1. The 6th meeting of the Republic of Korea-Uruguay joint economic committee took place at the Ministry of Foreign Relations of Uruguay on November 24. The meeting was co-chaired by Deputy Minister for Economic Affairs of the Foreign Ministry Yun Kang-hyeon and Uruguay’s deputy foreign minister Ariel Bergamino.

2. In the meeting, the two sides focused their discussions on economic issues, including trade and investment between the two countries; the conclusion of a trade agreement (TA) between the ROK and MERCOSUR (Common Market of the South); Hyundai Engineering & Construction’s construction of a power plant and investment cooperation in other areas; and fisheries cooperation. They also discussed other various issues, including the conclusion of a social security agreement; cooperation on the North Korean nuclear issue; promotion of the PyeongChang Olympic Winter Games; and cooperation in the search for Stellar Daisy.

3. The two sides agreed on the need to conclude a trade agreement between the ROK and MERCOSUR as part of efforts to establish institutional mechanisms to overcome the downturn in bilateral trade, which has been falling after peaking in 2013. The Uruguayan side especially said that Uruguay will make active efforts to start trade negotiations between the ROK and MERCOSUR, when the MERCOSUR ministerial meeting takes place in Brasilia in December, and Uruguay takes over the presidency of MERCOSUR in the second half of next year.

4. Regarding Hyundai Engineering & Construction’s construction of the Punta del Tigre combined cycle power plant, the ROK side asked for the Uruguayan government’s cooperation to resolve the issue of liquidated damages smoothly through dialogue. The ROK side also told the Uruguayan side about the difficulties faced by the deep-sea fishing industry in the ROK after the Uruguayan government revised regulations on maritime safety. The two sides agreed to take steps as soon as possible to sign a social security agreement in order to increase investment cooperation between the two countries.

5. The ROK side expressed appreciation to the Uruguayan government, in charge of the search and rescue operation for Stellar Daisy, for active cooperation, and asked for the government’s continued cooperation in the search, as the people of the ROK, including the families of the missing crew members, have been consistently paying attention to the case.

6. The two sides discussed ways to work together on the North Korean nuclear issue, and to successfully hold the PyeongChang Olympic Winter Games, as well as ways to increase cooperation in ICT, science and technology, and other areas. They agreed to hold the next meeting in Seoul at an appropriate time.


* unofficial translation