KITA News and Reports
  • KITA held ‘Korea-Mercosur Business Forum’
    2018-05-30

    KITA held ‘Korea-Mercosur Business Forum’

     

    -     70% population of Central and South America, giant market with GDP
    76% ... discussed cooperation measures in trade and investment -

     


    The Korea International Trade Association (Chairman, Kim Young-joo) held a Korea-Mercosur Business Forum’ at the Trade Tower in Samseong-dong on May 25 to commemorate the launch of the Korea-MERCOSUR trade negotiation and seek economic cooperation between the two regions.


    Mercosur is the largest economic bloc in the Central and South America with four countries: Argentina, Brazil, Paraguay and Uruguay. It is a promising market with high potential as it accounts for 70 percent (260 million)
    of Central and South America's total population and 76 percent (2.8 trillion dollars) of gross domestic product (GDP).


    The forum introduced the mutual trade and investment benefits and promising export items that the Korea-Mercosur trade agreement would bring. Representatives of trade negotiators from four countries of Mercosur delivered presentations on the business and investment opportunities in each country. Also, there were discussions on future
    cooperation in the new growth industry in the fourth industrial revolution.

    Kwak Dong-cheol, a researcher at the Center for Trade Studies and Cooperation of the Korea International Trade Association, participated in as a presenter and said, “South Korea maintains complementary trade relations with Mercosur as Korea exports industrial products to Mercosur and imports raw materials and primary products from Mercosur.” He stressed, "The two regions will be able to create win-win result from the Korea-Mercosur trade agreement."


    Dr. Kwon Ki-soo at the Hankuk University of Foreign Studies stated, "The high penetration rate of smart phones and mobile internet, the growth   potential of the smart city market, and the spread of technology-based innovators in IT, bio and food sectors show that Mercosur has high growth potential in the fourth industrial revolution era.” He also emphasized, "It is very important to establish a cooperation platform to maximize the cooperation for resources, technology and human resources in the two regions as well as in new industries."


    KITA’s chairman Kim Young-joo said, “With the launch of this trade agreement negotiation, we expect that the huge market of Central and South America continent will open up in the near future. Since this is the first trade agreement as an Asian country, the Korea International Trade Association will exert every effort for Korean companies to
    preoccupy the market in Latin America.

     

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