On Thursday, the trade ministers of South Korea and Argentina discussed potential strategies to increase trade and investment through free trade agreements and to expand cooperation on the supply chains of essential minerals and energy resources, according to the South Korean Ministry of Trade, Industry and Energy.
The two countries are currently engaged in negotiations for a free trade agreement between South Korea and Mercosur, a major trading bloc in South America comprised of Argentina, Brazil, Paraguay, and Uruguay, which accounts for about 70 percent of the region’s Gross Domestic Product. The most recent round of negotiations occurred in 2021.
The ministers also discussed signing a bilateral Trade and Investment Promotion Framework (TIPF) to create a new avenue for collaboration in the industry and trade sectors. Ahn asked for Argentina’s assistance with South Korean companies taking part in lithium development projects in the South American country, as lithium is a key mineral for the battery sector and Argentina has the world’s third-largest lithium reserves.
Ahn also requested Argentina’s backing for South Korea’s application to host the 2030 World Expo in the city of Busan.
This file photo, provided by South Korea’s industry ministry on Aug. 30, 2021, shows the seventh round of negotiations for the South Korea-Mercosur free trade agreement. (PHOTO NOT FOR SALE) (Yonhap)
South Korea and Argentina are exploring means to bolster their trade and supply chain relations. At a meeting in Seoul, Trade Minister Ahn Duk-geun and Argentina’s Foreign and Trade Minister Santiago Cafiero agreed to continue consultations to progress talks for a free trade agreement between South Korea and Mercosur. The ministers also discussed signing a Trade and Investment Promotion Framework (TIPF) to establish a new channel for cooperation in the industry and trade fields.
Ahn asked for Argentina’s support for South Korean companies participating in lithium development projects in the South American country and for South Korea’s bid to host the 2030 World Expo in its southeastern city of Busan.
graceoh@yna.co.kr
(END)