Brazil and South Korea Will Accelerate Trade Agreement Negotiations with Mercosur

Brazil and South Korea have agreed to accelerate negotiations on a trade agreement with Mercosur. A corresponding statement was made by the presidents of both countries following a meeting held in Brazil.

Brazil is actively seeking new trading partners, as tariffs imposed by the United States are affecting its exports. According to President Luiz Inácio Lula da Silva, the parties will establish a working group to accelerate the negotiation process. South Korea's President Lee Jae-myung called the achievement of the agreement an important and urgent matter.

The parties also agreed to expand cooperation in the critical minerals sector. In August, a South Korean delegation will visit Brazil. Mercosur consists of Brazil, Argentina, Paraguay, and Uruguay.

Source: Investing.com