S. Korea seeks to become associate member of Pacific Alliance

SEOUL, July 3 (Yonhap) -- South Korea's trade ministry said Wednesday the country seeks to become an associate member of a Latin American trade bloc in the latest effort to diversify its exports portfolio.

South Korea will take part in the ministerial-level meeting of the Pacific Alliance held in Peru later this week to discuss starting negotiations on becoming an associate member, according to the Ministry of Trade, Industry and Energy.

The Pacific Alliance is a trade bloc comprised of four countries: Chile, Colombia, Peru and Mexico. South Korea is currently one of 57 observer countries, which also include the United States, China and Japan.

The ministry said the move is aimed at forging deeper trade ties with the member countries, as becoming an associate member will be similar to signing a free trade agreement with the alliance.

As South Korea already holds separate free trade agreements with Peru, Colombia and Chile, the ministry said the country's move to become an associate member is especially focused on expanding ties with Mexico.

South Korea has been making efforts to expand economic ties with emerging countries to find new export markets and ease its dependency on the United States and China.

colin@yna.co.kr
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