South Korea moves to pursue trade deals with Argentina, Uruguay

South Korea is seeking public input as it prepares to pursue trade agreements with Argentina and Uruguay, two emerging South American economies with significant reserves of critical minerals.

The Ministry of Trade, Industry and Energy said Thursday it will hold public hearings on the proposed South Korea-Argentina and South Korea-Uruguay trade agreements at the Korea Trade Center in Gangnam-gu, Seoul.

The hearings are required under Article 7 of the Trade Treaties Conclusion Procedure and Implementation Act. The law requires the government to hold a public hearing to gather opinions from stakeholders and relevant experts before drawing up a plan to conclude a trade treaty.

Participants will include companies operating in South America and officials from the Korea Institute for International Economic Policy, the Korea International Trade Association (KITA), KOTRA and the Korea Rural Economic Institute, along with regional experts. They will share views on the expected benefits of the agreements and key considerations.

The ministry expects the agreements to help diversify South Korea's market reach into emerging South American economies and expand cooperation on natural resources and supply chains.

Argentina, the third-largest economy in Latin America by GDP, holds abundant reserves of critical minerals and shale gas and has a population of about 47 million. Uruguay, meanwhile, serves as a logistics hub in South America and a gateway for Korean companies seeking to enter the region.

The ministry said it will take the opinions gathered at the hearings into comprehensive consideration as it moves forward with the domestic procedures required to pursue the trade agreements.

"Pursuing trade agreements with Argentina and Uruguay will allow us to diversify into emerging South American markets and strengthen resource and supply chain cooperation by leveraging each country's strengths," said Park Geun-o, the ministry's director-general for trade agreement policy. He urged participants to actively raise concerns and policy recommendations from the private sector's perspective so the government can pursue South American trade agreements from multiple angles.