Last Updated: 2018-09-14
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MONTEVIDEO, Sept 14 (NNN-PRENSA LATINA) -- The sub-regional South American trade bloc Mercosur and the Republic of Korea (ROK) are holding a high-level meeting here this week for a Free Trade Agreement (FTA) aimed at promoting two-way trade exchange of about 10 billion US dollars a year.

The two sides parties agreed last May in Seoul to start the current negotiations, and on that date host authorities assessed the importance of boosting exports of automobiles, auto parts and electronic products to Mercosur member states.

In the ROK, the importance of the countries in Mercosur, the Common market of the South, with a combined population of 290 million people and a Gross Domestic Product of about 2.7 trillion dollars is well appreciated.

Negotiators from Uruguay, Argentina, Brazil and Paraguay, on one side; and a Korean delegation, on the other, are trying to make important progress as they meet here until Saturday.

According to data supplied, the four countries of the Mercosur exported to the ROK about 3.7 billion USD worth of goods in 2017, mainly agricultural products and steel, while purchases from the East Asian country totalled about 6.3 billion USD, mainly electronic products and vehicles.

During 2018, Mercosur's exports totalled to the ROK 835 million USD, while imports amounted to 1.065 billion USD. Mercosur is also holding negotiating for trade commercial agreement with the European Union, Canada, Singapore and the European Free Trade Area (EFTA) made up of Switzerland, Norway, Iceland and Liechtenstein. -- NNN-PRENSA LATINA