70 percent of South America’s population and 76 percent of the continent’s gross domestic product.