S. Korea, MERCOSUR to speed up efforts on free trade talks

SEOUL, July 22 (Yonhap) -- South Korea and MERCOSUR, the South American trade bloc, will accelerate their efforts to launch bilateral free trade negotiations, a high-ranking trade official said Wednesday.

Both sides have completed a joint feasibility study on a bilateral free trade
agreement (FTA), and will sign a memorandum of understanding on establishing a
joint consultative group to promote a trade agreement this week, said Ahn
Ho-young, Seoul's deputy minister for trade.
"We expect both sides to launch free trade negotiations in the near future," he
said.
The idea of a South Korea-MERCOSUR FTA was first floated in 2004, when then South
Korean President Roh Moo-hyun made a visit to Brazil.
MERCOSUR, comprising Brazil, Argentina, Paraguay and Uruguay, has a total
population of 240 million people and its economic size is estimated at US$1.98
trillion.
Two-way trade volume reached $12 billion last year. with South Korea exporting
goods worth of $6.7 billion to the economic bloc.