Trade minister to meet Latin American envoys to discuss economic cooperation

SEOUL, Sept. 3 (Yonhap) -- Trade Minister Yeo Han-koo will meet with top envoys from 18 Latin American countries Wednesday to discuss ways to expand trade and economic cooperation between South Korea and Latin America amid the global spread of trade protectionism, Yeo's office said.

The meeting was scheduled to be held in Seoul, attended by ambassadors from the 18 Latin American countries, including Mexico, Brazil, Argentina, Chile and Peru, according to the Ministry of Trade, Industry and Energy.

In the meeting, Yeo was expected to propose expanding cooperation between Korea and the Latin American countries on supply chains, as Korea has strength in advanced industries that require critical minerals, such as electric vehicles, batteries and semiconductors, while the latter possess massive reserves of such resources.

Chile has the world's largest copper reserve and the second-largest lithium reserve, while Argentina holds the world's fourth-largest lithium reserve, the ministry noted.

It said Yeo will call for "active" expansion of the trade network between Korea and Latin America to respond to intensifying trade protectionism and geopolitical rivalry, stressing that Latin America is a key region in the Global South.

South Korea currently has a free trade agreement (FTA) with a group of five Central American countries, including Panama and Costa Rica, and bilateral FTAs with three South American countries -- Chile, Peru and Colombia.

On Tuesday, Seoul signed a formal strategic economic cooperation agreement with Ecuador to expand bilateral economic ties.

Yeo will also seek support from Latin American countries for Korea's hosting of the Asia-Pacific Economic Cooperation (APEC) summit to be held next month in the southeastern city of Gyeongju, the ministry said.

nyway@yna.co.kr
(END)