Lee, Lula agree Korea-Mercosur trade pact should no longer be delayed

BRASILIA — President Lee Jae Myung said he and Brazilian President Luiz Inacio Lula da Silva agreed Monday that a trade pact between South Korea and the South American trade bloc Mercosur should not be delayed any further.

Lee made the remarks during a joint press announcement with Lula at the Brazilian presidential palace in Brasilia following their summit.

Lee is currently on a state visit to Brazil as part of his three-nation South America tour, which also includes stops in Chile and Argentina.

"In an era of growing uncertainty in the trade environment, a trade agreement between South Korea and Mercosur is an important task that cannot be delayed any further," Lee said.

Mercosur, also known as the Southern Common Market, is a trade bloc established in 1991 by Argentina, Brazil, Paraguay and Uruguay.

Bolivia is also a full member, while associate members include Chile, Colombia and Peru, among others.

South Korea and Mercosur began formal negotiations for a trade pact in 2018, but the talks have stalled over the past several years with little progress.

Since taking office last year, L ...