Meeting in Brasilia on Monday, the presidents of Brazil and South Korea announced plans to accelerate negotiations toward a potential trade agreement between South Korea and the South American trade bloc Mercosur.
Brazil has been actively working to broaden its trade relationships — both on its own and through Mercosur, which counts Argentina, Paraguay, and Uruguay among its members — as a way to offset the impact of tariffs imposed by the United States, one of Brazil’s most important trading partners.
Brazilian President Luiz Inacio Lula da Silva announced that the two countries would establish a working group dedicated to moving the trade discussions forward. His South Korean counterpart, President Lee Jae Myung, described a potential deal with Mercosur as an urgent matter.
Mercosur has been active on the trade deal front in recent years, reaching agreements with the European Union as well as the four nations of the European Free Trade Association — Switzerland, Iceland, Liechtenstein, and Norway.
Earlier the same day, Lula spoke by phone with Chinese President Xi Jinping. The two leaders expressed mutual support for pushing forward discussions on a possible trade agreement between China and Mercosur as well.
During Monday’s ceremony, Lula also revealed that Brazil will host a South Korean delegation next month for a health and safety inspection of Brazilian meat processing facilities. The two leaders additionally agreed to deepen cooperation in the critical minerals sector, according to President Lee.
The ceremony came roughly five months after Lula traveled to Seoul to participate in a summit with Lee.
