By Press | Cassab Law – Advogados
November 28, 2018
CASSAB LAW attended the Seminar on Korea-Brazil Economic Cooperation, which took place on November 27 in Sao Paulo. This event was sponsored by the Embassy of the Republic of Korea in Brazil and Kotra (Korea Trade-Investment Agency) and was marked by a favorable speech to establish a Free Trade Agreement (FTA) between Korea and Mercosur, which would promote greater access from Korea to Mercosur markets, as well as from Brazil to the Korean and Asian markets.
The researcher of the Foreign Trade Association of Korea, Mr. Dong Cheol Kwak, highlighted the sectors of greatest interest to the Korean industry in Brazil, among them the Brazilian Cosmetic and Pharmaceutical sectors. The Brazilian cosmetics market is twice the Korean market and the Brazilian pharmaceutical industry is currently 6th in the world.
The official launch of negotiations on a FTA between Mercosur and South Korea took place on May 25 of this year, with the visit of Brazilian Foreign Minister Aloysio Nunes to South Korea. It is expected through the agreement not only to increase trade between Mercosur and Brazil in particular with the Asian country, but also to increase the flow of South Korean investments in the country.*
South Korea’s direct greenfield investments in Brazil, from 2003 to 2014, totaled $ 9.9 billion. **
Sources: * Comex do Brasil, Acordo Mercosul-Coreia do Sul e investimentos na pauta da visita de Aloysio Nunes a Seul