The fourth largest economy in Asia and Mercosur they started a five day virtual meeting That will run until Friday, according to the Ministry of Commerce, Industry and Energy.

Mercosur, made up of Brazil, Argentina, Paraguay and Uruguay, represents around the 70 percent of the population of South America and the 68 percent of the region's economy. South Korea and Mercosur launched their first negotiations in 2018.

During this week's meeting, the two sides are expected to negotiate on a wide range of topics, including intellectual rights and the scope of the products.

South Korea has been making efforts to develop deeper ties with emerging markets in the region after implementing its first FTA with Chile in 2004.

The Asian country also has free trade agreements with Peru and Colombia, along with five Central American countries. Another trade pact with Ecuador is also being negotiated.

South Korea seeks to become associate member of the Pacific Alliance composed Chile, Colombia, Peru and Mexico.

South Korea's associate membership in the bloc is expected to further enhance existing ties and it also serves as its virtual first FTA with Mexico.