Given the new status of the South Korean economy, Latin America represented an attractive market for their interests. Thus, trade between the two grew as subregional integration eliminated trade barriers. Having reached the customs union phase in MERCOSUR, Korean direct investments were a strategic actor in the relationship. However, the application by MERCOSUR of safeguard measures against Korean imports in the context of the financial crisis of 1997, damaged trade relations between the two parties. In this context, the Korean government began to consider a new trade negotiation policy based on regional trade arrangements (RTAs). This article identifies the challenges of the trade relationship between South Korea and the Southern Cone and explores the new Korean policy for regional trade arrangements.
Keywords:
South Korea, Southern Cone, MERCOSUR, Financial Crisis, Regional Trade Arrangements
Author Biography
Won-Ho Kim
Director para las Américas del Korean Institute for Economic Policy (KIEP).
Kim, W.-H. (2001). Los vínculos de Corea con MERCOSUR y Chile : el impacto de la crisis de 1997 y la nueva política comercial. Estudios Internacionales, 34(134), p. 3–28. https://doi.org/10.5354/0719-3769.2001.14762
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