MERCOSUR (composed of Argentina, Brazil, Paraguay and Uruguay) and the
Republic of Korea initiated a joint study on the possiblity of a MERCOSUR-Korea free trade agreement in 2005.
The first meeting of the joint study group took place in May 2005 in Asunción, Paraguay. The second
meeting took place in August 2005 in Seoul, Korea.
On March 2, 2017, MERCOSUR and Korea completed their exploratory dialogue with a view to negotiating a
trade agreement in the near future.