SEOUL, March 5 (AJP) - Trade Minister Yeo Han-koo on Thursday met with ambassadors from four Mercosur countries to discuss ways to enhance cooperation.
Formed in 1991, Mercosur is a South American trade bloc comprising Argentina, Brazil, Paraguay and Uruguay.
Thursday's talks follow President Lee Jae Myung's summit with Brazilian President Luiz Inácio Lula da Silva in Seoul late last month, as South Korea looks to expand economic and trade ties with the bloc.
Citing Mercosur's abundant critical minerals such as lithium and nickel, Yeo called the bloc a "very important partner" as global trade faces "unprecedented" shifts amid rising protectionism and the strategic use of resources.
Yeo said that strengthening trade ties with South America's largest economic bloc, home to about 270 million people with a combined gross domestic product of US$2.9 trillion, is essential for boosting investment and exchanges, as well as for providing companies with a stable, forward-looking business environment.
He also warned that overreliance on specific regions for trade exposes the global economy to significant risks, stressing the need to diversify supply chains.
With the four Mercosur countries also facing growing pressure to navigate challenges including U.S. tariff measures, he added that closer cooperation with South Korea would be needed. He also called for support for South Korean companies operating in Mercosur including steelmaker POSCO's lithium plant in Argentina.
Formed in 1991, Mercosur is a South American trade bloc comprising Argentina, Brazil, Paraguay and Uruguay.
Thursday's talks follow President Lee Jae Myung's summit with Brazilian President Luiz Inácio Lula da Silva in Seoul late last month, as South Korea looks to expand economic and trade ties with the bloc.
Citing Mercosur's abundant critical minerals such as lithium and nickel, Yeo called the bloc a "very important partner" as global trade faces "unprecedented" shifts amid rising protectionism and the strategic use of resources.
Yeo said that strengthening trade ties with South America's largest economic bloc, home to about 270 million people with a combined gross domestic product of US$2.9 trillion, is essential for boosting investment and exchanges, as well as for providing companies with a stable, forward-looking business environment.
He also warned that overreliance on specific regions for trade exposes the global economy to significant risks, stressing the need to diversify supply chains.
With the four Mercosur countries also facing growing pressure to navigate challenges including U.S. tariff measures, he added that closer cooperation with South Korea would be needed. He also called for support for South Korean companies operating in Mercosur including steelmaker POSCO's lithium plant in Argentina.
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