South Korea-Mercosur trade talks stalled since 2021 amid Brazilian industrial concerns
Trade negotiations between South Korea and Mercosur, which began in 2018, have been on hold since late 2021, primarily because Brazil fears that a rise in Korean imports might negatively impact its industrial sector. Experts believe that facilitating financial and technological exchanges is crucial for advancing free trade with Mercosur nations. Recently, South Korean President Lee Jae Myung and Brazilian President Luiz Inacio Lula da Silva convened at the Alvorada Palace in Brasilia to address these issues.
Key facts
- South Korea-Mercosur trade talks started in 2018.
- Talks have been stalled since late 2021.
- Brazilian concerns focus on harm to regional industrial base from Korean imports.
- Money and technology transfer are seen as keys to progress.
- South Korean President Lee Jae Myung and Brazilian President Lula da Silva met at Alvorada Palace in Brasilia.
- The meeting occurred on a Monday.
Entities
Institutions
- Mercosur
- Alvorada Palace
Locations
- South Korea
- Brazil
- Brasilia
- South America